International Banking

At Eastern Bank, we recognize that international commerce constitutes a significant market for our customers. That's why we offer a full range of trade services designed to facilitate international business transactions and minimize risk.

For more information, please call 617-897-1106 or submit an online request to be contacted by one of our International Banking Specialists.

Letters of Credit

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

Import Letters of Credit 
If you depend on overseas suppliers for materials or finished products, Eastern Bank Letters of Credit can help you assure payment to the seller and conduct business more efficiently. You can use the Global Trade online platform to initiate and manage your letter of credit transactions via the Internet. 

Export Letters of Credit 
If you export, we can help you reduce the risk of doing business overseas by acting as the advising or confirming bank for you, working to ensure that your payments are received as quickly as possible. A confirmed export letter of credit reduces your risk of nonpayment for political or financial reasons. You can use the Global Trade online platform to manage your export letter of credit portfolio from your computer.  

Standby Letters of Credit 
We also offer standby letters of credit, which are financial instruments used to support a broad range of situations, including performance under a contract, payments to a supplier or satisfaction of lease requirements. Our trade specialists have the experience to offer advice on how to best structure a transaction to fit your needs.

Documentary collections may be used when the added protection of a letter of credit is too expensive or not required based on the business and country 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 
With this service, the seller sends shipping documents and collection instructions to Eastern Bank. When our importing customer agrees to accept the documents and make payment in accordance with the collection, we will release the documents to the importer and settle the collection as instructed.

Export Documentary Collections 
We can act as agent on outgoing documentary collections, tracking the transactions for our customers.

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

Export Credit Insurance Program 
The Export-Import Bank of the U.S. and 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. 

At Eastern Bank, our customers gain access to world-class foreign exchange services with local customer support and expertise, thanks to our international partnership with PNC Bank. Our traders provide market insight and can assist with your foreign exchange needs, whether small or large. We can also provide access to PINACLE® FX for secure online foreign exchange payment services.1

International Wire Transfers and Foreign Drafts 
With our wire transfer and foreign exchange services, you can send and receive international fund transfers. Outgoing funds are transmitted in U.S. dollars or foreign currencies to domestic or overseas recipients. Incoming funds are received electronically and can be deposited to your Eastern Bank account. Customers who need to pay by check in a foreign currency may purchase a draft 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.

Spot Contracts 
Spot contracts are used to make payments in foreign currency or to convert foreign currency into U.S. dollars at today’s exchange rates. Final settlement (delivery) of spot foreign currency trades normally occurs two business days after the date of the transaction.

Forward Contracts 
A forward transaction involves buying or selling foreign currency for settlement on a specified date in the future at a fixed rate. It is a way of eliminating foreign exchange rate risk by locking in the value of future payments or receipts.

Window Forwards 
A window forward contract provides a range of days (a "window" of time) for settling all or part of the contract at the previously agreed upon price. Window forwards are often used when actual payment dates are uncertain.

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 more than a dozen 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.