International Business Update: Wiring Funds And Banking

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International Business Update: Wiring Funds And Banking

If you are either conducting business internationally or are contemplating conducting any type of business which may require international electronic or SWIFT transfers of funds (i.e., funds transfers inbound or outbound via wire) the current terrorist threat levels are already creating additional diligence and reporting on the part of depositary institutions, as certainly as it will now take you longer to go through airport security clearance protocol on any international flight due to the prevalance of consciousness relating to possible terrorist or Ebola virus-related problems throughout the world.

Following are several suggestions to provide your banker, or your recipient’s banker – as well as the host of regulators to which they now answerable – with additional comfort regarding the nature of your transactions, business and funds. While you may see these steps as “overkill,” rest assured that they are not, and that they will reduce the likelihood of any holds or restrictions on your funds. Again, these are not legally mandated, but are just an extra step of precaution:

  1. Do not, under any circumstances, accept any inbound transfers, or make any outbound transfers by wire (or by check, for that matter) to businesses or other organizations located in any of the prohibited jurisdictions on US Ex-Im Bank’s most recent publication of the Country Limitation Schedule (a link to which which follows for the purposes of example) or which happens to be on the Department Of The Secretary Of State’s “Watchlist” (a link to which follows for the purposes of example) ;

  2. Pre-advise your bank, via email to your account officer or manager, if you are anticipating any transfer into or out of your account in any amount in excess of $1.0 million US;

  3. Have any transferor execute the following undertaking [or one in a format suggested by your legal counsel] in a signed writing and either fax or email the same to your banker (in the form of a PDF attachment) with your own covering letter to accompany it: “ _________________ is transferring funds in the amount of _____________________ to ________________ [recipient name] via SWIFT [or even via check, if you’d like to take that extra precaution when you are accepting a check drawn on a foreign bank in payment for goods or services]. This transaction is made using clean, cleared funds of non-criminal origin, and is being transferred in compliance with applicable laws; further, these funds are free of all liens, taxes, encumbrances and other claims of any sort, and are being conveyed to be utilized for legal purposes.”

The above steps will help to keep both you and your bankers in the best possible standing. Should you wish to view Ex-Im Bank’s latest updated Country Limitation Schedule (CLS), go to http://www.exim.gov/tools/countrylimitationschedule/index.cfm.

Should you wish to find out if the country with which you are considering doing business is “watchlisted” by either the Department Of State or the Department Of Homeland Security, go to either http://www.state.gov/ or http://www.dhs.gov/ respectively. Both websites offer you telephone numbers to contact helpful civil servants to answer any of your questions.

Douglas E. Castle

NOTE: THE INFORMATION CONTAINED IN THIS ARTICLE SHOULD NOT BE CONSTRUED BY THE READER AS BEING LEGAL, FINANCIAL, TAX, ACCOUNTING, ECONOMIC OR INVESTMENT ADVICE. NO OFFERING OF SECURITIES OR OTHER INVESTMENT INTERESTS OF ANY TYPE IN ANY ENTITY IS MADE HEREBY, NOR IS A SOLICITATION FOR THE PURCHASE OF SECURITIES OR OTHER INVESTMENT INTERESTS OF ANY TYPE IN ANY ENTITY MADE HEREBY. THIS ARTICLE IS INTENDED FOR GENERAL INFORMATIONAL PURPOSES ONLY AND REPRESENTS THE VIEW OF THE AUTHOR ONLY.

THIS ARTICLE IS COPYRIGHT 2014 BY DOUGLAS E. CASTLE, WITH ALL RIGHTS RESERVED. ANY REPRODUCTION, TRANSMITTAL OR DISTRIBUTION OF THIS ARTICLE, EITHER IN WHOLE OR PART, IS UNAUTHORIZED AND MAY BE UNLAWFUL, UNLESS FULL ATTRIBUTION IS GIVEN TO THE AUTHOR AND ALL LINKS IN THE ARTICLE REMAIN INCLUDED AND “LIVE.”


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This site is the Management Consultants' and Chief Reconstruction Officers' best all-industry guide to analyzing, diagnosing, devising a strategy, creating either an Action Plan or an Emergence Plan and overseeing and monitoring the successful implementation of either in order to ensure the client organization's optimal, sustainable profitability. These plans are always made scalable to accommodate the size and needs of the client, whether it is fast-growing young company with an aggressive and ambitious agenda, or whether it is an older, larger, well-established business which is experiencing problems or which is at a crucial decision making point in its evolution as an entity, and which requires sound advice (and often implementation oversight and assertive "hands-on" assistance in the form of a powerful third-party representative agent or a an expert in the art of negotiation as its appointed "point person") regarding its next steps. In the alternative, Douglas E. Castle is expert at helping fast-track, rapidly emerging companies to growth through acquisitions, mergers, licensing, branding and both domestic and international strategic joint ventures to access better, more efficient supply chain sourcing and to open up wider global markets to dramatically increase the scope of possible new revenue opportunities.


US Exports: Less Than They Should Be, And Not Going To The Most Profitable Markets.

