First Business®

Your Success Comes First.

INTERNATIONAL BANKING


First Business Bank can help you manage your international banking needs. Call us today at 608-238-8008 to learn how we would approach your particular business needs.




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 and are guaranteed.
  • Client information (purchase orders or remittances) can be transmitted.
  • Ability to trace if necessary.

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, preapproved rate.
  • Client must have funds available when contract matures.
  • Rate is negotiated at the time of purchase and guaranteed.
  • Various options available.
  • Specified date can be at various future dates; for example, three, six or 12 months.

FOREIGN DRAFTS

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

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