Solutions for Importers
WSFS understands your business needs as an importer. Our International Services group specializes in Foreign Exchange and Trade Finance and provides efficient access to currency markets for processing cross-border payments and working capital solutions. These services allow you to focus on your core business while minimizing the complexity and risks associated with international commerce.
Whether your team is buying goods overseas, establishing new supplier relationships, or seeking to hedge currency risk exposures, the dedicated WSFS International Services team can help you optimize all of your cross-border business!
Documentary trade instruments such as commercial letters of credit, documentary collections, and bankers’ acceptances are proven methods to tap the global marketplace.
- Ensure timely payments
- Maximize documentation protection
- Minimize transaction handling
- Access financing options in multiple currencies
Import letters of credit, documentary collections, and bankers’ acceptances are all products that can be issued to mitigate the risks associated with importing. Willingness to utilize and understand these instruments gives importers an advantage when it comes to payment term negotiations with their suppliers.
WSFS Bank provides market expertise and payment solutions that help organizations and individuals manage international transactions. The dedicated WSFS Foreign Exchange team can help you manage the complexities of cross- border transactions and foreign exchange.
A common need for a standby letter of credit is driven by an importers concern regarding compliance to the quality/specifications of the product and/or a shipping schedule compliance. Here the standby letter of credit covers the exporter’s nonperformance. Should the exporter fail to ship, the importer may recover the advance payment by drawing upon the standby letter of credit issued in their favor.
WSFS Bank provides market expertise and solutions that help organizations and individuals manage international transactions and risk. Whether your team is buying or selling goods overseas, acquiring or divesting a foreign asset, or making international payments, the dedicated WSFS Foreign Exchange team can help you manage the complexities of cross-border transactions and protect your company against volatility.
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
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