Foreign Currency Account
WSFS Bank provides Foreign Currency Accounts to help our customers expand and optimize their international business. WSFS offers thirteen different currencies, in which our customers can hold funds. Foreign currency accounts are linked to the customer’s USD account.
WSFS foreign exchange specialists will assist with account setup and management. Every customer’s need is different; at WSFS we take time to analyze our customer’s requirements to offer the best solution. An appropriate action plan will optimize the international opportunities for each currency account.
- Purchase and hold currency for future payments
- Receive currency payments to distribute or repatriate later
- Diversify currency holdings/investments
- Avoid crossing bid/offer by netting two-way flow
- No minimum balance
- Consolidate incoming and outgoing wires – optimizing cash flows
- Flexibility to respond to market conditions
- Rapid fund settlement
- Reduced costs associated with FX conversion
- Australian Dollar
- British Pound
- Canadian Dollar
- Israeli Shekel
- Japanese Yen
- New Zealand Dollar
- Norwegian Krona
- South African Rand
- Swedish Krona
- Swiss Franc
- Turkish Lira
- Mexican Peso
Frequently Asked Questions
A WSFS Capital Markets expert will help you find the right solution.
How the U.S. Dollar and Economy Could Affect Foreign Exchange Markets in 2023. Is Your Business Ready?
2022 was undoubtedly the year of the dollar. Although the U.S. currency has recently retreated from its October peak, the USD index still gained 8% in 2022. The main question in the foreign exchange (FX) markets today is whether this latest dollar down move is simply a technical correction due to the market’s reassessment of the future speed of U.S. interest rate hikes, or a true inversion of the trend (i.e., is the USD rally over?).Read More
Barsky Fleming Uses Foreign Exchange Strategies to Fight Inflation and Market Volatility
Jeffrey Barsky, President at Barsky Fleming Marketing Inc. (BFM), has been importing furniture since the mid-90s. The company grew over time to import restaurant furniture from various countries including China, Vietnam, Turkey, Italy, Bulgaria, Germany, and more. In dealing with so many countries and currencies, Barsky knew there were efficiencies available that could help the business grow and capitalize on market conditions.Read More
The True Value Of A Dollar: How CRE Investors And Developers Can Navigate Exchange Rates During Inflation
For many U.S.-based commercial real estate investors and developers conducting business abroad, a period of high inflation can seem like a particularly smart time to invest overseas. As of September, NPR reported, the dollar is still high in value, especially compared to many other international currencies.Read More