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Through our vast correspondent network, we make it possible for you to provide a variety of global currency transactions to your customers in a timely, efficient, and cost-effective manner. These international services include foreign currency drafts, foreign cash letters and collections, international wire transfers, and the ordering of foreign currency and Traveler’s Checks. International Services Guide
Outgoing International Wires
Foreign Currency Wire – An outgoing foreign currency wire transfer is an electronic message sent to a foreign bank instructing them to debit a foreign currency account and transfer the funds to the beneficiary’s bank for credit to the beneficiary’s account.
US Dollar Wire – An outgoing US Dollar wire is a wire transfer sent in US funds from a US correspondent bank to the beneficiary’s bank for credit to the beneficiary’s account.
Incoming Wire Payments
Incoming wire payments are foreign funds deposited into a US correspondent bank foreign currency account. The funds are converted to US Dollars, and then transferred via ACH into your account to then be credited to your customer.
International Foreign Drafts
International Foreign Drafts are checks drawn in a foreign currency drawn on a bank in that foreign country. FNBB offers foreign currency bank drafts in 52 countries.
International Cash Letters
International Cash Letters are foreign checks made payable in foreign funds drawn on a bank in the same foreign country, or US Dollar checks drawn on banks in Canada. Provisional credit is given usually within 2 days of FNBB receiving the item. When processing items as a cash letter, there is always the possibility that the item will be returned in which case credit would be reversed.
International Collection Items
International Collection Items are checks that are issued in US Dollars drawn on a bank in a foreign country, or checks that are issued in foreign funds drawn on a bank in a foreign country. These items generally take 6-8 weeks to clear, however the funds are guaranteed once received. |
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Purchase Foreign Cash
Foreign cash can be purchased and delivered directly to you in 1 or 2 business days.
Sell Foreign Cash
Foreign cash can be sold and converted to US funds within 2 days of FNBB receiving the cash. FNBB can provide your bank with a complete line of international banking solutions for commercial clients which include:
Export Letter of Credit
A full range of services is offered related to export letters of credit. These provide assurance when your client ships merchandise and presents its documents in conformity with the credit that payment will be forthcoming from the bank that issued the letter of credit. Except for cash in advance, the export letter of credit offers the seller the greatest degree of protection available in receiving payments for exports.
Import Letters of Credit
Letters of credit may be issued for customers of our correspondents to facilitate purchases abroad. In this way, the seller is assured that he will be paid when shipment is made within the terms of the credit, while the buyer is secure in knowing that no payment will be made until all conditions have been met. In other words, it lends documentary credit to the buyer. A domestic transaction can also be covered by a letter of credit. In that case, the situation would differ only in that both the buyer and the seller are located in the United States.
Standby Letters of Credit
These credits are used for a variety of transactions not limited to shipments of merchandise. Under these credits, shipping or commercial documents are normally not required. Typically these credits are issued in lieu of a guarantee or bond and assure the beneficiary of payment if the bank’s customer fails to perform. Frequent uses are for bid and performance bonds, overseas bank guarantees, payment mechanisms and many more. |
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For more information about Operations services, please visit our
Contact Us page or contact your business development representative at 800-421-6182. |
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