International Banking Services FAQ
Answers to some of the most frequently asked questions about our International Banking Services
- No minimum or maximum transaction amounts
- Foreign bank notes delivered to your office in 24 hours
- Ability to offer your customers competitive rates on foreign exchange transactions
- Ability to execute international wires in most major and minor currencies
- Capability to sell or buy bank notes from around the world, including all major currencies
- Authorization controls allow only designated users to execute transactions
- Indicative rate quotes available online
- Online calculators to help simplify currency conversions
- OFAC notifications
- A full PCBB team dedicated to keeping you abreast of regulatory changes and other updates, as well as assistance with compliance as it relates to international transactions (including Reg. E which applies to international consumer-initiated remittances)
- For example — a Japanese Yen item drawn on a bank in Tokyo
- For example — a Swiss Franc item drawn on a bank in Germany would be a collection item
|Outgoing Payment Order|
|Foreign Exchange (FX)||4:45PM||3:45PM||2:45PM||1:45PM|
|US Dollar (USD)||5:00PM||4:00PM||3:00PM||2:00PM|
|Regulation E: USD or FX||4:00PM||3:00PM||2:00PM||1:00PM|
|International Foreign Currency||4:45PM||3:45PM||2:45PM||1:45PM|
|International Foreign Draft||4:30PM||3:30PM||2:30PM||1:30PM|
|Canadian Checks via Imaging||5:00PM||4:00PM||3:00PM||2:00PM|
|International Investigation Request||7:00PM||6:00PM||5:00PM||4:00PM|
|Currency Rates||24 Hours||24 Hours||24 Hours||24 Hours|
Preferred Rates: (888) 996-7444
- Beneficiary’s Name
- Beneficiary’s Complete Address
- Beneficiary’s Bank Name and SWIFT code
- Beneficiary’s Bank Address (including branch)
- Sender’s Name
- Sender’s Complete Address
- Suppliers who quote in U.S. dollars often pad their prices to offset service charges, delays in collection and movements in the exchange rates. Your customers can avoid this premium on payables by simply settling in their own currency. This must be done at the time of the contract, not at the time of payment.
- In countries that experience severe currency restrictions, or products that settle in USD, they must settle in USD.
- In countries that experience dramatic inflation rates, such as with many South American, African and Middle Eastern countries, U.S. Dollars is the currency of choice by most suppliers.
- If your customers’ suppliers wish to be paid in their own currency, it may be the least expensive option for your customer. A customer may want to negotiate a price in U.S. dollars or the local currency, and pay in the currency must favorable. Before deciding, your customer should check with your bank first to check on the rate and when the payment due.
FX Forward Contracts
International Wire Payments with SWIFT gpi
Founded by SWIFT (Society for Worldwide Interbank Financial Telecommunications), SWIFT gpi (Global Payments Innovation) is a global payment solution for international wire transfers. Since 2017, financial institutions have been relying on the gpi platform for improved speed and better visibility of funds during cross-border wire payments. SWIFT gpi also offers heightened security, making the platform a new standard tool for the financial industry, given the inherent risk of international payments.Benefits can include:
- Unique end-to-end transaction reference (UETR) number assigned to transfer
- Faster processing times
- Detailed fee and FX rate information
- Real-time transaction status
- SWIFT is responsible for processing, transmitting and messaging secure information from one financial institution to another, internationally.
- SWIFT gpi enhances the SWIFT international payment process by offering improved transaction speed and the ability to track where payments are at all times.
The availability of funds will be impacted by the country and the time zone of the receiving institution. In some cases, foreign payments can be processed and credited to the beneficiary in the same day, but more likely the next day.
The speed of SWIFT gpi can be felt the greatest when the payment is sent fully within network, meaning all of the institutions involved in the transfer process are part of the SWIFT gpi infrastructure. Faster payment processing is still possible when partially or completely processed outside of the gpi network, but it will take a bit longer than if the wire transfer were completely inside the SWIFT gpi network.
Note: As the number of providers within the SWIFT gpi network grows, so will the amount of payments that are processed within the network providing even greater speed and transparency.
- No added fees; it’s completely complimentary to our international wire pricing
- Payment details at your fingertips; track wire statuses and details using CBC
- Or contact a PCBB representative—we’re always available to help
- Works for both incoming and outgoing foreign wires
- Visibility into fees and payment charges, including FX rates (in some cases)
- Transparency for settlement: timing, amount, institutions involved
- Reduction in investigation time
Want to learn more about International Services?
Visit PCBB’s International Services or check out our on-demand webinar on Navigating the Global Needs of Your Customers. When you’re ready to talk to one of our International Service experts, contact us.