Foreign Exchange Hedging Capabilities
Our staff of experienced foreign exchange (FX) advisors will work closely with you to identify risks and design appropriate strategies to effectively manage them. Sovereign maintains foreign currency accounts in more than 20 countries, allowing us both to expedite payment and offer competitive pricing.
We offer a wide array of products to help protect against adverse currency movements, including:
- Spot Transactions
- Forward Transactions
- Variable-Date-Forward Transactions
- Foreign-Currency-Option Contracts
- Swap Contracts
We offer 24-hour access to the foreign exchange markets via market orders. Our customers have the ability to leave an order overnight to buy or sell currency at a desired exchange rate. If the market reaches this rate, the customer's order will be processed regardless of time. (Certain size limitations may apply to customer orders.)
International Wire Transfers
Sovereign Bank's electronic payment system can facilitate all customer international wire transfer
needs, both incoming and outgoing, in an efficient and timely manner. Currency payments will go directly to the payee's bank account overseas within the industry standard delivery time (2 business days in most cases).
Foreign Bank Drafts
Sovereign Bank customers can issue overseas payments via bank drafts in most internationally-traded currencies.