The world is more connected than ever, and your members need international financial services to stay connected. We offer competitive and flexible wire transfer and foreign item deposit solutions to transform your credit union into a global financial service provider.
Our international services are effortless to initiate and easy to use, with a convenient online program that makes transfers and processing a snap. With access to over 100 countries, low fees, and competitive exchange rates, you’ll have all the global resources your members need.
International Wire Transfers
International wires can always be sent by phone, but we also have a secure online tool – ezfunds – that can lower your wire costs and save employee time.
Foreign Currency International Wires
These are wires sent to a foreign account, and are converted prior to sending. The sender is able to specify the amount in U.S. Dollars sent, or the amount of foreign currency required.
U.S. Dollar International Wires
In this type of wire, U.S. Dollars are sent to a foreign account without exchange into a different form of currency. This type of wire is ideal for a foreign beneficiary with a U.S. dollar account, or if the local currency isn’t supported in our system.
Which Should I Use?
Unless the foreign beneficiary has a U.S. dollar account, using a foreign currency wire is almost always preferable. When sent in U.S. dollars, the receiving institution will convert U.S. Dollars into the local currency, and exchange rates are often less favorable when conversion is performed by receiving banks.
Our network is able to secure competitive rates, and converting prior to sending allows your members to know the exact amount of foreign currency they’re wiring. Any transaction fees by the receiving institution should be clear to the beneficiary, avoiding miscommunication about the amount sent and the amount received.
Foreign Item Deposit Processing
There are two methods of processing for foreign item deposits. Click here a more thorough side-by-side comparison.
International Cash Letters
This method is normally used to collect on lower value international deposit items, like foreign checks drawn on a foreign institution, including items denominated in U.S. Dollars from Canadian institutions. Because foreign countries aren’t bound by FRB return guidelines, provisional next-day credit is given.
International Collection Items
This method is used to collect on items issued in U.S. or foreign funds drawn on a foreign institution, and must be valued at or above $200 U.S. dollars. They cannot be credited immediately, but once credited, they are guaranteed funds.