International Wires Flashcards
1
Q
International Wires
A
Easy, convenient way for clients to send money to people they know in a foreign country or destination
2
Q
Why do consumers send wires?
A
- family support
- paying tuition over seas study
- purchasing property and making monthly mortgage payments
- donating to charity
- paying for medical treatment
- investing in home country
3
Q
Why do small businesses send wires?
A
- importing goods and paying invoices form suppliers or vendors
- paying - over seas based employees
- paying contractors for services
- purchasing goods, including equipment
4
Q
Clients- options to send international wire
A
US dollars or Foreign Currency
5
Q
How do clients initiate international Wires?
A
- visiting local financial center
- online banking
- mobile banking (coming in future)
6
Q
Foreign Currency IW
A
NO FEE
exchange rate:
- lock in rate at time of initiation
- markups associated with currency conversion are included in exchange rate
7
Q
US Dollar
A
$45 fee
Exchange rate:
- not applicable when in US
- if recipients account is not in US $, funds maybe converted to local currency at exchange rate applied by any originating intermediary or recipient bank
8
Q
Remittance Transfer Receipt - RTR
A
- Let’s Client know when they will get funds
- contact info
- cancellation rights and complaint procedures
9
Q
Pre-Payment Disclosure PPD
A
- lists amount to be transferred
- exchange rate and amount of money to be transferred
- provider fees and taxes included
10
Q
International Wires Documetation
A
Client:
- client copy of FTRA form
- PPD
- RTR
Store in FC File:
- FC copy or FTRA
- signed RTR (Bank copy)
11
Q
Cancellation
A
- 30 min cancellation period to anyone in Bank
- determine from client how consumer remittance transfer was intitiated
- BCC wire transfer dashboard to perform cancellation
