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Small Business - Frequently Asked Questions

Foreign Exchange

What foreign currency products does Union Bank provide?

How can Union Bank's foreign exchange services help my business?

What is the benefit of sending a wire in a foreign currency instead of in U.S. dollars?

Can I accept payments in foreign currencies?

How can I prevent volatile exchange rates from reducing my company's income from foreign receivables?

What foreign currency products does Union Bank provide?

We offer spot, forward, flexible-forward (window), and option contracts for major and exotic currencies.11 In addition, we offer foreign currency accounts 2 2, both demand and time deposits, to help streamline your operations and optimize your assets.
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How can Union Bank's foreign exchange services help my business?

  • Our approach is to gain an understanding of your risk tolerance and goals in discussing effective strategies for your business
  • We have Foreign Exchange Specialists who can evaluate your needs
  • We use a variety of services and products that can help minimize foreign currency exposure, increase profits, and streamline business processes
  • We monitor the markets and provide ongoing information to assist you in taking advantage of opportunities, given current conditions and your goals
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What is the benefit of sending a wire in a foreign currency instead of in U.S. dollars?

If your company is billed in a foreign currency, it is more cost-effective to send wire payments in that foreign currency. The payee will receive the exact foreign amount for a known U.S. dollar amount based on the exchange rate. In addition, if your banking relationship is with Union Bank, we can provide real-time exchange rates and lower fees for foreign currency wires.
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Can I accept payments in foreign currencies?

Yes. Union Bank has banking relationships that cover most traded currencies. When we receive incoming wires, we can convert the funds into U.S. dollars and credit your Union Bank account or leave the funds in the foreign currency and credit the payment to a Union Bank foreign currency demand account or foreign currency time deposit. Learn more about our foreign currency accounts.
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How can I prevent volatile exchange rates from reducing my company's income from foreign receivables?

Numerous methods exist for protecting the U.S. dollar value of foreign-derived sales. Union Bank's Foreign Exchange Specialists can assist in offering hedging instruments to meet your needs.

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