Do you consider your credit union a global financial services provider? Do you want your credit union to become the link between your members and their need to stay connected across borders and overseas? As consumer and business needs expand worldwide, it is critical for credit unions to offer a line of low-cost solutions to send funds abroad, as well as collect foreign items for deposit. Your credit union can empower your members to stay connected in our global community and reach beyond the borders of the United States.

Foreign Currency International Wires

Wires destined for direct credit in a foreign-currency account at a foreign financial institution that are converted to a foreign currency prior to sending are considered foreign currency international wires. The remitter can have a specific amount of U.S. dollars converted into a foreign currency or the remitter can purchase a specific amount of foreign currency.

U.S. Dollar International Wires

Wires sent in U.S. dollars and destined for a U.S. currency account at a foreign financial institution are considered U.S. dollar international wires. These are most appropriate when the foreign beneficiary has a U.S. dollar account or if the local currency is not supported in our system.

Foreign Currency versus U.S. Dollar

In many instances, U.S. dollar international wires are sent to foreign currency accounts and converted to foreign funds by a receiving financial institution. In this situation a foreign currency wire would have been more appropriate. When sending foreign currency wires your member will likely receive a better conversion rate because the network is able to convert the wire at a competitive exchange rate. In most instances the beneficiary account will be credited with more funds. This also allows your members to know the exact amount of foreign currency wired. Any fees assessed on the transaction by the beneficiary’s receiving institution should be clearly determinable by the beneficiary, thus there is no miscommunication about the amount sent and the amount the beneficiary will receive.

Methods for Sending International Wires

International wires can be sent by phone or directly using our secure web based program, EPD. Aside from benefits like templates for recurring wires and extensive report options, this program can potentially lower your overall wire costs as well as save your employees’ time. For more information about creating efficiencies in your foreign wire processing please contact the Marketing department at 800-470-3444 or 615-232-7900, extension 3.

International Cash Letters

This method is normally used to collect on lower value international deposit items. Eligible items are foreign checks in foreign funds drawn on a foreign financial institution. Items drawn on Canadian institutions denominated in U.S. dollars are processed in this fashion also. Foreign countries are not bound by Federal Reserve Bank return guidelines so provisional next-day credit is provided.

International Collection Items

This method is used to collect on items issued in U.S. funds or foreign funds, and drawn on a foreign financial institution. The items must be valued at or greater than $200 U.S. dollars. If the item is in foreign currency it will need to exchange for at least $200 U.S. dollars. These must be sent for collection and cannot be credited immediately. Once these items are credited they are guaranteed funds.

For more information about international deposit items - Click Here.

• These services are available to you and your membership, and require almost no effort to initiate.
• International wires can now be sent conveniently using our web based program
• Automated OFAC checking
• Guaranteed foreign exchange rates are posted online daily - Click Here
• Foreign cash letter next-day availability
• Processing available in approximately 100 countries
• Consolidation of credit union transactions within our network for better fees and rates of exchange
• Competitive exchange rates
• Experienced, service-orientated VolCorp staff

For more information contact the Marketing department at 800-470-3444 or 615-232-7900, extension 3.