17 Mar 2011 4:23 PM:

Hi JJ,

Unfortunately this is the bind that banks are holding over most businesses who receive international cheques, it has become the latest way of holding onto funds and offering zero interest whilst they gain profit by sweeping all uncleared deposits onto the overnight money markets.

The best option is to use an intermediary payment provider and getting your clients to transfer their funds direct to that providers currency accounts. The incoming payments can be sent to you at a 'Spot' exchange rate (whereby funds are converted at the going rate) or you can fix an exchange rate for your currency pairs which can handle multiple draw downs for a specific period of time.

There are a multitude of international payments specialist or foreign currency brokers who could establish your requirement and tailor solutions to fit your needs.

Hope this helps

Ben

Thread: Help Spanish banks have gone crazy!!!!!!!

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