3 min read

What to Look for in a Global Banking Partner

What to Look for in a Global Banking Partner

With 96% of the world’s consumers residing outside of the United States, many businesses eventually look to foreign markets as a way to grow sales and expand their market share. When that day comes for your business, it is important to find a global banking partner that can assist you with the many facets of global commerce, above and beyond just getting paid.

Flexibility and Product Depth

For starters, consider a global banking partner that offers both flexibility and depth in its global product line. This is important, as there are many different methods to send and receive payments from abroad, often dependent on the specifics of a particular business transaction. For instance, a sale or purchase in a specific country or region, say, Latin American, might call for a very different payment instrument compared to a similar sale or purchase in Europe or Asia.

Or, consider the challenge of getting paid or paying for a perishable product that might require a quick turnaround of funds prior to delivery. Does your bank offer solutions to secure this transaction in a timely manner without risk to you or the product being traded? In a nutshell, your bank should have a depth of products that can fit your varied complexity of sale or purchasing conditions, regional idiosyncrasies, foreign currency restrictions, comfort level with risk, etc.

Experience and Skill

Another consideration when looking for a global banking partner is the experience and skill level of the banking team. Look for a global team that has in-depth knowledge, practical experience, and industry certifications. This is especially significant in the often complex world of letters of credit, where the expertise and history of a solid global payment specialist can mean the difference between getting paid on time or perhaps not at all.

Finally, ask yourself if the global banking team understands your business and your industry. Do they have a local community presence, yet offer you a global reach? Can they provide you with personal, industry-specific advice on doing business abroad? Remember that a great global banking partner is more than a means of sending and receiving money abroad. It is relationship-based banking that can provide you with foreign market-specific consulting relevant to both your company and its industry.

Next steps:

  1. Considering expanding abroad or doing any other international business? Learn more about global banking products and services.
  2. Check out our other Business articles and subscribe to stay updated.
  3. Give me a call to learn more.
Kevin Tiernan

Kevin Tiernan

VP, Treasury Management/Global Banking Sales Manager (515) 246-3330 Email Kevin

Kevin Tiernan serves as VP, Treasury Management/Global Banking Sales Manager at Bankers Trust. He has nearly 15 years of banking experience in treasury management and retail banking. After earning his bachelor’s degree from Iowa State University, Kevin went on to earn his MBA from the University of Iowa. He also completed the Graduate School of Banking program at University of Wisconsin. Prior to joining Bankers Trust in 2011, Kevin worked at Wells Fargo for four years. Kevin has been recognized for his involvement in the community and career achievements. Most recently, he was recognized in the Business Record’s Forty Under Forty in 2015. He was also recognized as an Up and Coming Banker in 2014 by Community Bankers of Iowa, and he received the Governor’s Volunteer award in 2012. Apart from his position with Bankers Trust, Kevin serves on the board of directors of Balance Autism – an organization that provides care and innovative therapy for those living with autism. In his free time, Kevin likes to travel, attend live music concerts and festivals, and ride his bike on Iowa’s beautiful trails.

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