Rietumu Bank offers its customers, engaged in international trade operations, a special payment service – cross-currency euro payments.
This service allows payments to be made in rare and local currencies worldwide directly from one’s current EUR account in Rietumu.
The advantage of cross-currency payment is that the customer does not need to perform any currency conversions. The customer gives an order to the bank to make payment from its euro account and indicates the currency in which it is to be made.
For example, if the customer makes payment to Hungary, the recipient may get the amount in forints, if to Israel in shekels, etc.
In total, Rietumu Bank customers may currently make payments in 28 currencies. At the moment, the most popular are currencies from traditional areas of international trade and tourism - Arab Emirates dirhams, Indian rupees, Thai baht; from European currencies - British pounds.
Tariffs for cross-currency euro payments correspond to standard tariffs for payments in euros, making this service advantageous for the sender.
As it is known, the volumes of international trade are steadily growing in the world and this trend is expected to continue gaining momentum. Thereto, payments in global currencies are not always the optimum solution for concluding foreign trade transactions. In a number of cases, it is more beneficial for foreign contractors to receive funds in their national currencies, as this reduces bureaucratic procedures and currency risks, as well as simplifies settlements with local partners and staff.
According to Rietumu Bank specialists, the interest of the bank’s customers in payments in national and exotic currencies is also growing gradually but steadily.
These tendencies require new financial services, which are customised in accordance with the requirements of both sellers and buyers. And cross-currency euro payments are one of such innovative solutions.
An additional bonus is that Rietumu Bank offers very attractive conversion rates for cross-currency euro payments; the customer can see them in advance on the bank’s website. Thus, it is possible to calculate the precise amount in the national currency of the respective country to be remitted to the recipient in advance.