2 min read

When to Work with a Global Banker

When to Work with a Global Banker

If you own or manage a small or medium-sized business, you might wonder when it is time to start thinking about expanding your trade outside of the United States. But when is it time to contact a global banker about your international needs? Simply put, if your business has a website and gets inquiries from outside the United States, guess what…you are on the cusp of being in global business!

Expanding Your Business

With 96% of the world’s consumers living outside of the United States, it is a wise strategy to consider expanding your client base across borders. Too often, companies turn down these international opportunities simply because they are concerned about getting paid and the processes and paperwork involved with getting their product or service to the foreign customer. A global banker can show you the different options for securing payment from abroad, as well as act as a consultant to connect you with the various government agencies and private companies that can help with the physical export process.

Securing Foreign Payments

There are several options for securing payment from your foreign buyer. Depending on your product or service, quantity involved, country where it will be sent, your comfort level for credit risk, etc., a global banker can explain which payment terms would best fit your situation. For example, the most secure payment terms would be an international wire transfer payment from the buyer in advance of shipping the product or providing the service. On the opposite end is the least secure, which would be offering open account to the foreign customer. Of course, there are other options in between, like an export letter of credit, site or time draft, documentary collections and others.

So when you do finally decide to stick a toe in the sea of international business, or dive in head first, count on your global banker to be there to help you navigate the waters of world commerce.

Read this article to learn more about global banking.

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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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