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International Services - International Money at The Milford Bank
The
Milford Bank offers you the world.
We
can assist you in all your foreign banking. Order foreign currencies --
more than 100 available -- (delivered overnight or standard two-day delivery),
Traveler's Checks in foreign denominations, international drafts and wire
transfers, foreign payment collection and more.
- For Consumers and Businesses:
- Of
Value to Businesses:
- International Payments
- International Collections
Get foreign cash before you travel.
Typically the best currency exchange rates are available from banks, compared to airport and border money changers. We offer foreign bank notes (paper money) from more than 100 countries, available to you via overnight or standard two-day delivery. Just stop by any Milford Bank office before your trip. You'll hit the country (countries) you're visiting with the local money in your pocket.
For the same reason, Traveler's Checks can also be secured by The Milford Bank in your destination country's (countries') currency. Gain the security and loss protection of Traveler's Checks at a very favorable exchange rate. Enjoy the convenience of arriving "in country" ready to travel with local money.
A special advantage for business.
As global trade continues to grow, it becomes more likely you will be transacting business abroad. The Milford Bank can arrange payments and speed collections with foreign vendors and customers. We offer a variety of international monetary services to make it easier for you to manage foreign transactions in a timely, cost-effective manner.
We offer a correspondent network in more than 30 countries, can help you acquire access to domestic funds earned on foreign payments sooner and give you greater negotiating power with foreign suppliers by accelerating access to your payments -- all at very competitive rates.
In addition to making foreign bank notes available at our offices, we also offer the following international monetary solutions.
International Payments
These are a reliable means of making foreign payments, allowing you to negotiate in your supplier's currency, thereby maximizing your negotiating advantage. Pay in your vendor's currency without imposing lengthy delays required for your foreign check to clear.
- strengthen global business ties by providing exact payment in a timely manner
- dramatically reduce the time required to access funds
- issue drafts in a wide variety of foreign currencies
- save money with an economical way of making global payments
The Milford Bank's international services affiliate maintains bank accounts in numerous major trading nations, allowing us to issue drafts in the nation and currency where payment is due.
With global trade growing every year, the cost and time of waiting for your U.S. checks to clear in foreign nations will become a competitive disadvantage. Few can afford to ignore it. Fewer still can afford to raise prices to compensate.
International Wires (or Telegraphic Transfers as they are sometimes called) provide the same benefits as Foreign Currency Drafts, plus the additional advantages of greater speed and fully traceable transactions. Retain funds as long as possible while ensuring the satisfaction of payees.
- optimize payment terms and ensure satisfaction of foreign suppliers
- enjoy the security of knowing your instructions are fully traceable
- take advantage of low, per-wire flat rate fees
The Milford Bank's affiliate maintains bank accounts in numerous major trading nations. Upon receipt of instructions, payment is issued from our bank to your recipient's account.
Paying foreign suppliers in domestic funds can easily result in underpayment or overpayment, because currencies fluctuate between the time payment is issued and the time it clears. Foreign suppliers may also be unhappy with the time it takes your domestic checks to clear.
International Collections
Customers abroad can pay you within their domestic banking systems. Funds are then wired to The Milford Bank for conversion and deposit to your account.
- avoid lengthy delays in getting paid as foreign checks clear
- improve your cash flow position
- speed access to your domestic funds
- simplify collections
- improve your negotiating stance
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33 Broad
St., Milford
259 Merwin Ave., Woodmont
205 Bridgeport Ave., Devon
1455 Boston Post Road, Milford
2366 Main Street, Stratford
142 Temple Street, Suite 306 New Haven, CT 06510 (Loan Production Office)
203-783-5700
CT toll free: 800-340-4TMB
Copyright © 2002-2003 The Milford Bank. All rights reserved.
