There are four primary ways to make payments: wire transfer, foreign bank draft, international check collection, and international check purchase. National Penn can assist you in any of these payment methods.
A Wire Transfer is the fastest, easiest and most reliable method of international payment. It is the electronic transmission of funds between banks, generally through the use of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT is the principal secure international communications system between banks around the world.
A Foreign Bank Draft is a negotiable instrument drawn by National Penn Bank on a foreign correspondent bank located in the beneficiary’s country.
An International Check Collection can be used when one of the following takes place:
- the check is ineligible for clearing, or there is no mechanism for clearing
- there is uncertainty over the maker’s ability to pay
- there is a desire to know when the check is irrevocably paid
A Check Purchase involves our purchase of an eligible foreign currency check from you. It reduces foreign exchange risk, provides cash management opportunities and minimizes operational tracing and follow-up associated with conventional collection methods. However, we reserve the right to debit your account if the check is not paid.