Are you seeking foreign currency change to pay/receive for goods or service or contemplating on the transfer of that particular currency? Do you need to remit funds internationally or simply want to invest in foreign currency? Far East National Bank offers customized services to assist you in managing and heding your foreign change exposure.
As a leading Chinese-American bank in the foreign exchange product services, our knowledgeable and professional foreign exchange traders are able to assist you with analyzing market developments and tailoring foreign exchange products to fit your particular needs. Far East National Bank provides the best and most competitive foreign currency exchange rates for easy, secure, and convenient international money wire transfers and foreign currency payments.
Our foreign exchange products and services include spot and forward contracts, foreign currency deposits, wire transfer payments, foreign exchange swaps, and cash letters.
A contract of buying or selling currency for payment/delivery on the spot date, which is normally two business days after the trade date.
Allows you to secure an exchange rate now for settlement at an agreed future date. By locking-in today’s market rate with anticipated foreign payables or receivables, we can help you protect against currency fluctuations.
Please refer to our incoming wire transfer instructions for wires sent in foreign currency to your Far East National Bank account.
Some foreign currencies may offer higher yields than USD savings accounts. We can convert your own domestic currency into foreign currency to open a foreign currency deposit account. Our maturities terms are from 1 month to 12 months. You can easily open a time deposit with no extra transaction or commission fees. Foreign currency time deposits are FDIC-insured*.
On the near date, you swap one currency for another at an agreed foreign exchange rate and agree to swap the currencies back again on a future date at a price agreed upon at the inception of the swap. It’s an effective and efficient cash management tool for companies to utilize the assets and liabilities denominated in different currencies, without incurring foreign exchange risk.
We can help you cash foreign checks drawn on financial institutions domiciled in Canada. This service is available for both U.S. Dollar and Canadian Dollar cash letters.
The non-deposit treasury products offered by Far East National Bank are:
*Foreign Currency Time Deposits are insured by the FDIC against bank failure for up to the permissible limits. The amount of FDIC insurance for Foreign Currency Time Deposits shall be determined and paid in the amount of U.S. Dollars that is equivalent in value to the amount of foreign currency as of the date of closure. FDIC insurance does not cover losses due to market fluctuations and changes in currency prices. There are substantial risks and volatility involved in investing in currency markets. The fluctuations in exchange rates of foreign currencies may reduce principal. These risks are the sole responsibility of the account holder and not the Bank. Please consult your investment and tax advisors prior to investing.