Foreign Currency International Wires

Wires destined for direct credit in a foreign-currency account at a foreign financial institution that are converted to a foreign currency prior to sending are considered foreign currency international wires. The remitter can have a specific amount of U.S. dollars converted into a foreign currency or the remitter can purchase a specific amount of foreign currency.

U.S. Dollar International Wires

Wires sent in U.S. dollars and destined for a U.S. currency account at a foreign financial institution are considered U.S. dollar international wires. These are most appropriate when the foreign beneficiary has a U.S. dollar account or if the local currency is not supported in our system.

Foreign Currency versus U.S. Dollar

In many instances, U.S. dollar international wires are sent to foreign currency accounts and converted to foreign funds by a receiving financial institution. In this situation a foreign currency wire would have been more appropriate. When sending foreign currency wires your member will likely receive a better conversion rate because the network is able to convert the wire at a competitive exchange rate. In most instances the beneficiary account will be credited with more of these funds. This also allows your members to know the exact amount of foreign currency wired. Any fees assessed on the transaction by the beneficiary’s receiving institution should be clearly determinable by the beneficiary, thus there is no miscommunication about the amount sent and the amount the beneficiary will receive.

Methods for Sending International Wires

International wires can be sent by phone or directly using our secure web based program, EPD. This program can potentially lower your overall wire costs as well as save your employees’ time. For more information about creating efficiencies in your foreign wire processing please contact the Marketing department at 800-470-3444 or 615-232-7900, extension 3.

For more information, please contact Member Services, extension 1, or Marketing/Business Development, extension 3.