TALLAHASSEE, Fla.-Southeast Corporate said its members are saving when sending International Foreign Currency (FX) wires rather than International U.S. Dollar (USD) wires, as are wire beneficiaries.
During the first nine months of 2010, wire beneficiaries of Southeast Corp member CUs have collectively saved close to $26,000 in lifting fees and better currency exchange rates, the corporate said. Southeast said its members save $20 every time they send an FX wire. FX wires are charged a $10 wire fee instead of the $30 fee for USD wires.
Members benefit, Southeast said, because the corporate converts the transaction to the beneficiary's local currency prior to sending the wire, avoiding the lifting fees charged by the intermediary banks. In addition, the exchange rate charged by Southeast Corp often is better than the rate at the beneficiary's bank. Since the exchange rate and costs are known up front members know precisely how much the beneficiary will get. In most cases, the beneficiary will get more money from an FX wire than a USD wire of the same starting amount, Southeast said.
