International Banking

Incoming & Outgoing Wire Transfers

  • Originates in U.S. dollars or foreign currency
  • Value dated for settlement in near future (typically next business day)
  • Fund settlement is faster than sending a check
  • Large wire transfers may receive preferred rates
  • Funds received at beneficiary's bank are immediately available for withdrawal
  • Client information (purchase orders or remittances) can be transmitted
  • Ability to trace

Documentary Letters of Credit

  • Promise to pay guaranteed by First Business Bank
  • Satisfies requirement set by vendor or other interested party
  • Creates credit availability to make payment
  • Able to purchase goods and services otherwise paid for in advance
  • Product must conform with rules and specifications for payment to be made
  • Fee is less than the cost to borrow funds

Forward Contracts

  • Wire of funds on a specified date at a contracted, pre-approved rate
  • Client must have funds available when contract matures
  • Rate is negotiated and guaranteed at the time of purchase
  • Various options available
  • Specified date can be at various future dates (for example: three, six, or twelve months)

Foreign Drafts

  • Check drawn on foreign bank in foreign currency
  • Smaller dollar denominations
  • Avoids check(s) going for collection and delays in shipment
  • Avoids fee applied to converting check drawn in U.S. dollars

Foreign Exchange Options

  • Allows for purchase of foreign currency at a future date
  • Call contract at any time before maturity
  • Collateral is typically not needed in these transactions
  • Option to set rate range based on risk tolerance

 

Sweep

Zero Balance Accounts

  • Reduces fraud
  • Automated — no need for manual intervention
  • Increases earnings

Funds Management Sweep

  • Maximize interest earning ability
  • Reduce interest paid on loans
  • Reduce service charge expense

Investment Management Sweep

  • Leverage funds to earn more interest
  • Automated — no need to monitor account balances
  • Reduces service charges


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