UAE residents restricted from doing EUR payments - new law?

[Konstanz]

Happened to me last week too. The first bank never sent anything. The first bank said it was returned by the recipient's bank. It was a recurring payment I do from myself to myself. I did it again and this time it went through, but not until after I uploaded an invoice.

Swiss bank sees sender UAE address and reject payment probably

 

[avalanche]

The EU and the US are so powerful that they can cut off any other country from the global financial system at any moment.

Would be interesting to see if that statement holds within a decade from now.

 

[Fred]

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)

 

[troubled soul]

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)

Thanks......for your input...really appreciate it

 

[JJReddick]

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)

Well look like I am the first one suffering this. Will try again today. Both eu and swiss bank deny responsibility so far.

 

[Fred]

Well look like I am the first one suffering this. Will try again today. Both eu and swiss bank deny responsibility so far.

Keep us posted.

 

[jafo]

Swiss bank sees sender UAE address and reject payment probably

??? I have nothing to do with the UAE. Never even been there. Everything was within Europe. Nationality European too.

 

[Konstanz]

??? I have nothing to do with the UAE. Never even been there. Everything was within Europe. Nationality European too.

This thread is about UAE payments

 

[Fred]

This thread is about UAE payments

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.

 

[jafo]

This thread is about UAE payments

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.

 

[lacomaco]

Sent EUR 5,000 from a UAE corporate account from a UAE bank to the EU with no problem. Money cleared in 1 day

 

[justanotherguy]

Sent EUR 5,000 from a UAE corporate account from a UAE bank to the EU with no problem. Money cleared in 1 day

Is it still the case? What bank you using?

 

[lacomaco]

Is it still the case? What bank you using?

If you do not mind that is a confidential information I do not want to divulge

 

[stronco]

I can confirm that some banks in CH currently can not process EUR payments for UAE residents. CHF and SGD works.

 

[JackAlabama]

I can confirm that some banks in CH currently can not process EUR payments for UAE residents. CHF and SGD works.

Can you name these "some banks in CH"? That would be appreciated given the high amount of members here holding Swiss accounts.

 

[Clank]

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.

 

[stronco]

Can you name these "some banks in CH"? That would be appreciated given the high amount of members here holding Swiss accounts.

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.

 

[Fred]

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.