Foreign Exchange

International Payments and Receipts

  • With First American, your business can originate and receive payments internationally.
  • From drafts and wire transfers, we can help you do more business, more easily... anywhere in the world.

Wire Transfers

  • When your money has to be in the right place at the right time, electronic transfers are fast and more reliable than foreign drafts.
  • We can wire funds to most countries either in U.S. dollars or foreign currency.
  • With Ca$hTrac, our online banking system, you can initiate these transactions while saving money and time – without sacrificing safety and security.
  • In addition, your overseas customers may also pay you via an international wire transfer and we will convert the payment into U.S. dollars if necessary.

Foreign Check Clearing

  • Doing business internationally often means dealing with checks that are drawn on a foreign bank and in a foreign currency.
  • With First American, you can turn those checks into U.S. dollars and receive your funds in a timely fashion.
  • Keep in mind that foreign checks can be expensive and can also take a long time to clear.
  • We recommend that you ask your customers to pay by wire, which guarantees the immediate availability of funds at a lower cost.

Foreign Exchange Trading

Through our partnership with Wells Fargo Bank, we have the ability to offer foreign exchange trading, including the following instruments:

Spot Transactions

  • With spot transactions you can purchase or sell foreign currency for delivery within two business days from the date the transaction occurs.
  • First American Bank's Foreign Exchange Trading makes it possible to execute spot transactions in over 50 currencies -- allowing you to pay your overseas vendors in their local currency, at a potentially lower rate of exchange.

Forward Contracts

  • A forward contract enables you to purchase or sell a specific amount of foreign currency at an agreed upon exchange rate on a future date.
  • These contracts can be a valuable hedge against foreign exchange risk in today’s rapidly changing global economy, allowing you to lock in a rate and remove the risk of future currency fluctuations.

Option Contracts

  • An option contract represents the opportunity, but not the obligation, to buy or sell currency in the future at a predetermined exchange rate.
  • Options offer flexibility in the event the market moves in your favor, allowing you to let the option expire and conduct the transaction in the potentially more favorable spot market.

Swap Transactions

  • Swaps help bridge timing gaps when you project having a surplus of foreign currency one day but a deficit in the same currency on another day while providing certainty over exchange rates.
  • Flexible, custom structures make them ideal instruments for helping manage the value and timing of cash flows between currencies.

Ca$hTrac Foreign Exchange Module
Not only does First American offer a wide variety of foreign exchange services we also make it possible for you to initiate and track your foreign exchange transactions quickly and easily through our online Ca$hTrac system.

  • The FX Module in Ca$hTrac gives you immediate access to online foreign exchange trading and research.
  • FX also offers extensive reporting capabilities, and puts you in control with the following features:

Payments
Our FX Module allows you to execute and settle foreign exchange transactions quickly and easily in a secure, real-time environment.

  • Execute next-day, spot and forward transactions leveraging a live rate feed.
  • View any outstanding as well historical foreign exchange transactions.

Reporting

  • FX provides trade and settlement reporting and has the capability of building and saving custom queries.
  • This online tool also allows you to view any outstanding foreign exchange deals and monitor daily trade activity updated in near real-time.
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