International Banking

As businesses grow more global in nature, we are here to help you bridge the global divide. We are a preferred lender for the SBA Export Working Capital Program. We have established co-bank relationships worldwide, and we can act as the issuing, advising, transferring and negotiating bank for your letter of credit transactions. We also provide both incoming and outgoing documentary collection services, international funds transfer, and lines of credit to help your import or export business during the shipment of goods. Our staff of multi-lingual professionals is highly experienced in the field of international banking. We will ensure that all of your international financial needs are taken care of.

Commercial Letter of Credit

Washington First International Bank can act as the issuing, advising and / or negotiating bank for your Letter of Credit transactions worldwide. A Letter of Credit is a mechanism for the payment of goods by the buyer in a sales transaction. It is an agreement whereby the Bank, at the request of the buyer, undertakes in the Letter of Credit to pay for the goods upon presentation by the seller of the documents specified in the Letter of Credit. The Letter of Credit, which is used in international as well as domestic trade, generally substitutes the financial strength of the issuing bank for that of the account party so that the beneficiary will be more inclined to sell goods or services to the account party. The issuing bank pays the beneficiary against presentation of documents in accordance with the terms and conditions in the Letter of Credit. The account party then reimburses the issuing bank and pays any service fees it incurs.

Standby Letter of Credit

For additional contract assurance, Washington First can issue a standby letter of credit on your behalf. Standby Letters of Credit provide protection in business transactions in which one of the parties requires assurance of payment, or protection against non-performance. Since commercial banks generally lack the corporate power to become sureties, the contract undertaken is written in the form of an Irrevocable Standby Letter of Credit. A Standby Letter of Credit, like a commercial letter of credit, is a promise by the issuer to honor the beneficiary's presentation of the document(s) specified in the letter of credit. The Standby Letter of Credit, is not typically used as a payment mechanism. In a Standby Letter of Credit, the parties do not normally expect the presentation of document(s) will occur. The issuer is merely "standing by," in case the obligation in the underlying transaction is not performed by the obligor. The usual documents, which must be submitted by the beneficiary, are ordinarily limited to:

• A draft drawn on a paying bank.
• A simple statement by the beneficiary describing in what respect the seller has not performed.

The Letter of Credit should also stipulate the wording to be used in the beneficiary's statement. Generally, customers should be encouraged to require only brief statements containing, in addition to details of the non-performance, information sufficient to identify the transaction.

Documentary Collections

Washington First International Bank offers both incoming and outgoing documentary collection services for your international business. A documentary collection may consist of financial documents such as draft(s), promissory notes, checks or other similar instruments used for obtaining the payment of money or commercial documents such as invoice, transport documents, documents of title or other similar documents. The collection process provides the importer and exporter with an alternative for prepayment, Letters of Credit or open-account financing for their international trade or even domestic transactions. It uses the services of banks as intermediaries so that the seller can ship or deliver the goods before receiving payment from the buyer. This also provides added protection as shipping documents are not released to the buyer unless payment is made or draft is accepted (deliver documents against payment (D/P) or acceptance (D/A)). For incoming collections, Washington First will present the documents to you in accordance with the instructions from the remitting bank (the bank to which the seller has entrusted the handling of a collection). Documents are then released either against payment or acceptance of the draft by the importer.

Foreign Exchange Service

If you have payables or receivables in foreign currency, Washington First offers both Spot and Forward Contracts to facilitate your international banking needs. With favorable exchange rates, your company will have greater flexibility in pricing your payables while staying competitive in today's global marketplace. We are able to assist you with prompt, personal and professional service.

Spot Contract – Allows for the setting and delivery of your foreign exchange transactions within two business days and within one day for Canadian Dollars.

Forward Contract – Provides for future delivery of foreign currency at an established exchange rate for maturities up to one year. You may choose from a fixed date maturity or a window delivery contract, which provides the flexibility of executing delivery within a 30-day period.

Foreign Currency CD – It allows you to take advantage of the higher interest rates in foreign currency CD by taking on some foreign exchange rate risk. There are no fees associated with the exchange of currencies.

International Funds Transfer

Washington First International Bank allows you to send and receive funds in U.S. Dollars, or any major foreign currency, worldwide by wire transfer or foreign draft. International Money Transfer is the conveyance of sending funds electronically, on a worldwide basis, between banks on behalf of their customers and themselves. This eliminates the handling of cash or checks being sent through the mail.

SWIFT (Society for Worldwide Interbank Financial Telecommunications) This advanced and reliable system can transfer funds on-line within 24 hours to most major cities worldwide. Our SWIFT code is WFIBUS66. Domestic - FedWire for money transfer within the U.S. This system provides funds delivery instantly through our extensive on-line correspondent bank network.