Rochester Bank

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Foreign Exchange (forex or FX) is the trading of one currency for another. For example, one can swap the U.S. dollar for the euro. Foreign exchange transactions can take place on the foreign exchange market, also known as the Forex Market.

* You need to Download the PDF File using the link on the right, complete the document on your computer and then click on the Application Form link on the right. You will be asked to Upload the file during this application process.

Having a professional that knows what banks are willing to issue a SWIFT MT799 and what requirement they have will save you a lot of time and heartache. An arrangement is made with the purchasers’ bank to have an MT799 wired to the seller’s bank. Many banks are unwilling to issue MT799′s, for there mere reason that doing so would make them liable for the full cost of the said transaction, leaving the bank liable for millions of dollars. A bank will not issue an MT799 without collateral to secure their interests. Bank charges and fees vary but be prepared, this process is certainly not free.

A bank guarantee or BG is a pledge by a bank to make good on someone’s debt in the event that he or she cannot pay it. Bank guarantees are similar to the bank standing as a cosigner on a transaction; in the event that the original party cannot follow through, the bank can be called upon to provide the payment to complete the transaction. Many banks provide bank guarantees as a service to their clients for the purpose of facilitating large business transactions and deals.

* You need to Download the PDF File using the link on the right, complete the document on your computer and then click on the Application Form link on the right. You will be asked to Upload the file during this application process.

A bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. Typically, banks will review the bank draft requester’s account to see if sufficient funds are available for the check to clear. Once it has been confirmed that sufficient funds are available, the bank effectively sets aside the funds from the person’s account to be given out when the bank draft is used. A draft ensures the payee a secure form of payment. And the payer’s bank account balance will be decreased by the money withdrawn from the account.

* You need to Download the PDF File using the link on the right, complete the document on your computer and then click on the Application Form link on the right. You will be asked to Upload the file during this application process.

A letter of credit, or “credit letter” is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. It may be offered as a facility.
Due to the nature of international dealings, including factors such as distance, differing laws in each country, and difficulty in knowing each party personally, the use of letters of credit has become a very important aspect of international trade.

* You need to Download the PDF File using the link on the right, complete the document on your computer and then click on the Application Form link on the right. You will be asked to Upload the file during this application process.

A Standby Letter of Credit is very similar to a Bank Guarantee and are employed in similar situations. A Bank Guarantee or Banker’s Guarantee (BG) is a banking arrangement where a bank agrees to substitute its own credit in place of its client. Different from a traditional Line of Credit (which is intended to be paid) a Bank Guarantee is a contingent obligation. We say contingent meaning that it is dependent on the happening of an event, which may or may not actually ever occur. More often than not a BG is not paid because the event, project or deal does not happen, i.e. the deal never goes through or the project never gets off the ground.

* You need to Download the PDF File using the link on the right, complete the document on your computer and then click on the Application Form link on the right. You will be asked to Upload the file during this application process.

A Non-Recourse Debt or Non-Recourse Loan is secured by a pledge of collateral, typically Bank Guarantee or Standby Letter of Credit, but for which the borrower is not personally liable. If the borrower defaults, the lender can liquidate or sell the collateral (Bank Guarantee or Standby Letter of Credit) but if the collateral sells for less than the debt, the lender cannot seek that deficiency balance from the borrower—its recovery is limited only to the value of the collateral.

A performance bond, also known as a contract bond, is a surety bond issued by a financial service company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin. A job requiring a payment and performance bond will usually require a bid bond, to bid the job. When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion.

A Proof of Funds is a financial document and cash asset that proves a party has the capability and funds to complete their side of a transaction. This financial document is most often provided in the form of a bank, security, or custody document for a specific transaction. The Proof of Funds letter assists the selling or lending party with confidence there are cash funds available, that they are obtainable and legitimate.

* You need to Download the PDF File using the link on the right, complete the document on your computer and then click on the Application Form link on the right. You will be asked to Upload the file during this application process.

A Ready Willing and Able Letter (RWA Letter) is a bank instrument that verifies a bank or financial institution is Ready Willing and Able (RWA) to proceed on behalf of a client in any number of various financial transactions. An RWA Letter is usually sent from a buyer’s bank to the seller’s bank and is commonly sent together with a SWIFT MT799.

Depending on availability, the Bank Instrument/Collateral offered is in the form of Certificate of Debt and can be a BG ,MTN, Bond, Note, CD with delivery via Swift MT760. Bank Instruments can also be delivered in the form of a Bank Guarantee or a Proof of Funds. Please contact us to inquire and learn more about our services.

Bank Instrument monetization is the process of liquidating bank instruments and converting them into legal tender. Harvest Finance can monetize most owned bank instruments to be used for a number of reasons ranging from project finance, private placement, or import/export among others. On average this can be accomplished in 10 days or less.

SBLC stands for Standby Letter of Credit and is completely different from a Line of Credit or a Documentary Letter of Credit. An SBLC’s use and function is similar to a Bank Guarantee (BG). Due to regulations, US financial institutions are not able to offer many or any BG services so changing the legal wording of Letter of Credit became a crafty way to get around the laws. Consequently, Standby Letters of Credit began to be issued as a sort of legal loophole that continues to be used today. The code for an SBLC is SWIFT MT760.

Having a professional that knows what banks are willing to issue a SWIFT MT799 and what requirement they have will save you a lot of time and heartache. An arrangement is made with the purchasers’ bank to have an MT-799 wired to the seller’s bank. Many banks are unwilling to issue MT799′s, for there mere reason that doing so would make them liable for the full cost of the said transaction, leaving the bank liable for millions of dollars. A bank will not issue an MT799 without collateral to secure their interests. Bank charges and fees vary but be prepared, this process is certainly not free.

First you need to create your account with the Rochester Online Banking app. After your application, we will analyze your application and send you an activation link to the provided e-mail address.