International banking is a requirement for anyone who has business relationships in foreign countries. This means there are plenty of opportunities in this field, says AMIT GOYAl

The world is groping for the correct international banking system. The International banking consists of the provision of banking services to non-residents and to residents in foreign currencies from offices located in the home country, as well as proprietary trading and on behalf of customers, without establishing a foreign presence. The international bank could help you to fulfill your banking needs when playing on the world stage by providing you with essential services and assistance. International banking is a requirement of anyone who has extensive business relationships in foreign countries, or is looking to expand into the foreign marketplace. 

The international banking is needed to be able to better work in other countries. Each country has its own set of complex regulatory laws. International Banking is mostly coming under cross-border trade (be it physical trade, currencies, or equities/bond markets). The basic need of international banking is the ability to convert or exchange your currency and paying and receiving payment for your goods and services. For very large banks, with a global footprint, international banking may be a department by itself.

There are different types of international banking structures and relationships. A correspondent bank provides services for another Bank. Neither bank has an ownership interest in the other or has any control over the other. They just engaged in a mutually beneficial relationship.

International Trade Officer

International Trade Specialist has major responsibilities for coordinating credit and financial activities. The employee acts as an advisor on matters of tariffs markets, federal and foreign regulations. International trade Specialist ensures that paperwork and letters of credit are according to trade laws. The specialist gets the opportunity to work on the variety of field's concept, practices and procedures, giving a great professional exposure to them. The International Trade Officer has closely worked with managers or the head of a unit/ department.

Forex Officer

The officer assists clients in understanding and capitalizing on foreign currency markets by giving their clients information on exchange rates and insights into global markets. They make forecasts, provide in-depth analysis of market and make trade recommendations based on their findings. The forex exchange officer maintains and monitors the record of the bank's funds on deposit in the foreign and outstanding purchase and sales contracts, he lists the cash totals in the holdover register, posting net balances to daily position reports and determining the revised position for the bank. He also reviews the records to determine when balances need replenishing.

NRI Banking Officer

The NRI banking officers are responsible for the formation of new business and maintenance of professional relationships with clients. He makes calls to prospective clients and set up sales presentations to clubs, organizations, groups, associations and other companies.

They usually implement the financial solutions to meet the requirements of the NRI customers and ensure value-added customer service. He is also responsible for the increasing amenable size of relationship via balances in accounts of existing NRI customers and enhancing customer profitability by capturing the larger share of Wallet.

NRI RM makes close contacts with the NRI Clients an existing customer through Emails and phone calls and shares insights on the fluctuations in interest rates, exchange rates and various product offerings.

Although the specific education you'll need will vary, most employers will require that you have an undergraduate or graduate degree in a field related to banking or management.

Experience required

The basic experience required is five years or more of the experience in the role of the progressive banking industry, though the Post Graduate trainee program in banking and Finance is eligibility required if you plan on going this route.

The banking and other financial institutes offer management training programs for university graduates who wish to become bankers. Although they typically include a university degree in a field such as business, economics, finance, management or marketing.

Remuneration

Banking is a highly lucrative field. After completion, of course, the candidate earn around Rs 50 thousand per month and after taking the experience in this field the candidate also earn around between Rs 6 to Rs 8 lakh per annum also the salary level you could earn as an international bank manager can vary, typically depending on professional qualifications and the scope of your job duties.

The writer is Director, TKWS Banking and Finance