It's A Big, Big World After All
Speaking the language of international trade.
No doubt about it, doing business internationally can be complicated. Identifying target markets, making and receiving payments, overcoming trade barriers, and the list goes on. Rest assured, Zions Bank has a team of dedicated professionals to help you navigate the waters and facilitate your international business trade and financing needs.
In fact, Zions Bank is the only bank in the Intermountain West with international banking offices. It also has key alliances with the World Trade Center Utah and the U.S. Commercial Service, for export assistance and promotion.
A World of Opportunities
There are many reasons businesses look to expand internationally: to take advantage of economies of scale, extend the product life cycle, and for faster growth and higher profits. In 2016, goods exported from Utah totaled $12.1 billion and in 2015, more than 55,000 jobs were supported by Utah merchandise exports.
To facilitate exporting of goods and services abroad, Zions Bank teams with the U.S. Commercial Service, the trade promotion arm of the U.S. Department of Commerce’s International Trade Administration. With offices in 108 domestic locations, including Salt Lake City, Utah, and Boise, Idaho, and in 78 countries, the agency uses its expansive global network to connect United States-based companies with international buyers worldwide.
“We work hand-in-hand with companies to assess their export potential and provide solutions to help them realize their export-related goals,” said David Fiscus, U.S. Commercial Service regional director for the Pacific North.
The agency does this by leveraging its global network connections to meet a firm’s exporting needs, Fiscus notes.
A few of the services it offers are free counseling about the exporting process and related issues such as foreign taxes and tariffs; customized market intelligence to help determine the best export opportunities and understand market conditions in various countries; and business matchmaking in which potential foreign partners and qualified distributors are identified for a particular U.S. exporter.
From Utah’s Doorstep to the World
International trade in Utah is big business. Consider the following facts: 95 percent of the world’s consumers live outside of the United States, 70 percent of the world’s purchasing power is located outside of the United States and 22 percent of Utah jobs are supported by international business.
This is why the mission of the World Trade Center Utah — to help Utah companies think, act and succeed globally — has taken center stage.
“While the pros and cons of trade and free markets are being debated, it is important to note that trade is not killing Utah. In fact, Utah is killing it when it comes to trade,” said Derek Miller, president and CEO of the World Trade Center Utah.
In keeping with WTC Utah’s mission, the organization sponsors trade missions to foreign countries. These missions, comprised of delegates from Utah’s business community and government officials, make valuable connections in foreign countries. Missions such as these have resulted in visits from more than 50 foreign dignitaries for trade purposes since 2015.
WTC Utah offers free consultations and market research for companies looking to go global.
From Rubles to Pesos, We Have You Covered
Zions Bank’s team of international banking experts offers a wide variety of services, and is dedicated to providing businesses with solutions to manage cross-border transactions.
“We offer high-tech services such as international reporting, online portals for treasury management, letters of credit, ACH and wires to help your company grow,” says Mark Garfield, senior vice president of International Banking at Zions Bank.
When it comes to foreign exchange trading, Zions Bank has you covered. Its foreign exchange online trading portal, eFX+, offers foreign exchange rates. By accessing eFX+, clients can see live foreign exchange rates at their fingertips. “The robust set of services offered by eFX+ can be customized to meet your company’s needs for managing foreign exchange in real time,” Garfield says.
Managing risk is one way businesses can be successful overseas. One way to reduce risk when trading abroad is to transact business in the currency of that market.
“There are several reasons why transacting business in the country of origin makes sense. The customer no longer takes the currency risk when buying your product and it is easier to compete with local producers and sellers when you do business in their currency,” says Jacob Hoecherl, foreign exchange manager at Zions Bank.