Sending International Wires
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, WSFS Bank 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).
Our Services
Frequently Asked Questions
Foreign Currency Wire
- The WSFS Capital Markets team 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 Our 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.
- The WSFS Capital Markets team’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.
A WSFS Capital Markets expert will help you find the right solution.
Related Articles
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