One of the many offerings that Mabrey Bank provides to its customers and business clients is a full suite of international banking products and services. To give detailed insight into how customers can take advantage of these offerings, we spoke to Kent Patterson, Director of International Services at Mabrey. Kent has been at Mabrey for nearly nine years and has spent his career in banking with a focus on International Services.
1) How is having access to international banking services advantageous to Mabrey Bank customers and businesses?
I’m proud to say that our international banking services provide significant advantages to customers and businesses. We provide our clients with a direct banking contact as a part of our focus on personalized customer service. This allows us to directly assist with managing their international banking needs and foreign exchange (FX) services. The ability to complete both international and domestic transactions in a timely manner speaks to the efficiency and reliability of banking with Mabrey Bank.
2) What method of payment options are available to businesses when either importing or exporting goods internationally?
Mabrey Bank offers several methods to accommodate our clients’ different needs. Cash-in-Advance is the most advantageous option for exporters, providing immediate payment before goods are shipped. On the flip side, Open Account is more beneficial for importers, as it allows them to receive goods first and pay per invoice terms at a later date. Documentary Collections are also a viable option for importers and exporters, as they facilitate the secure exchange of shipping documents against the release of the payment for the goods through banks on either side of the transaction. Finally, Letters of Credit are versatile and work well for both importers and exporters, as it constitutes a definite undertaking of the issuing bank to honor a complying presentation of shipping documents providing a guarantee of payment for the shipper.
3) What are the biggest hurdles when it comes to doing business internationally?
Conducting business internationally comes with a unique set of challenges to navigate. One of the biggest hurdles is ensuring compliance with Know Your Customer (KYC) regulations to avoid fraud. To mitigate this risk, having an agent in the buyer’s country can be invaluable. Understanding sales incoterms and knowing who is responsible for transaction fees are also crucial to successful international transactions. Businesses must also remember to have a clear plan for how they will receive payments. Having a trusted banking partner with deep knowledge of international business can make a large impact on any business’ global success.
4) How does Mabrey Bank give its customers peace of mind when it comes to the uncertainty of international business?
At Mabrey, we leverage our over 40 years of experience in international trade and finance to bring our clients peace of mind. We provide a comprehensive document service to assist customers in complying with the terms of Letters of Credit (L/C), ensuring that all necessary documentation is in order. Mabrey Bank also offers assistance in setting up the wording for standby, export and import L/Cs, helping clients navigate the complexities of international trade finance.
5) How can a customer or business get started using Mabrey’s international services?
For customers and businesses looking to get started with Mabrey Bank’s international services, the bank offers valuable resources and connections. We have established contacts with the Oklahoma Department of Commerce and The Center for International Trade and Development, which can provide assistance with international trade. The bank also works with freight forwarders to help customers manage the logistics of their shipments. As members of SWIFT (Society for Worldwide Interbank Financial Telecommunication) and BAFT (Bankers Association for Finance and Trade), we are well-equipped to facilitate seamless international banking transactions.
To get in touch with an international banker at Mabrey for more information on how you can take advantage of banking internationally with a financial institution you can trust, contact Kent at kpatterson@mabreybank.com.
