Do you do business in the four corners of the world? If so, we have the perfect service for you: our International Services are specially dedicated to the foreign trade activities of small and medium-sized businesses that operate in foreign markets. Through personalized contacts, our specialists will assist you in your import/export operations and, with the backing of our foreign correspondent banks, arrange for settlement mechanisms that meet international trade standards.
From the beginning to the end of the import or export process, we are there to ensure your complete success.
- Spot : The most common type of foreign exchange transaction.
- Forward: If you know what your needs are in terms of foreign currency, it is to your advantage to choose a forward contract.
- Swap: A “currency swap” is a spot exchange transaction that’s carried out at the same time as a forward currency transaction for the same amount.
International transaction settlement
- Letters of credit or documentary credit : As an exporter, you need to consider the credit risk associated with your foreign buyer.
- Correspondent banking : A network of correspondents banks based around the world.
Buying and Selling Abroad : A Guide for Importers and Exporters providing important information for buyers and sellers of goods outside Canada.
Letters of credit or standby letters of credit
A letter of credit is a written guarantee by a bank to a third party with whom you've signed a contract (the "beneficiary"). It obliges the bank to pay a certain amount of money if you (or a third party) don't fulfill your financial obligations or the requirements of the agreement. Once the bank has paid the beneficiary, you reimburse the bank the amount of the payment.
Foreign currency account
- Euro account
If you plan to receive or send funds in euros, we suggest you open a euro account at Laurentian Bank. This way, you won't have to convert any amounts to Canadian funds until you decide to do so.
Fund transfers in Canadian dollars – LVTS system
The Large Value Transfer System (LVTS) allows you to settle Canadian financial transactions in Canadian funds. It guarantees the settlement of payments to your beneficiaries. What's more, the system is equipped with control mechanisms and safeguards to ensure that the funds will not be recalled at a later time.
Fund transfers in foreign currencies – SWIFT system
Thanks to SWIFT (Society for Worldwide Interbank Financial Telecommunication), you can transfer funds to pay your suppliers in a currency other than Canadian dollars. This ultra-fast method of payment is made through our correspondent banks in about a dozen of the most commonly traded currencies around the world.
Furthermore, sending and receiving funds abroad have never been easier thanks to our international payment service. Our extensive network of contacts around the world combined with our optimal use of the latest technology helps us maximize the security and efficiency of all your international transactions.
Buy and sell abroad: A guide for importers and exporters
This section contains important information concerning the purchase and sale of goods outside Canada. You'll learn how to avoid unpleasant surprises resulting from a lack of appropriate documentation. As well, you can get information on a range of banking products that will help you reduce the risks inherent in importing and exporting goods.