UAE residents restricted from doing EUR payments - new law?
- Thread starter JJReddick
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Did wait with comment on this.
1 Transfer, 2 Transfer and today another Transfer - nothing bounced back.
EUR to Swissquote with UAE Residence
EUR to Barclays IoM with UAE Residence
EUR to Citibank UK with... you name it.... UAE Residence
Basically send from one to each other and the other way around.
You could comment that UK is not EU but Switzerland isn't either.
Haven't seen or heard any clients getting there EUR SEPA EU Accounts closed.
Only thing we have seen and this was already last year in November - LHV Bank did end all account relationships with UAE Companies / Residents so did Paysera earlier last year as well (as they claim due to being PRO Ukrain and Contra RU)
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1 Transfer, 2 Transfer and today another Transfer - nothing bounced back.
EUR to Swissquote with UAE Residence
EUR to Barclays IoM with UAE Residence
EUR to Citibank UK with... you name it.... UAE Residence
Basically send from one to each other and the other way around.
You could comment that UK is not EU but Switzerland isn't either.
Haven't seen or heard any clients getting there EUR SEPA EU Accounts closed.
Only thing we have seen and this was already last year in November - LHV Bank did end all account relationships with UAE Companies / Residents so did Paysera earlier last year as well (as they claim due to being PRO Ukrain and Contra RU)
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Well look like I am the first one suffering this. Will try again today. Both eu and swiss bank deny responsibility so far.
??? I have nothing to do with the UAE. Never even been there. Everything was within Europe. Nationality European too.
It's about one member suspecting that a payment bounced because of a UAE address between 2 European Banks - so not UAE payments.
@jafo picked up the conversation to mention that hea already had in the past a payment bounce without explanation.
With all respect - and we really appreciate all the traffic UAE gets - it's just UAE bashing without any further information.
I'm always just sorry for guys looking at the whole Offshore Topic the first time and then ending up with a Seychelles Company in 2023 because they thought that EU Banks refuse payments with a UAE Address.
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Understood. I'm just providing my recent personal experiences that UAE may NOT necessarily be the culprit here.
In other words, "Cum hoc ergo propter hoc" = Correlation is not (necessarily) causation.
If one Googles "spurious correlations" one can find plenty of examples that shed much better light on this phenomenon than I am capable of articulating.
If you do not mind that is a confidential information I do not want to divulge
Can you name these "some banks in CH"? That would be appreciated given the high amount of members here holding Swiss accounts.
I think only CIM Banque has this restriction.
It has nothing to do with Switzerland but with this bank in specific.
I can tell you its crypto friendly (and not CIM).
EDIT
I can add this: Swiss Euro Clearing Bank GmbH will no longer process EUR payments from or to high-risk countries per the new EU Commission guidelines.
This clearing bank processes EUR payments for several swiss banks. Message is from June.
Last edited: Aug 15, 2023
We got confirmation about this now as well.
Indeed it'a single point of issue with Swiss Euro Clearing Bank GmbH as they indeed follow EU blind.
So basically it's not a Switzerland or CIM Bank kind of issue but rather a problem of the most popular EUR Correspondent Bank of Swiss based Banks.
Had a chat with Swissquote about this as well and yeas they confirmed the same but just using UBS Bank now for EUR so most likely it depends on the Swiss Bank as well how fit they are in what they are doing.
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Indeed it'a single point of issue with Swiss Euro Clearing Bank GmbH as they indeed follow EU blind.
So basically it's not a Switzerland or CIM Bank kind of issue but rather a problem of the most popular EUR Correspondent Bank of Swiss based Banks.
Had a chat with Swissquote about this as well and yeas they confirmed the same but just using UBS Bank now for EUR so most likely it depends on the Swiss Bank as well how fit they are in what they are doing.
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