After planning international events for nearly eight years, Beate Ewing, CMP, CMM, finds wire transfers to be the most easy and efficient way to get money to her suppliers abroad. Ewing, a global protocol specialist for by-be Inc. in New York, also serves on the Convention Industry Council's 2006 CMP Board of Directors representing the international sector.

With electronic international wire transfers, both the sending bank and receiving bank may charge fees, but in Ewing's experience, Capital One is the only bank that doesn't. Sometimes she must guarantee the transfer with a credit card until the vendor receives the money.

Usually all of the vendors in European cities must be paid separately, and many require groups to put down a deposit of 50 percent to 80 percent. "It depends on whom you're doing business with or if you're a Fortune 500 company," she said. She finds it simpler to work with American chains in Europe, but has found success with single family-owned hotels as well.

Planners should also be aware that hotels might charge up to 5 percent extra for the use of credit cards (including when making reservations). Ewing said it's a good idea to notify attendees up front if this is the case.

To guarantee there are no surprise charges in the end, Ewing said she puts everything in writing and makes it known to her vendors that if they add any other charges, they will not apply. "I'm covering myself all the time,"she said.

° Peggy Swisher is Convene's managing editor. Meeting in Europe is sponsored by the Netherlands Board of Tourism & Conventions. Visit its Web site at www.goholland.com.

° Sidebar ©John S. Foster, Esq., / 2006 / Atlanta, Georgia, All Rights Reserved. John Foster, Esq., CHME, is an attorney and counsel whose firm, FOSTER, JENSEN & GULLEY LLC, specializes in the legal aspects of meetings, conventions, trade shows, and special events, as well as association management.

More International Payment Options By John Foster, Esq., CHME

In addition to electronic international wire transfers - the fastest and most secure way of sending money overseas - planners have the following alternatives:

Foreign Currency Checks (Bank Drafts) - a check with a face value in foreign currency. Fees will apply.

Letters of Credit (LOC) - a document issued by a financial institution stating its commitment to pay a third party (i.e., vendor) a stated amount of money on behalf of a buyer (i.e., meeting sponsor) as long as the third party meets the specific terms and conditions of the credit. An LOC can also be a financial instrument issued by a bank, or other financial institution, that permits the holder to draw funds up to a specific amount at a second affiliated bank or institution.

Escrow Agent - can be used to securely hold all deposits and prepayments until the meeting takes place and full payment is due. If you are contracting with a major chain hotel with affiliated hotels in the United States, you can state in the contract that one of the U.S.-affiliated hotels will be the escrow agent.

Standby Letter of Credit (SLOC) - this document is primarily used to guarantee payment or performance and is an excellent way for a U.S. organization to avoid paying deposits to a foreign vendor because a U.S. bank can issue them. By using a SLOC, the U.S. organization is able to leave the money on deposit in its own country. It eliminates the risk of losing the deposit(s) if the vendor cancels or defaults on the contract, or there is a dispute over whether the group properly terminated the contract under the terms of the Force Majeure paragraph. The vendor is protected because the U.S. bank issuing the SLOC guarantees that payment of funds deposited by the U.S. organization will be sent to the vendor's bank if the group defaults on payments that are legitimately owed to the vendor.