Offering clients the ability to send you payments in their local currency can help
your company gain a competitive edge in foreign markets by simplifying the payment
process and making it more convenient for foreign associates to conduct business
Our incoming payment solutions can help to streamline your accounts receivables
process, by allowing you to quickly and efficiently manage payments, and provide
reports and updates on payment status.
We offer two methods for receiving and converting foreign funds into CAD: incoming
Electronic Funds Transfers (EFTs), and Cheque Conversion services.
Incoming Electronic Funds Transfers
We will accept EFTs into our worldwide network of correspondent bank accounts. Whether
remitted from within your organization, or from a third party, the procedure is
simple and flexible. This service is available through your representative, or online
through Western Union® Business Solutions' GlobalPay
With our Incoming EFT service, you retain control over the rate at which to convert
the funds. The rate may be locked in before the funds arrive, or once receipt of
the funds is confirmed.
- If you lock-in a rate before the funds are received: once receipt
of the funds is confirmed, the order is processed, and your CAD payment is issued
the next business day.
- If a rate is not locked-in at the time of the order: One of our
representatives will contact you when the funds are received, and will provide you
with the current rate of exchange. You can choose to accept this rate, or wait for
a more favorable one (up to 90 days). If you choose to wait, we will monitor the
market for you with MarketLink, our currency information service. Once the rate
is locked-in, your CAD payment is issued by cheque or domestic wire transfer.
Know of a pending or upcoming invoice that will require the same foreign currency
as a payment that you just received? Skip converting the funds back to CAD, and
keep them in a Foreign Currency Holding Balance
for up to 90 days.
Incoming Foreign Currency Drafts
Our Incoming Foreign Currency Draft service allows you to efficiently convert foreign
currency cheques into CAD. We also accept CAD cheques issued by select foreign banks,
and CAD cheques without transit numbers (usually from Canadian branches of foreign
banks). Payment is conditional upon final clearance by the issuing bank.
Find out more about how our incoming payment solutions can help your business
with receiving and converting foreign funds into CAD.
Contact Us Today