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Corporations - Foreign Draft Issuance

Foreign currency denominated drafts are one of the easiest ways to send payment with minimal issuing free. Corporations are able to pay invoices in more than 30 of the most frequently demanded currencies accurately since no further conversion is necessary at the receiving bank. Many corporations use foreign drafts as an alternate payment method for International Wire Transfers in order to fulfill payment overseas. The tradeoff to this is that International Wire Transfers are processed and received much quicker than drafts, since drafts need to physically be sent to their destination. 

A corporation would simply use CXI's CEIFX platform to enter the request for a foreign draft, entering the foreign currency and foreign amount they would like. Drafts generally require less information than a wire transfer and are a safer alternative to sending cash in the mail.

Benefits To Corporations:

  • Automated requests through the CEIFX platform
  • Alternative to International Wire Transfers and Global EFT
  • Reduced service fees
  • Limited required information: the amount of foreign currency and who it is payable to
  • In-depth, flexible, and exportable reporting
  • Dedicated trader and support team

A dedicated trader and experienced support team provides businesses a roadmap to successfully start or optimize their international payments through financial and operational efficiencies.