CrossFirst Bank offers International Banking services for clients as they conduct business throughout the world. With extensive experience, our team of international bankers has the resources to help your business succeed as you expand to new markets, add new suppliers and navigate business across borders. CrossFirst Bank is an internationally recognized bank and a member of SWIFT (CSFFUS44). Learn more about our wide range of international banking services.
Global Trade Finance
- Letters of Credit
A letter of credit is a written undertaking by a bank, made at the request of the applicant, to honor drafts or other demands for payment to the beneficiary for merchandise shipped or services performed. Once issued, a letter of credit cannot be amended or changed without the written consent of all parties (issuing bank, applicant and beneficiary).
- Import Letters of Credit
A commercial letter of credit, also known as an import letter of credit, is issued by CrossFirst Bank on behalf of its customer for the purpose of importing a product from a foreign country. Import Letters of Credit facilitate the purchase of merchandise by guaranteeing that the seller will receive payment when goods are shipped, in accordance with the terms and conditions of the letter of credit. An import letter of credit is issued for a specific product, amount and for a specific shipment or purchase order. Original shipping documents must be presented and approved before payment is made.
- Export Letters of Credit
Export letters of credit are an important resource when selling/shipping goods to a foreign buyer. An export letter of credit is issued by a foreign bank to our customer as the beneficiary. CrossFirst Bank’s experts can assist you with formatting terms and conditions for the letter of credit. Upon shipment, our Certified Documentary Credit Specialists (CDCS) can examine your documents for compliance with the letter of credit and collect payment on your behalf. We can also help you with the preparation of documents required in the letter of credit.
- Standby Letters of Credit
A standby letter of credit is issued by CrossFirst Bank, at the request of our client, to secure either a financial or performance obligation to another party. Used most often in domestic transactions, this letter of credit will specify exactly what transaction it is securing and will state the requirements for making a presentation to claim payment. A standby letter of credit is not intended to be drawn on except in the event that the applicant defaults under their obligation to the beneficiary.
- Banker's Acceptance
Banker's acceptances provide fixed-rate, term financing on a discounted basis for import and export delivery of goods. This financing method allows you to match the maturity date of the banker's acceptance with the planned payment of the receivable. This may result in a savings through lower-rate financing. Banker's acceptances are especially beneficial in rising interest rate environments to lock in lower fixed rates.
- International Bid Bonds
A foreign bid bond is used when providing tenders or bids to foreign buyers who are located in certain countries.
- Performance Bank Guarantees
This type of bank guarantee is issued to secure an advance payment or warranty to foreign buyers who are located in certain countries.
- Documentary collections allow a buyer and a seller to exchange goods for money against the presentation of documents through their respective bank, which provides a more secure transaction for both imports and exports.
- Foreign Currency Banknotes
While electronic options are prevalent for the exchange of services, you may need foreign currency bank notes to use while traveling abroad. CrossFirst Bank makes available numerous currencies which may be ordered in advance and picked up at any of our bank locations.
International Wire Transfers
International wire transfers may be sent and received in in U.S. Dollars or foreign currencies. Exchange rates are negotiated and funds are settled quickly. Please contact
the CrossFirst International Banking department at (918) 497-5215 for more information.
A forward contract helps limit your exposure to fluctuations in foreign exchange rates by providing an advance agreement to purchase or sell a foreign currency for a date or time period in the future.
Incoming and Outgoing Wire Transfers
Quickly and easily, you may originate secure one-time or recurring wire transfers through SWIFT, for example, and receive timely payments from foreign locations. International wire transfers may be sent or received in U.S. Dollars or foreign currency.
For business purposes, international drafts can be purchased in U.S. Dollars or foreign currency, and are drawn on the foreign bank where the draft is to be sent. They are similar to a cashier’s check, as they can be tracked for security.
Foreign Check Collections
CrossFirst Bank can collect payment on foreign checks deposited to your account, whether they have been issued in U.S. Dollars or foreign currency. Foreign currency checks are converted to U.S. dollars at competitive exchange rates. Funds are provided to the customer as provisional credit and are subject to the clearing guidelines of the country from which they are drawn.
To learn more about how the CrossFirst Bank International Banking team can help you, contact us at (918) 497-5215 or speak to your CrossFirst banker.
ABA Routing No. 101015282 SWIFT Code: CSFFUS44