Euro Pacific Bank
- Thread starter JohnLocke
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If i'm going to send announce by email does there is exist some type of template for such a messanges? I just Should write to the bank manager that i will receive that payment at that date and attach invoice with contract?
EPB is fine if you are not in a hurry and not doing anything shady. Their compliance team is top-notch and they are very good at spotting suspect transactions.
That said, everything is manual and simple wire transfers take days. If everything is in order, GBP/EUR wire transfers post in 2 business days. USD can take longer, although they are now based in Puerto Rico and have a Federal Reserve account, so that may change. If compliance flags a transaction for review (which they usually do in excess of 5,000 EUR), it could add days to your transfer. If they ask for supporting documentation, it's another 1-2 business days before they even read your email.
The best thing about EBP︀ is that they are a fully online bank - no personal visit is required to︁ open an account. (I'm not even sure they have a real office that customers can︂ visit.) It's also relatively low-cost - we're talking $30/€18/£18 per outgoing wire transfer.
That said, everything is manual and simple wire transfers take days. If everything is in order, GBP/EUR wire transfers post in 2 business days. USD can take longer, although they are now based in Puerto Rico and have a Federal Reserve account, so that may change. If compliance flags a transaction for review (which they usually do in excess of 5,000 EUR), it could add days to your transfer. If they ask for supporting documentation, it's another 1-2 business days before they even read your email.
The best thing about EBP︀ is that they are a fully online bank - no personal visit is required to︁ open an account. (I'm not even sure they have a real office that customers can︂ visit.) It's also relatively low-cost - we're talking $30/€18/£18 per outgoing wire transfer.
Not all FATCA IGAs︅ are bilateral. The IRS announced that they would not engage in reciprocal exchange with foreign︆ countries that do not meet their stringent information safeguard, privacy, and technical standards.
Even with︇ countries that have reciprocal IGAs, the amounts of information exchanged in both directions are not︈ equal. The US requires foreign countries to report names, SSNs, account balances, amounts paid in︉ during the year and lots of other information. All they send back is the information︊ the IRS already collects on foreigners, namely, US-source interest income earned on individual depository accounts.︋ For non-cash accounts, they report US-source dividends and interest earned. The IRS does not seek︌ to identify the residency of beneficial owners.
I don't know what a "John Doe summons︍ for all accounts held in Puerto Rico" is, but it sounds like pure fantasy.
Even with︇ countries that have reciprocal IGAs, the amounts of information exchanged in both directions are not︈ equal. The US requires foreign countries to report names, SSNs, account balances, amounts paid in︉ during the year and lots of other information. All they send back is the information︊ the IRS already collects on foreigners, namely, US-source interest income earned on individual depository accounts.︋ For non-cash accounts, they report US-source dividends and interest earned. The IRS does not seek︌ to identify the residency of beneficial owners.
I don't know what a "John Doe summons︍ for all accounts held in Puerto Rico" is, but it sounds like pure fantasy.
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