Financial InstitutionsFinancial Institutions
Many U.S. banks have international departments with specialists who are familiar with specific foreign countries and various types of commodities and transactions. Large banks located in major U.S. cities maintain correspondent relationships with smaller banks throughout the country. And with banks in many foreign countries, they may operate their own overseas branches, providing a direct channel to foreign customers.
International banking specialists are generally well informed about export matters, even in areas that fall outside the usual limits of international banking. Banks frequently provide consultation and guidance free of charge to their clients because they derive income from loans to the exporter and from fees for special services, such as letters of credit and other kinds of funds transfer. Many banks also have publications available to help exporters. These materials are often devoted to particular countries and their business practices, and they may be a valuable tool for familiarization with a foreign industry. Also, large banks frequently conduct seminars and workshops on letters of credit, documentary collections, and other banking subjects of concern to exporters.
- A commercial bank can perform many services for its clients, such as:
- Exchange of currencies • Assistance in financing exports
- Collection of foreign invoices, drafts, letters of credit, and other foreign receivables
- Transfer of funds to other countries
- Letters of introduction and letters of credit for travelers
- Credit information on potential representatives or buyers overseas
- Credit assistance to the exporter’s foreign buyers
|The U.S. Commercial Service works closely with state and local governments as well as private partners. We offer a full range of expertise in international trade, marketing, and finance.|