Q:

How do you send a money remittance overseas with IBC?

A:

Quick Answer

IBC, the International Bank of Commerce, allows customers to send money remittances overseas using wire transfers, which can be made online or in a branch, according to IBC Bank. IBC bank customers can transfer money to financial institutions anywhere in the world from either their personal or business banking account.

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Full Answer

IBC overseas wire transfers are typically carried out within one business day as long as the transfer is made before the cut-off time of 9 p.m. CST, notes IBC Bank. IBC also offers numerous banking facilities for international customers, including access to personal or business checking and savings accounts, and the ability to make online transfers or wire transfers from those accounts, reports IBC Bank. IBC defines an international customer as either a foreign corporation based outside of the United States or a private individual who does not hold U.S. citizenship or permanent resident status. IBC can also provide export, import and stand-by letters of credit to business account holders in lieu of actual money transfers in order to facilitate international business activities and contract negotiations. IBC does, however, impose a monthly cash deposit limit of $5000 on international customers, in accordance with U.S. federal law.

IBC is a subsidiary of International Bancshares Corporation and operates multiple branches in Texas and Oklahoma, notes IBC Bank. Other subsidiaries of International Bancshares Corporation include First Equity Corporation, the Gulfstar Group and IBC Insurance Agency.

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