Common use of Foreign Currency Accounts Clause in Contracts

Foreign Currency Accounts. The Customer may open Accounts in foreign currencies upon the approval of the Bank. The Customer understands that there is risk associated with any Account denominated in a foreign currency, which for the purposes of these Terms and Conditions means any currency other than Oman Rial. Accordingly, the Customer accepts that the Customer is solely responsible for all such risks and any costs, charges and expenses, howsoever arising (including, without limitation, from any international or domestic legal or regulatory restrictions, as a result of exchange rate fluctuations or as a result of converting one currency into another) in respect of any Account denominated in a foreign currency. Conversion from one currency to another will be at the spot rate of exchange as determined by the Bank, in its sole discretion, from time to time. The Bank in its sole discretion may permit, but is not obliged to permit, Deposits in a foreign currency and Withdrawals in a foreign currency from an Account denominated in a foreign currency, subject to such charges as the Bank determines from time to time or in respect of a particular transaction. The Bank will accept Oman Rial for credit to an Account denominated in a foreign currency subject to first converting such Oman Rial into the relevant currency and will permit withdrawals in cash in Oman Rial from an Account denominated in a foreign currency subject to sufficient funds being available in the relevant Account and subject to first converting the funds denominated in the foreign currency into Oman Rial.