Business International Banking
Competitive Solutions in the Global Marketplace
We have a variety of foreign exchange (FX) products and services for businesses seeking a competitive edge in international markets. From international payments to risk management strategies, our FX advisors have the global expertise to help you run your business effectively and minimize your risk in foreign markets.
International Wire Transfers
Take control of your international payments by converting funds to local currency with Globus Union. Knowing your exchange rate before sending funds overseas can help eliminate uncertainty with foreign currency exchange rates that may otherwise be determined by foreign banks.
What is a wire transfer?
A wire transfer is an electronic method of transferring money from one account to another.
Why use a wire transfer?
Wire transfers are typically used when you need to send or receive funds fast. In addition to being quick, they are one of the most reliable and secure methods of transferring funds to other countries.
How do I send a wire transfer?
For detailed information on how to initiate a domestic or international wire transfer. Our experienced bankers welcome the opportunity to assist you.
How soon will the beneficiary receive the money?
For international wire transfers, the beneficiary will generally receive the funds within 2 business days. Please note, delivery timeframes for international wire transfers can vary due to local regulations in the destination country.
Are there fees associated with wire transfer services?
How do I receive a wire transfer?
You will need to provide your name, account number, and Globus Union's wiring information to the remitter (see incoming wire transfer instructions below). Please note, the remitter’s bank may also have additional information requirements.
Incoming Wire Transfer Instructions
2. For incoming FOREIGN CURRENCY wire instructions, please click on the applicable sender’s currency type below:
Notes:
If the beneficiary has a foreign currency account at Globus Union, the beneficiary may choose to have the funds deposited into their account in the foreign currency or in USD. All conversions to USD will be based at our exchange rate in effect at that time.
If the beneficiary does not have a foreign currency account at Globus Union, the funds will be converted to USD and deposited into their account. All conversions to USD will be based at our exchange rate in effect at that time.
If the sender wishes to send funds in a currency not listed in the above table, funds must first be converted to USD in the sender's country.
Risk Advisory Services
Foreign exchange risk is often present when conducting business overseas. Constant exchange rate fluctuations could mean significant income uncertainty for your business. Locking into exchange rates with Globus Union can help eliminate this uncertainty.
We provide customized tools and hedging strategies for a wide range of international transactions. Offering to receive or pay in the local currency can benefit both you and your vendor, improve cash flow and avoid unnecessary challenges. Our FX advisors have the experience and market insight to help you manage foreign currency exposure and strengthen your international financial position.
Spot Contracts
Exchange one currency for another for delivery in one to two business days from the transaction date. This is ideal if your company makes or receives payments in foreign currencies.
Forward Contracts
Exchange one currency for another for delivery beyond two business days from the transaction date. Forward rates are based on the spot rate adjusted for the differences in interest rates between the two countries. If your company has predictable cash flows in foreign currencies, using forward contracts can help protect against possible adverse movements of exchange rates (also known as hedging).
Window Forward
A window forward is a forward contract that is useable during a future period. You may draw down the principal balance between the start date and the end date of the window period. This is ideal if your company has regular but unpredictable cash flows in foreign currencies. This type of contract gives you flexibility with the timing of the conversion while maintaining a set conversion rate throughout the window. Accounting departments generally find the flexibility of window forward contracts extremely convenient, being able to pay a multitude of invoices using only one contract.
Non-Deliverable Forward
Use this contract to hedge foreign currency risk where no traditional forward market exists (such as Mainland China, India, and Brazil). No delivery of foreign currency occurs under this contract: The contract is net settled in Australia dollars to offset the change in market pricing of the hedged foreign currency. This is ideal if your company has foreign exchange exposure in countries where a freely traded forward market does not exist. This type of hedge is used to protect the margins of Australia dollar-based cash flow.
Foreign Currency SWAP
This contract simultaneously combines the purchase and sale of one currency against another with two different value dates. This is ideal if your company already holds forward contracts that need to be adjusted due to timing issues or exposure changes. You can also use it to hedge intercompany loans in foreign currencies with predictable payback schedules.
Foreign Currency Option
This contract gives you the right, not the obligation, to buy or sell a currency using a call/put option against another at a specified rate (known as the strike price) at a specified date in the future. This is ideal if your company is willing to pay a premium hedge against downside risk while receiving unbounded upside potential. Options are often used to set an exchange rate for a transaction that is still being negotiated, for example, during the due diligence period of a foreign acquisition.