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 Smag, Ambitious Businessman Contemplating Export - The Internationalist Page Blog - Douglas E. Castle

US exports are still not either in positive balance against foreign imports, foreign domestic investment, or against GDP (Gross Domestic Product).

Not only are our exports inadequate in the aggregate, but we continue to show very limited progress in penetrating the emerging nations markets where the profitability per unit exported would be higher for reasons of lower tariffs (some of which could actually be negotiated directly with the appropriate agencies and individuals in those countries — especially in the Pacific Rim, Southeast Asia, parts of the African continent and parts of Latin America).

This represents a failure, on the part of the US (and on the part of many US-based companies) to exercise the powers of diplomacy and to invest in our domestic economy’s future due to an unwillingness to “pioneer” new territory and to learn about other cultures. And those territories are where the U.S. dollar is worth the most and the arbitrage advantage is the greatest.

Working in these parts of the world would not only serve the US economy well, but it would help us gain a competitive foothold politically in these nascent markets before they are completely beseiged by overtures (both friendly and hostile) from China and other countries which the US perceives as being adversaries in the conquest for [silly as it sounds] world domination.

Diplomatic visitation and courtship, combined with credit insurance and other insurance products would make these markets safe and profitable for some of the smaller to middle-sized US companies, which could use EXIM programs in combination with virtual export divisions (visit http://www.GetGlobalEdge.com, http://DouglasECastle.com and http://DouglasECastleConsultancy.com to learn more about the notion of virtual export and import divisions) to penetrate and dominate these smaller but growing markets.

In all of the time that we are not pursuing this course, we are missing out on 1) a higher percentage of profits per export dollar, and 2) gaining valuable political capital.

 

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**MEDIA ADVISORY**

April 24-25: Export-Import Bank to Host Annual Conference

Leaders from the private and public sectors will discuss ways to boost U.S. exports and create American jobs

Washington, D.C.


– The Export-Import Bank of the United States (Ex-Im Bank) will host
its Annual Conference April 24-25, 2014. The conference will focus on
the global business environment and prospects for growth. Business and
government leaders will address export opportunities and challenges for
American companies, the role of emerging markets, and the U.S. Trade
Agenda.  The Bank will also celebrate 80 years of promoting American
jobs and exports. 

Ex-Im Bank Chairman and President Fred Hochberg will kick off the conference with remarks Thursday morning at 9:00am EDT.

In addition, the two-day event will feature remarks, discussions, and
panels with some of the world’s leading economic voices, including Wells
Fargo Chairman and CEO John Stumpf; SpaceX CEO and Chief Designer Elon
Musk
; Secretary of Commerce Penny Pritzker; Secretary of Energy Ernest
Moniz; Secretary of Agriculture Tom Vilsack; Pemex CEO Emilio Lozoya
Austin
; Former Treasury Secretary and President Emeritus of Harvard
University Lawrence Summers; television host and bestselling author
Fareed Zakaria; Virginia Governor Terry McAuliffe; former U.S.
Ambassador to China
Jon Huntsman; and others.

More than 1,000 lenders, insurance brokers, U.S. exporters, international
buyers, and government experts will also be in attendance. A more
detailed agenda is available at http://go.usa.gov/kXSF.

To RSVP for Ex-Im Bank’s Annual Conference, please email your name and media organization to meetings@cmpinc.net. On-site registration may be limited.

For coverage of morning sessions, we politely ask that all cameras arrive by 8:00am EDT. 

 

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Douglas E Castle for The Internationalist Page

Tags, Labels, Key Words, Categories And Search Terms For This Article: Export-Import Bank of the United States, Fred Hochberg, United States, Emilio Lozoya Austin, Terry McAuliffe, John Stumpf, Elon Musk, China, Douglas E. Castle, The Internationalist Page Blog, 


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This site is proudly affiliated with Global Edge International Consulting Associates, Inc. ["GEI”]
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***Follow GEI's Company Page On LinkedIn!

Respond To Douglas E Castle
http://bit.ly/CASTLEDIRECT

Perspective Is Wisdom - Large
D.E.Castle's Daily Business Advisory Wrap-Up.
Skim It. But DON'T MISS It.
This site is the Management Consultants' and Chief Reconstruction Officers' best all-industry guide to analyzing, diagnosing, devising a strategy, creating either an Action Plan or an Emergence Plan and overseeing and monitoring the successful implementation of either in order to ensure the client organization's optimal, sustainable profitability. These plans are always made scalable to accommodate the size and needs of the client, whether it is fast-growing young company with an aggressive and ambitious agenda, or whether it is an older, larger, well-established business which is experiencing problems or which is at a crucial decision making point in its evolution as an entity, and which requires sound advice (and often implementation oversight and assertive "hands-on" assistance in the form of a powerful third-party representative agent or a an expert in the art of negotiation as its appointed "point person") regarding its next steps. In the alternative, Douglas E. Castle is expert at helping fast-track, rapidly emerging companies to growth through acquisitions, mergers, licensing, branding and both domestic and international strategic joint ventures to access better, more efficient supply chain sourcing and to open up wider global markets to dramatically increase the scope of possible new revenue opportunities.