CORPORATE & INSTITUTIONAL FAQS

Making payroll payments to overseas workers has historically been an expensive and manually-intensive process.  Wire transfers can be prohibitively costly, and check payments— even if they can be made in the local currency of the employee—can be subject to significant delays, both in terms of the check actually reaching the employee and the final availability of funds.  With Wachovia's International ACH product, you can now make non-urgent payments to your overseas workers with the same ease that you currently pay your employees in the U.S.  If you need to pay employees in Europe, Canada, Singapore, or Hong Kong, talk to Wachovia about International ACH.     

Probably not.  While there certainly are some circumstances when a company will need to maintain an account with a local bank, banking services in Europe are dominated by electronic payments which means that it is generally not necessary to have an account in each European country in which you do business. 

Unlike the United States, where check payments still exceed 30% of non-cash transactions, checks represent less than 1% of non-cash transactions in 16 of the 27 countries of the European Union; and only exceed 30% of non-cash transactions in two countries (Malta and Cyprus).  With industry initiatives such as the Single Euro Payments Area (SEPA) and UK Faster Payments helping to accelerate the demise of the check in Europe, companies are increasingly able to consolidate all of their payables and collections needs in Europe with a single banking provider.  From our London Branch, Wachovia can provide banking services in Euro, Pound Sterling, and other major European currencies, giving you the capability to support your entire European business from one, convenient, English-speaking location.    

Wachovia's London branch is able to offer accounts in Pound Sterling, Euro, and other major global currencies.  If you have experience of opening bank accounts around the world, you will already have first-hand knowledge of the increasingly burdensome "know-your-customer" requirements with which banks must comply.  Wachovia London branch can assist Wachovia customers in the U.S. to expedite the account opening process and, by using our existing knowledge of your business, we can help you to start capitalizing on international opportunities as quickly as possible.  Contact us for more information.

As you look to expand your international business, Wachovia's team of experienced financial markets professionals in London can provide you with the guidance and advice you need to help you successfully navigate unfamiliar markets.  Whether you are looking at Europe for the first time, or you need to optimize your existing operations, Wachovia can recommend solutions that will position you to take full advantage of European business opportunities.  Wachovia's London branch has been serving our customers in Europe for over 35 years. Please contact us to find out how Wachovia can help your business.

Wachovia offers multiple international payments and collections solutions.  Wachovia recognizes that there is no "one size fits all" in international banking, so we provide our customers with a variety of payment options, including Wire Transfers, International ACH, and FX Drafts to help you best meet your payment needs.  Wachovia also supports all of your collection needs, both for incoming electronic payments and over-the-counter deposits at more than 1,500 bank branches throughout the UK.  In addition to a full range of payment and collection services, Wachovia also provides visibility of your accounts on a real-time basis via our award-winning Wachovia Connection® internet banking platform.