CU Best Practices for Global Payments: Guest Opinion
Credit unions often find it difficult to provide international payment services to their members, the demand for international drafts, wires, international ACH and encashment of foreign receipts grows daily as global trade becomes an increasingly important part of business for companies and individuals.
The reason so few credit unions offer this service is simple. The cost of establishing proprietary programs is prohibitive unless supported by large volumes of transactions. Further, expertise is essential to succeed in the ever-changing world of currency markets, and thus providing such services falls outside the core competencies of most credit unions.