People's United Bank provides a full array of products and services to our clients to support your international needs as you compete in the global economy. Our experts bring extensive experience to find the best solution tailored to your business.
- Foreign Exchange Services
Our Foreign Exchange Services include Spot, Forward, and Window Forward Contracts to help you mitigate your foreign exchange risk. It is essential to partner with a foreign exchange provider who understands your business, your industry and your transaction volumes and the impact economic changes can have on all three. Our Foreign Exchange Specialists can help provide tailored solutions that fit the size, strategy and risk appetite for your business.
A Spot Contract allows you to lock in an exchange rate on payables or receivables you are expecting to settle within 2 business days. People's United Bank can make payments for spot delivery at competitive rates to settle your company's foreign currency payables or receivables.
A Forward Contract allows you to lock in an exchange rate on payables or receivables you are expecting in the future. By locking in a rate you remove the uncertainty of the currency fluctuations. You will also minimize earnings volatility, and preserve profit margins.
Window Forward Contract:
A Window Forward Contract works in a similar manner as a forward contract but allows you to lock in an exchange rate on payables or receivables you are expecting in the future when settlement dates are not certain. It allows you to settle over a period of time rather than on one specific future date.
People's United Bank offers the ability to cash or deposit your foreign checks. With our Foreign Check Service, you can deposit foreign checks at any People's United Bank branch location*.
People's United Bank's Foreign Draft Transfer Service allows you to safely send funds to another country with a check that is payable in foreign currency and drawn on a foreign bank. Stop by any of our People's United Bank branch locations for assistance.
Whether buying currency to take on your trip or exchanging the currency you have remaining, we offer over 60 currencies including but not limited to the following:
• British Pound (GBP)
• Swiss Franc
• Canadian Dollar
• Australian Dollar
• Mexican Peso
• Japanese Yen
• Brazilian Real
• and many more
Currency is easily ordered at any People's United Bank branch and can be available for pick-up the next business day. Find a branch near you.
- Letters of Credit
Import Letter of Credit
An Import Letter of Credit can help facilitate trade transactions in which you are importing goods from overseas. It is a conditional undertaking of payment for your account that assures that your seller will be paid only after they have fulfilled all their documentary obligations. The benefit to the exporter/seller is the assurance that People's United Bank will pay them once they have presented all required documents and complied with all the terms stipulated in the Letter of Credit.
Export Letter of Credit
If you are an exporter of goods, you may request that your buyer have their bank issue a Letter of Credit in your favor. This is referred to as an Export Letter of Credit. The buyer's bank commits to paying you, the exporter, once you have complied with the documentary terms stipulated in the Letter of Credit. People's United Bank can assist you in complying with the all the terms of the Letter of Credit so that you will be paid in full.
Standby Letters of Credit
Standby Letters of Credit conditionally guaranty performance of both trade and non-trade related transactions. They are typically used in transactions such as bid bonds, performance bonds, or to support loans or unpaid invoices but can be used in a number of different scenarios. People's United Bank creates each Standby Letter of Credit to match the terms of the underlying transaction. Our Trade Finance department can guide you in how to best structure your Standby Letter of Credit and provide you with the highest possible protection while also satisfying the needs of your counterparty.
- Documentary Collection
- Clean Bankers Acceptance
Clean Bankers Acceptance is a unique, negotiable financial instrument that provides low-cost financing to businesses involved in international and domestic trade, including the costs of shipping and warehousing. It can address the need for flexible, short-term financing at lower rates than traditional loans.
- Working Capital Guarantee Program
People's United offers pre-export program financing for businesses producing U.S. originated goods for export to foreign buyers. The Working Capital Guarantee is a credit enhancement to revolving loan facilities which are structured to purchase and build inventory and to support accounts receivables. This program uses the Export Import Bank of the United States (EXIM) to guarantee working capital to exporters of U.S. manufactured goods normally up to 90%.