Most businesses operating internationally invoice offshore customers in foreign currencies. They are then faced with dealing with foreign currency receipts and their subsequent conversion into their local currency.
For many businesses, this can be time consuming and expensive. To prevent this, our business clients can use our foreign currency Client Fund Accounts to receive their inbound foreign currency receipts. Once our Client’s payment is received, it is converted into the local currency and transferred to their local account. We do not charge for this service.
As a result our clients can:
• Eliminate bank transaction fees
• Receive a competitive exchange rate
• Save time
Inbound foreign currency payments made to our Client Fund Accounts can only be made with our prior approval. We will need to know the currency and amount expected and we will also need to identify the remitting party to satisfy our anti-money laundering obligations. For regular payments easily identified, approval from us may only be required once.