Whats your thoughts about Transferwise now?
- Thread starter Spinat
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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’re︀ the ones with the IBAN starting in ‘DE’. " from Transferwise help center
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’re︀ 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 will︀ 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 more︂ data about the business parties of the bank. This is a massive undertaking.
The requirements︃ of the upcoming SWIFT Releases are acting as a catalyst for documenting the weaknesses in︄ the structure and standards on which many IT systems are based. Often the larger the︅ bank, and the longer their IT history, the bigger the challenges they face when updating︆ 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 will︀ 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 more︂ data about the business parties of the bank. This is a massive undertaking.
The requirements︃ of the upcoming SWIFT Releases are acting as a catalyst for documenting the weaknesses in︄ the structure and standards on which many IT systems are based. Often the larger the︅ bank, and the longer their IT history, the bigger the challenges they face when updating︆ 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.
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.
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 on︀ the Internet including your name.
Main prerequisite is NOT to have any criminal records or negative articles on︀ the Internet including your name.
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.
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