International payment solutions for businesses
Whether you are importing or exporting, overseas payments are more than just financial transactions – they are fundamental to your business. As a global payments specialist we can help you to identify the best possible method to facilitate your international transactions.
We offer a full range of products and solutions for making global payments, including spot deals. If you need to receive international payments you will find Holding Balances an ideal alternative to a foreign currency account. You can also enjoy the convenience of trading over the phone with your dedicated dealer or direct usage of our online payment system.
Making an international payment
A spot deal is a transaction based on the current prevailing market rate for an agreed amount of currency. Using a spot deal offers you the flexibility to participate in daily market fluctuations. While the market convention is to settle spot transactions on the second business day after the deal is made, at Travelex we can offer you the enhanced benefit of same day delivery if required.
Travelex offers clients two straightforward payment tools: international wire transfers and drafts.
International wire transfer
An international wire transfer, also know as Electronic Funds Transfers (EFTs) or Telegraphic Transfers (TTs), is an irrevocably cleared direct credit to a nominated bank account. It is the fastest and most secure method of transferring international funds.
Drafts
Drafts are drawn on a reputable bank against that bank’s own funds, ensuring that your customer will receive guaranteed cleared funds after the draft has completed the normal clearing process. As drafts are cleared locally they provide payees with rapid access to their funds.
Receiving international payments
With our ‘Holding Balance*’ service you can hold a range of foreign currencies without the overhead of having to open and manage multiple foreign currency bank accounts.
Your clients overseas can send you funds in their local currency and our global network of correspondent banks will receive them. You can then choose to convert incoming funds into Singapore dollars or hold them for up to 90 days for future use.
Holding Balances are a perfect alternative to the numerous restrictions applied to traditional accounts with foreign banks. Benefits include:
- No requirement to open a foreign currency account(s)
- Free online access to the balances to manage currency conversions
- Instant access to over 20 different currency Holding Balances
- No account keeping fees
- No minimum balance required
Online payments
If you are looking for a fast, flexible and secure way to make payments, our online systems are the perfect solution. Our platforms are easy to navigate and enable you to quickly complete international payments online. Save time by uploading multiple transactions in simple files from your accounting system and avoid keying errors by safely storing the payment details of regular suppliers or customers.
Your transactions will be processed immediately with real time market quotes. Payment confirmation will be sent to you by email and we can automatically notify your beneficiary of their expected payment by e-mail.
Our online payment platform allows you to manage, review and approve payments online; you can also implement approval loops, ensuring payments are only finalised by authorised personnel. With online reporting you can quickly review your complete payment history giving you greater control over the payment process.
We also employ industry leading encryption technology to make sure your information is safe and payments are secure. For added usability, we can tailor front end security specifications to satisfy your individual needs.
Benefits include:
- Save the details of repeat transactions
- Real-time market quotes and payment execution
- Beneficiaries automatically notified by email of expected payment
- Multi-level approval models to support your internal processes
- Up/download transaction files directly to and from your finance system
*Note: Holding Balances are provided by Ruesch International, Inc. (A Travelex Group Company). Holding Balances do not pay interest and funds cannot be kept in a Holding Balance for more than 90 days
