Recognizing that international commerce constitutes a significant market for our customers, Eastern Bank offers its customers a full range of trade services for transacting business on a global basis. Our global solutions are designed to facilitate trade and minimize risk.

For additional information:
Contact your Relationship Manager or one of the following specialists during regular business hours.

• Foreign Exchange Services – Jonathan Marcus, Senior Vice President, International Banking at 617-897-1074, or if you prefer, send an email to j.marcus@easternbk.com.
  
  
• Trade Services – Rose Russell, Vice President, International Banking at 781-581-4216, or if you prefer, send an email to r.russell@easternbk.com.

You may also submit an online request asking one of our International Banking Officers to contact you.

Letters of Credit
A letter of credit is a flexible and widely accepted payment method that can be tailored to reflect the needs of both the buyer and the seller.

Import Letters of Credit
Companies dependent on overseas suppliers for materials or finished products can use Eastern Bank Letters of Credit to guarantee payment to the seller as long as they comply with the terms of the letter of credit. Use our Global TradeConnect^SM product to initiate and manage your letter of credit transactions via the Internet.

Export Letters of Credit
In an export letter of credit transaction, the buyer’s bank issues a letter of credit, substituting its credit for that of the buyer and committing itself to make payment to the seller if all terms of the letter of credit are satisfied. Thus, an export letter of credit reduces the seller’s risk of non-payment due to political or financial reasons. Eastern Bank will act as the advising or confirming agent for the exporter, working to ensure that payment is received as quickly as possible.

Use our Global TradeConnect^SM product to manage your export letter of credit portfolio from your computer. You can even create a multi-bank database to manage all your letters of credit, even if not advised through Eastern Bank.

Standby Letters of Credit
A standby letter of credit is a financial instrument used to support a broad range of situations, including performance under a contract, payments to a supplier or satisfaction of lease requirements. Eastern Bank’s trade specialists have the experience to offer advice on how to best structure a transaction to fit your needs.

Documentary Collections
Documentary collections may be used when the added protection provided by a letter of credit is too expensive or not required based on the business and country risks involved. However, for an exporter, this type of transaction may present more risk than cash paid in advance or a letter of credit since there is no payment guarantee from a bank.

Import Documentary Collections
Export Documentary Collections

Trade Finance
Eastern Bank offers several trade financing options to support export sales and mitigate the risks of global trade.

Banker’s Acceptances
Banker's Acceptances are time drafts drawn on and accepted by a bank and are used for short-term (six months or less) financing of eligible trade transactions. Eastern offers two distinct forms of Banker’s Acceptances: those created as a result of time (usance) letters of credit and those created as ‘clean’ financings.

Banker’s Acceptances are often less expensive than more traditional trade financing methods.

Working Capital Guarantee
Eastern Bank is an approved lender for the guarantee programs of the U.S. Small Business Administration (SBA) and has been granted Delegated Lender Authority for the Working Capital Guarantee program of the Export-Import Bank of the U.S. (Ex-Im Bank). These guarantee programs encourage lenders to provide pre-export and post-export working capital financing secured by foreign receivables and inventory.

Export Credit Insurance Program
The Export-Import Bank of the U.S., as well as private insurers, offer export credit insurance to U.S. exporters to cover political and commercial risks on their foreign receivables. Short-term policies insure foreign receivables up to 180 days (360 days for capital goods). Medium-term policies are issued for one to five years.

Foreign Exchange Services¹
Eastern Bank customers gain access to world-class foreign exchange services with local customer support, thanks to Eastern's international partnership with PNC Bank. Eastern’s traders provide market insight and assist with your foreign exchange needs, whether small or large. We can also provide access to Pinacle^® FX for secure on-line foreign exchange payment services.

International Payments

International Wire Transfer
With Eastern Bank’s wire transfer and foreign exchange services, you can send and receive international funds transfers. Outgoing funds are transmitted in U.S. dollars or foreign currencies to domestic and overseas recipients. Incoming funds are received electronically and can be deposited to your account at Eastern Bank.

Foreign Drafts
Eastern Bank customers who need to make payment by check in a foreign currency may purchase drafts in a wide variety of currencies. A foreign draft, similar in form and content to a cashier’s check, is drawn on a foreign bank in a foreign currency.

MultiCurrency Account
Efficiently manage international currency balances, whether incoming, outgoing or held for future use.  Our MultiCurrency Account is a foreign currency account that enables companies to maintain balances in several major currencies.  In addition, by providing timely and complete information, the MultiCurrency Account gives you control over your foreign payments and receipts, while reducing foreign exchange expenses.

¹ All foreign currency transactions are subject to foreign currency exchange risk. Customers are not protected against foreign currency exchange rate fluctuations by FDIC insurance or any other insurance or guarantee program.

PINACLE^® is a registered trademark of The PNC Financial Services Group, Inc.