Foreign drafts are frequently used as an alternative payment method for international wire payments in order to fulfill payment overseas.
Foreign drafts carry fewer fees than international wire payments. As such, international wire payments are processed and received much quicker than drafts, since drafts are delivered to the bank for the individual to pick up and send to their recipient.
CXI is able to issue foreign currency-denominated drafts for banks and credit unions in more than 30 of the most frequently demanded currencies.
CXI's easy-to-use CXIFX platform automates requests and enables banks and credit unions to enter the request for a foreign draft by inputting the foreign currency and foreign amount they would like.
CXI requires only minimal information for this process, including customer creating a payment, to whom it is payable, and the amount of foreign currency.
CXI fulfills the request and sends the foreign-denominated draft to the requesting branch for the customer to pick up.
We have outsourced our FX business and don't have a thing to worry about. We know it is done right and they make the client experience very pleasant. The onboarding experience with CXI was smooth. They were timely, professional, and excellent communicators. CXI is top of the bill when it comes to my satisfaction.
Donald Lloyd, SVP Head of Capital Markets at Associated Bank
CXI makes the ordering process very easy. We rarely need customer service but if we do, they are very responsive if we have any issues or questions. I highly recommend CXI, we have been using them for years!
Beverly Malvitch, Assistant Vice President at Winchester Savings Bank
Century Bank has been a long time customer of CXI and have enjoyed the incredible service that the CXI team provides. They are able to provide competitive rates and superior service all while providing extraordinary service. They are a great partner to expand your offerings.
William Gambon, Senior Vice President at Century Bank