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 UAE Dirham. 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. The Bank will accept UAE Dirham for credit to an Account denominat- ed in a foreign currency subject to first converting such UAE Dirham into the relevant currency and will permit withdrawals in cash in UAE Dirham 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 UAE Dirham.

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 UAE Dirham. 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. The Bank will accept UAE Dirham for credit to an Account denominat- ed denominated in a foreign currency subject to first converting such UAE Dirham into the relevant currency and will permit withdrawals in cash in UAE Dirham 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 UAE Dirham.