Sending and Receiving International Payments
Foreign Exchange Online
12. Since timely management of my FX transactions is important, how will I know if there is an open item and avoid losing the opportunity to complete the transaction?
13. I have a current relationship with a Foreign Exchange Specialist. Will that relationship remain the same?
Sending and Receiving International Payments
1. Why send a wire in foreign currency?Sending a wire in foreign currency can save you time and money, reduce risk, and help you gain a competitive advantage.
- Save money. When you send international wires in foreign currency, you pay lower fees than for international US dollar wires, and you may pay lower international bank fees by avoiding intermediaries to complete the payment.
- Reduce foreign exchange risk. By sending a wire in foreign currency, you can lock in the exchange rate and know the full cost of the transaction before the wire is sent.
- Gain a competitive advantage. By dealing in the local currency of your foreign business partner, you may be able to negotiate more favorable pricing for goods and services.
2. How do I address foreign currency risks when transacting with a party in another country?A Foreign Exchange Specialist can help you manage the financial risks associated with fluctuating currency values. Businesses that trade only in US dollars may be at a disadvantage if they face competitors dealing in foreign currency who may enjoy competitive pricing advantages. We can help you find the right solution to handle your international transactions and manage your foreign currency risk. Contact a Foreign Exchange Specialist at 1-800-786-5593 option 3 or fill out this form to have a specialist contact you.Back to Top
3. How do I get current foreign exchange rates?Wells Fargo offers services in virtually any freely-traded currency. Call a Foreign Exchange Specialist for current rates.Back to Top
4. When traveling internationally on business what forms of payment should I bring?We recommend carrying some foreign cash to help cover initial expenses such as taxis, meals and tips. You can order foreign currency online, at one of our in-store Wells Fargo International Teller Sites, or by phone at 1-800-678-4653.Back to Top
5. How can I get a foreign currency draft?To obtain a foreign currency draft (a check payable in a foreign currency that is drawn on a foreign bank) you can visit a Wells Fargo store, visit us online, or contact a Foreign Exchange Specialist at 1-800-786-5593 option 3.Back to Top
6. Can Wells Fargo accept foreign checks for deposit?Wells Fargo accepts deposits of checks denominated in many foreign currencies. With our Global Check Clearing service, foreign check deposits can be prepared in your office and mailed to our processing centers. To get started, contact a Foreign Exchange Specialist at 1-877-201-9639.Back to Top
Foreign Exchange Online
7. What types of transactions can I perform with Foreign Exchange Online?You can perform four basic types of foreign exchange transactions:
- Spot contracts allow you to buy or sell foreign currency at competitive FX market rates. The offered foreign exchange rates are presented when you select the currency you want to buy or sell.
- Forward contracts allow you to arrange today to buy or sell foreign currency with delivery of funds occurring on a future date beyond the spot date. This can help manage the impact of rate fluctuations on your profit margins when you send or receive future foreign currency payments.
- Forward window contracts allow you to buy or sell a foreign currency at a designated price during a specified period between two future dates, providing more flexibility than contracts tied to a single date.
- Swap transactions can help you to protect the US dollar value of an overseas investment and foreign currency receivables. A foreign exchange swap transaction is an exchange of one currency against another currency on a specified date and a reverse exchange of those two currencies at a later date specified in the contract.
You may settle your foreign currency contracts via wire transfer or draft or by accessing your Wells Fargo multi-currency account.* Repetitive payment instructions are stored within the system, allowing you to efficiently settle transactions without re-keying data. Foreign currency drafts can be printed locally from your desktop. You can also request a rate for exchanging checks in qualifying foreign currencies and deposit the US dollar equivalent into your company's Wells Fargo account.Back to Top
8. Is the Foreign Exchange Online site secure?Yes. Wells Fargo integrates fraud prevention measures to maximize the security of your online sessions. Read more about Wells Fargo's commitment to online security. As a leader in electronic banking, Foreign Exchange Online takes advantage of the state-of-the-art security: 128-bit encryption. Our system requires three-factor authentication — company ID, user ID and password — in addition to secure ID token identification to initiate the transaction.Back to Top
9. Staff members in my company have different approval levels. How is this handled?Users' individual security levels determine the level of menu options that they may access. Users cannot activate selections for which they are not authorized. Users are assigned roles within your organization to book contracts, enter payment instructions, and approve transactions. Authorities can be segmented based on workflow activities.Back to Top
10. Who assigns security levels on the system?Your company's security administrator identifies the users and assigns security levels based on functional responsibilities. A flexible self-administration allows your security administrator to establish transaction limits, assign user permissions and levels of authority, and set email options. Select administrators also have the capability to assign secondary approval to specific employees.Back to Top
11. How can using Foreign Exchange Online make repetitive payments more efficient?The system stores repetitive settlement instructions and drop-down menus that allow you to quickly fill in repeat payment beneficiaries. You can also save beneficiary information in a database for future use, make split payments from a single contract and settle your contracts with easy-to-use screens. Quick entry screens and file upload capability allow rapid input of payments to multiple beneficiaries. You can rate or approve items individually or in bulk to add even more process efficiency.Back to Top
12. Since timely management of my FX transactions is important, how will I know if there is an open item and avoid losing the opportunity to complete the transaction?Your Foreign Exchange Online home page displays work queues alerting you to outstanding contracts needing settlement instructions, and settlement instructions needing an approval. Activity alerts and email settings notify users of items requiring attention.Back to Top
13. I have a current relationship with a Foreign Exchange Specialist. Will that relationship remain the same?Absolutely. Foreign Exchange Online is another way you can access foreign exchange services at Wells Fargo. It enhances, rather than replaces, your relationship with your FX Specialist.Back to Top
* Balances held offshore, including multi-currency accounts and foreign deposits, are not FDIC-insured, may lose value, and are not guaranteed.
Wells Fargo offers foreign exchange hedging products and foreign currency risk management solutions through Wells Fargo Bank, N.A., which is a swap dealer registered with the Commodity Futures Trading Commission and a member of the National Futures Association. This information is not, and shall not be treated, relied upon or considered as, investment advice or a recommendation or opinion to enter into any foreign exchange transaction or hedging strategy.