International electronic funds transfers are the fastest and most cost-effective way to pay international beneficiaries. Whether you are paying an international corporation or an individual in another country, Bryn Mawr Trust provides the tools to make the payment and ensure a timely settlement.
When sending wires internationally it is imperative that the sender knows the currency of the destination account (beneficiary’s account). In most cases, you will benefit from sending foreign currency instead of US dollars (USD).
Foreign Currency Wire
- BMT can send wires in over 130 currencies.
- Competitive conversion rate is locked upon booking, guaranteeing the USD cost and the foreign currency amount to be sent.
- Wires sent in the currency of the destination account are less likely to have fees deducted from the principal by an intermediary bank.
- Funds are typically available in the beneficiary account within 1-2 business days.
- Most foreign currency wires can be tracked through the SWIFT tracking utility.
USD International Wire
- It is not advisable to send USD internationally, unless the receiving party specifically requests USD or holds a USD account.
- If the currency of the destination account is not denominated in USD, the wire will be converted upon arrival, usually at a less than favorable rate.
- Additional fees may be deducted by an intermediary bank when USD wires are sent to an account denominated in foreign currency.
- Funds are typically available in the beneficiary’s account within 3-4 business days.
Leveraging BMT’s International Payment Expertise
- Your payment method can help negotiate a sale price, garnering discounted pricing for agreeing to pay in the vendor’s local currency. Foreign vendors often charge a 4-5% premium for paying in USD.
- Stored payment templates provide rapid initiation and processing for repeat international payments.
- BMT’s FX Operations specialists review and validate all payment instructions to ensure settlement requirements are met for the receiving country and currency. This allows payments to post quickly and seamlessly to the beneficiary account.