YOUR CONNECTION TO INDIA THROUGH SWIFT

Mutual Bank is proud to introduce a wealth of international services:

Indian Rupee Wires & Foreign Drafts on India

• Electronic payments, commonly referred to as wire transfers, are a fast way to transfer funds. Just as domestic wire transfers are transmitted through the Federal Reserve System, international wire transfers are transmitted through the Society for Worldwide Interbank Financial Telecommunication, or SWIFT network. Instructions are sent via SWIFT to pay a bank for ultimate credit to the beneficiary (recipient).

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Letters of Credit

• International transactions can be riskier than domestic trade transactions. For that reason, Letters of Credit provide assurance that payment has been secured under an international trade contract. Letters of Credit provide the exporter a guarantee of payment from the importer's bank, if all the terms and conditions of the letter of credit have been complied with, while providing an importer evidence that the shipment has actually been made. Letters of Credit provide an additional level of "trust" to both domestic and international transactions.

Documentary Collection

• With Documentary Collection, the exporter ships the goods and presents documents to his or her bank specifying that the documents should be released to the importer only upon payment, or acceptance of a time draft promising payment at a later date. The exporter's bank will send the documents to the importer's bank in order to collect payment.

For more information about International Collections and Letters of Credit Services offered at Mutual Bank, contact the VP - International Banking at (773) 764-2900

Free Money Transfer to India