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 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.
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.
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.
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.
1All 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.
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