Swiss banks does not accepts payments from EMIs from March 2023?

[blackmax]

I have 2 companies in Switzerland with which i work over 2 years. Always sent to them SEPA transfers in EUR from wise and other EMI.

Transfers from march 2023 were rejected by CIM bank and Kaleido bank.

They returned back with note RR04

CIM bank told my client that they don't accept payments from EMIs anymore.

I made transfer to 2 different companies and 2 different banks, both returned back, both were working in February.

So, i asume, the decision to block EMIs is the Central Bank of Swiss new rule.

Does anyone have the same problem?

 

[Martin Everson]

blackmax said:
CIM bank told my client that they don't accept payments from EMIs anymore.
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This will affect their clients if true.

blackmax said:
So, i asume, the decision to block EMIs is the Central Bank of Swiss new rule.
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I cannot imagine this could be the case. What would be the logic in doing this.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JackAlabama]

blackmax said:
I have 2 companies in Switzerland with which i work over 2 years. Always sent to them SEPA transfers in EUR from wise and other EMI.

Transfers from march 2023 were rejected by CIM bank and Kaleido bank.

They returned back with note RR04

View attachment 4673

CIM bank told my client that they don't accept payments from EMIs anymore.

I made transfer to 2 different companies and 2 different banks, both returned back, both were working in February.

So, i asume, the decision to block EMIs is the Central Bank of Swiss new rule.

Does anyone have the same problem?
Click to expand...

Are you a national of the country which shall not be named?

 

[blackmax]

no and transfers were made from business acc, and counter parties from CH we work for 2 years, not my first transfer to them. And both entities are not related to each other.

 

[csp dubai]

it might be cim bank not have sepa connection anymore?

 

[JohnLocke]

Sounds like CIM Bank has some troubles. We were to apply for an account with them but stopped the process after they informed us that there are some "unclear" reasons for why we couldn't receive payments from our Wise account.

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[JackAlabama]

csp dubai said:
it might be cim bank not have sepa connection anymore?
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yah looks like its a cim bank issue. No wonder really since from what ive been told they pretty much accept everyone and his dog.

 

[blackmax]

Kaleido also returned funds. It is not a problema in SEPA, i managed to pay both via Czech business with bank acc in brick and mortar bank.

 

[avalanche]

blackmax said:
no and transfers were made from business acc, and counter parties from CH we work for 2 years, not my first transfer to them. And both entities are not related to each other.
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2 months ago I was able to transfer from/to Wise using CIMBanque between own personal accounts without any issues. Maybe its a recent development

 

[blackmax]

Yes, in February it was working, try now.

 

[Fred]

We can add to this List of Banks ABC Banking Corporation in Mauritius.

They do reject just based on Internal Policy Transfers received by EMI's as well.

Lately this was the reason that not less guys dropped there Seychelles Company with them to move operations over to Dubai with a proper bank.

For sure the CIM Banque issue is an internal policy thing as well and nothing advised by the Swiss Central Bank.

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[JackAlabama]

blackmax said:
Yes, in February it was working, try now.
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Indeed, that is an interesting development.

But given wise and revolut are extremely popular with the locals, such a (nonsense) policy move would cause some backlash.
I bet the issue lies with these two banks you mentioned, which locals never use nor know they even exist (due to focus on offshore / private bank).

 

[blackmax]

Maybe true!

 

[Old Spice]

I had issues using EMI currency transfers to EMI banks. They will only transfer to fysical banks. Looks like this could be a catch 22 if physical banks refuse money from EMI currency transfers.

 

[Forester]

JackAlabama said:
from what ive been told they pretty much accept everyone and his dog.
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Well, at least for business accounts with CIM Banque these times are gone, at least for two years ”“ personal experience. (I do not say that it is impossible to open a business account with them but definitely it is not easy-breezy.)

JackAlabama said:
But given wise and revolut are extremely popular with the locals, such a (nonsense) policy move would cause some backlash.
I bet the issue lies with these two banks you mentioned, which locals never use nor know they even exist (due to focus on offshore / private bank).
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I agree, just with a unimportant remark that from my perspective, Revolut is much more popular among locals than Wise.

Nevertheless, generally I consider this case worth attention.

Old Spice said:
I had issues using EMI currency transfers to EMI banks. They will only transfer to fysical banks.
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Could you please elaborate more on this? What particular EMIs were concerned (as senders as well as recipients)?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Martin Everson]

It just seems odd if they are avoiding EMI's payments in this day and age. In any case if anyone feels something is stirring with the bank trust your gut instinct and move your money asap.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Old Spice]

Nevertheless, generally I consider this case worth attention.

Forester said:
Could you please elaborate more on this? What particular EMIs were concerned (as senders as well as recipients)?
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In my case I tried Currencies Direct and XE Currency Exchange which both refused the transfer to EMI accounts. Only when talking to staff was I informed why the transfers wouldn't be accepted.
However interesting enough there was no issue using the EMI account to send an exchange to a physical bank.

 

[Forester]

Old Spice said:
Nevertheless, generally I consider this case worth attention.

In my case I tried Currencies Direct and XE Currency Exchange which both refused the transfer to EMI accounts. Only when talking to staff was I informed why the transfers wouldn't be accepted.
However interesting enough there was no issue using the EMI account to send an exchange to a physical bank.
Click to expand...

Interesting. Thanks for sharing.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Ilapin]

Begining of March CIM rejected transfer to own account in Wise. Manager said bank's policy and there would be no official letter. I sent request to general customer service via site. They said never heard about such policies. In the end CIM asked for bank statement from wise and payments resumed.

 

[MiltonStone]

I doubt they will deny EMI's long term.