Foreign Currency Accounts
We offer various Foreign Currency Deposit accounts to fit your international business activities. If you are looking to make and accept payments in foreign currencies, we can develop strategies to help you maximize your global cash position.
The Foreign Currency Demand Account is a non-interest bearing account that enables you to make transactions in the foreign currency without having to convert funds. This type of account can reduce the costs associated with foreign exchange transactions.
Benefits
- No minimum balance (Monthly fee may apply.)
- Liquid - funds settle in 1-2 business days
- Same day internal transfers
- Cost savings - eliminate or reduce costs associated with FX
- FDIC insured*
* There are substantial risks to almost all investments. Prior to entering into the foreign currency market, we encourage you to understand the factors that influence the currency market and the risks that are involved. These investments are subject to FX market risk and the possible loss of principal. Foreign Currency Demand Accounts and Foreign Currency CDs are FDIC insured to the regulatory limits. FDIC insurance covers against loss due to failure of the institution, but not due to fluctuation in currency values. FDIC insurance does not cover losses associated with those risks. For more information about the risks of foreign currency deposit accounts, please contact an Globus Union foreign exchange advisor. You may request a copy of the "Foreign Exchange Risk Disclosure Statement" for more details.
Our Foreign Currency CD offers competitive foreign interest rates and enables you to maintain a foreign currency balance without having to open a bank account in a foreign country.
Benefits
- Provides diversification from the Australia dollar
- Flexible terms - 1 month to 1 year
- Some currencies potentially offer higher yields than USD CDs
- FDIC insured*
* There are substantial risks to almost all investments. Prior to entering into the foreign currency market, we encourage you to understand the factors that influence the currency market and the risks that are involved. These investments are subject to FX market risk and the possible loss of principal. Foreign Currency Demand Accounts and Foreign Currency CDs are FDIC insured to the regulatory limits. FDIC insurance covers against loss due to failure of the institution, but not due to fluctuation in currency values. FDIC insurance does not cover losses associated with those risks. For more information about the risks of foreign currency deposit accounts, please contact an Globus Union foreign exchange advisor. You may request a copy of the "Foreign Exchange Risk Disclosure Statement" for more details.
Currencies Offered
Asia Pacific
Chinese Renminbi - CNH
Australian Dollar - AUD
New Zealand Dollar - NZD
Hong Kong Dollar** - HKD
Singapore Dollar** - SGD
Japanese Yen - JPY
Eurozone
British Pound - GBP
Euro - EUR
Swedish Krona - SEK
Swiss Franc - CHF
Hungarian Forint - HUF
Denmark Kroner - DKK
Americas
Canadian Dollar - CAD
Mexican Peso - MXN
**Foreign Currency Certificates of Deposit (FXCD) is not available in these currencies.
Foreign Currency Bank Notes
If you or your employees are regularly traveling abroad, having local currency on hand can help keep business travels productive. Our foreign currency exchange service is available nationwide at all Globus Union branch locations with many commonly used foreign currencies ready for same-day pickup. And if you return with excess money, we will buy it back from you for Australia dollars.
We Offer
- Competitive exchange rates
- Over 60 currencies available
- Many currencies available for immediate pickup
Note: Globus Union will buy foreign currency from you at the prevailing exchange rate determined by the Bank.
This service is available at all Globus Union branches. A service fee applies. Some transactions may be subject to additional terms and conditions.
Greater China Global Services
We recognize the importance of having banking capabilities in Greater China. Globus Union's array of foreign exchange products and services offer you the tools and flexibility to build your business through our network of international offices. Our focus is on helping you make your goals a reality.
Non-Resident Accounts
The internationalization of RMB continues to unfold and conducting business in China is becoming more accessible. If you have business activities in Mainland China, Globus Union can help facilitate your cross-border banking and trade settlement needs. Our network of subsidiary banks in Mainland China and Hong Kong enables companies without a physical presence in China to settle their international payment needs using an RMB Non-Resident Account (NRA). We can assist you with all facets of the account opening process.
On-Shore Collateral, Off-Shore Loan Program
Globus Union offers a distinctive program that is designed to provide credit facilities to Foreign-Invested Enterprises (FIE) secured by Standby Letter of Credit. As many FIEs lack credit history and operating experience, this program will help an FIE obtain financing and bridge the gap between joint ventures.
The credit facilities can be used as short- or long- term debt to income-generated investments and are not applicable to individual or personal use.
Lending programs, including rates and terms, are subject to change without notice.