INTERNATIONAL SERVICES
A SWIFT CONNECTION TO INDIA
FREE OF CHARGE
More information
United Central Bank is proud to introduce a wealth of international services:
International Wires & Foreign Drafts to/from India
Electronic payments, commonly referred to as wire transfers, are a fast way to transfer funds. Just as domestic wire transfers are transmitted through the Federal Reserve System, international wire transfers are transmitted through the Society for Worldwide Interbank Financial Telecommunication, or SWIFT. Instructions are sent via SWIFT to pay a bank for ultimate credit to the beneficiary (recipient).
Letters of Credit
International transactions can be riskier than domestic trade transactions. For that reason, Letters of Credit provide assurance that payment has been secured under an international trade contract. Letters of Credit provide the exporter a guarantee of payment from the importer's bank, if all the terms and conditions of the letter of credit have been complied with, while providing an importer evidence that the shipment has actually been made. Letters of Credit provide an additional level of "trust" to both domestic and international transactions.
Documentary Collection
With Documentary Collection, the exporter ships the goods and presents documents to his or her bank specifying that the documents should be released to the importer only upon payment, or acceptance of a time draft promising payment at a later date. The exporter's bank will send the documents to the importer's bank in order to collect payment.
For more information about the International Services offered at United Central Bank, contact an International Personal Banker at (773) 764-2900.
