Whats your thoughts about Transferwise now?
- Thread starter Spinat
- Start date
- Status
Do u read the posts?
By February 2020, banks around the world should have updated their software. You can then start using your new EUR bank details to receive SWIFT payments.
If you need to receive Euros from outside the EU, we recommend using your expiring EUR bank details ”” they're the ones with the IBAN starting in ”˜DE'. " from Transferwise help center
SWIFT Release 2020 will implement a Payment Tracker System for handling Universal Payment Confirmations as well as further development of the SWIFT gpi system for payments handling. While this will be complex for some banks to handle, the changes in store for 2021 are more dramatic.
As part of SR2021, SWIFT plans to move away from SWIFT FIN MT Payment messages, such as MT103 messages to the new ISO 20022 messaging standards. ISO 20022 will allow the new payment messages between banks, and towards the corporates and customers, to include a lot more data on each business party involved in the payment. The changes will enable much better sanction screening and AML control as well as more accurate regulatory reporting. However, the bank's Master Data Management systems must be upgraded to cover a lot more data about the business parties of the bank. This is a massive undertaking.
The requirements of the upcoming SWIFT Releases are acting as a catalyst for documenting the weaknesses in the structure and standards on which many IT systems are based. Often the larger the bank, and the longer their IT history, the bigger the challenges they face when updating their old IT systems.
As part of SR2021, SWIFT plans to move away from SWIFT FIN MT Payment messages, such as MT103 messages to the new ISO 20022 messaging standards. ISO 20022 will allow the new payment messages between banks, and towards the corporates and customers, to include a lot more data on each business party involved in the payment. The changes will enable much better sanction screening and AML control as well as more accurate regulatory reporting. However, the bank's Master Data Management systems must be upgraded to cover a lot more data about the business parties of the bank. This is a massive undertaking.
The requirements of the upcoming SWIFT Releases are acting as a catalyst for documenting the weaknesses in the structure and standards on which many IT systems are based. Often the larger the bank, and the longer their IT history, the bigger the challenges they face when updating their old IT systems.
I hope they can receive SWIFT transfer in EUR as they are doing now with the account in Germany and I hope they can allow us to received via Swift in EUR and GBP as well.
You are right. I was referring to the old details. What a shame they lost this feature.
It's all coming down to another way to control black money and money flows! I hate Europe after all. The UK citizens are very wise people BREXIT will bring them their live back.
Just go with normal bank. There are very nice banks out there in Liechtenstein and Austria.
After reading carefully (I didn't pay much attention to the news) TW will be still able to get transfers from SWIFT, so nothing to worry about. But still, it's a unique service, I hope more alternatives will come with the same features.
Maybe, but not all of the forum members have a chance to get an account there 😉
Toggle signature
Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community
Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
Support the Freedom of Speech of our Community
Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
What you need to open an account in Liechtenstein?
Toggle signature
Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
Your resume / CV, clean transparent business and legalised incorporation documents. Plus minimum 10k EUR deposit. In some cases it all can be done remotely
That's for business account, how about personal?
Thanks in advance
Toggle signature
Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
Business. Personal I dont know yet. Normally people need to deposit 300k USD as maintenance balance but I happened to have connections that waived this. Only need to deposit 10k EUR
You find any advantages of opening a Liechtenstein bank account nowadays?
Toggle signature
Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
In my case advantage is obvious: I'm going to open this account for my Georgian company while Georgian banks would reject me. All service is remote. My Liechtenstein bank of choice is known to be suitable for high networth individuals so for now I'm assuming good service. They accept SWIFT from outside EU and as long as your business is *NOT* related to gambling or shady activities, they should be able to allow all other industries.
Main prerequisite is NOT to have any criminal records or negative articles on the Internet including your name.
Very interesting, thanks for the info.
Would you use the Georgia company to issue invoices to European companies?
Toggle signature
Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
Yea why not? I'm gonna use Virtual Zone status to make my VAT and corp tax zero. Georgian gov is now choking with Virtual Zone applications (they used to have 100s per month, now it spiked to 1000s/month, thanks to Silicon Valley series promoting it I think). I bet soon it would be much harder to get into Virtual Zone.
Not sure if the Tax auditors would accept invoices from Georgia, but if you didn't have any problems so far then is a great setup.
Toggle signature
Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
- Status