Increase Your FX Penetration and Better Serve Customers
For many financial institutions in the US there is a natural bias toward sending wires in US dollars even to international destinations. Best guesstimates tell us that about 95% of bank accounts outside the US are denominated in some currency other than USD. Yet at many banks the percentage of wires going to international destinations in a foreign currency is in the single digits. Not only do customers independently tend to send USD rather than foreign currency, sometimes it is the bank itself that advises they do so. We call this the USD Compulsion.