When was the last time you evaluated your international service offerings? A sound strategy can be a key competitive advantage.
Many community banks send the majority of their international business payments in US dollars, yet this may not be the most cost effective method. Depending on what country is receiving the wire, paying in local currency can reduce charges from currency conversions or intermediaries.
Payments in local currency streamline the delivery of funds, and eliminates the fee your bank pays to transmit foreign wires. However, if the country you are sending to prefers funds in US dollars (see list on ABIL), you can continue to send it in this manner and your bank will be assessed the standard fee to transmit an international wire.
Before the end of the year, an update to BBOK’s foreign wire system will make sending foreign wires even more streamlined. Payee intelligence added to the system will prompt you to enter information specific to the receiving country. This helps reduce payment delays as a result of missing information.
If you have questions or would like assistance reviewing your international services strategy, please contact Tracy Stewart or Candice Jackson at 800.999.5725.