As global commerce continues its expansion, more and more businesses are growing through markets outside their own borders. Today, doing business internationally requires the delivery of local and cross-border payment and receivable solutions. At Cambridge Mercantile Group we understand the vital role we can play in the international trade process. We are prepared to help navigate you through a costly and time consuming process utilizing our extensive global network of correspondent banks combined with our state of the art technology. Cambridge provides businesses of all sizes a seamless and streamlined approach to the collection and conversion of foreign currency checks.
Solutions
Foreign Currency Cash Letters
Checks denominated in foreign currencies or drawn on a foreign bank in the same currency requires a cash letter solution for processing. The exceptions are US Dollar checks drawn on Canadian, British and German banks which can be processed as a cash letter item.
Foreign Currency Collection Items
An alternative solution to our Foreign Currency Cash Letters is to send the item on collection. Cambridge sends the item directly to the bank the check is drawn upon and proceeds once the item has cleared as good funds in our local bank account. Collection times vary between countries but typically take anywhere from 4 to 8 weeks to clear.
How It Works
Click…Book…Settle
ezCheck is a unique image processing solution where you have the ability to upload images of paper items and clear them electronically.
Benefits
- Enhanced Cash Flow
- Immediate Credit and Availability
- Eliminate Exchange Rate Risk
- Reduced Service Fees
- Simplified Processing
- Viewable Check Imagining
- Collection Check Reporting Status
- Real-Time Exchange Rates
Utilizing one of Cambridge’s Foreign Currency Check Clearing solutions can efficiently manage and simplify the foreign check clearing process of over 90 different currencies into local currency for companies of all sizes with an unparallel set of solutions that include: superior client service, dedicated account management, repetitive templates, customized reporting, full reconciliation and integrated processing.