International Banking Services and Products
LETTERS OF CREDIT
Export Letter of Credit
An incoming letter of credit issued by a foreign bank in favor of a U.S. Company detailing merchandise ordered, payment method, shipping and document requirements. This type of letter of credit reduces the U.S. Company’s foreign credit risk and is the actual method of payment for goods shipped.
Import Letter of Credit
An outgoing letter of credit which we issue on behalf of a U.S. Company to a Foreign Supplier detailing merchandise ordered, payment method, shipping and document requirements. This type of letter of credit will protect the U.S. Company and comply with the Supplier’s needs.
Standby Letter of Credit
Standby Letters of Credit allow your company to secure a financial or performance obligation with the beneficiary.
When dealing with companies in foreign countries or traveling to foreign countries, money must be exchanged from one currency to another.
Foreign Exchange Trading
Importers and Exporters may pay for products shipped in U.S. Dollars or a foreign currency. CB&T can assist in managing foreign exchange risk by locking into a rate using a Spot Contract or a Forward Contract which will minimize the currency risk. Spot Contracts settle in a matter of 1 to 3 days. Forward Contracts settle at an agreed upon future date. More information .
Wire transfers can be sent to or received from almost any country in the world. Sending and receiving international wires can be done in U.S. Dollars or a Foreign Currency. Citizens Bank & Trust association as a member of the S.W.I.F.T. (Society for Worldwide Interbank Financial Telecommunications) network provides a secure means for sending or receiving funds. More information .
An international draft can be issued as a way to send funds internationally. Sending a draft will take longer for the recipient to receive than an international wire. Drafts can be issued in several tradable currencies. More information .
If you travel abroad you may purchase foreign currency from CBT or you may sell foreign currency to CBT upon your return home. More information .
Foreign Check Collection
CBT will collect the payment of checks written on foreign banks, either in U.S. Dollars or Foreign Currencies.
Foreign Documentary Collections
Documentary Collections allow the buyer and seller to exchange goods for money against the presentation of documents through their respective banks. This option allows well-known customers in stable countries to deal with one another using this as a payment method.
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