Whats your thoughts about Transferwise now?

Wenoff

Building Trust
Entrepreneur
Is it possible now to receive SWIFT transfer in EUR with the new Transferwise IBAN (BE)?
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
Is it possible now to receive SWIFT transfer in EUR with the new Transferwise IBAN (BE)?
It states when you look at your EUR IBAN and click on "How to use your EUR bank details" that you won't be able to receive payment by SWIFT or receive payment from outside the SEPA :(. Have I understood this correctly? conf/(%
 

Wenoff

Building Trust
Entrepreneur
It states when you look at your EUR IBAN and click on "How to use your EUR bank details" that you won't be able to receive payment by SWIFT or receive payment from outside the SEPA :(. Have I understood this correctly? conf/(%
Yes you have understood correctly . I find that I can’t receive Swift or payments from outside Sepa.
 

Deniz

New Member
Yes you have understood correctly . I find that I can’t receive Swift or payments from outside Sepa.
if you have DE iban you can use it to receive EUR from non-sepa until July.
Current DE iban numbers will expire on 01-July.
 

BlueMist

Building Trust
Entrepreneur
Yes you have understood correctly . I find that I can’t receive Swift or payments from outside Sepa.
How about SWIFT from within SEPA but not SEPA transfer. Google EU pays via swift. This wouldn’t work either, right?
 

Buttout

New Member
you won't be able to receive payment by SWIFT or receive payment from outside the SEPA :(. Have I understood this correctly?
You should be able to receive SWIFT on it eventually. Hope they're right about this, but I think they missed the Feb deadline...

From their post on the changes:

Can I use my new EUR bank details to accept Euros sent from outside the EU?

Payments like these are called SWIFT payments. At the moment, we’ve seen that some banks don’t recognise the new EUR details for SWIFT payments. It’s because they’re using older software.

But this shouldn’t last long. 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’.
 

pierino

Active Member
I'm not sure i follow. If i create a TransferWise account in EU, and i want to receive EUR from USA, that currently does not work?
 

Deniz

New Member
Do you know how they will replace them?
from TW help centre;
"Your old EUR bank details still work, but they’ll expire on 1st July 2020
If someone has sent money to your old EUR bank details recently — don’t worry. They’ll keep working until 1st July 2020.

After that, whoever sends you money will need to use your new EUR bank details. If they don’t, the money will bounce back to the sender and you won’t receive it.

You’ll still have the same EUR balance, Nothing changes with your EUR balance. That means:
  • All the money you currently have in your balance stays the same.
  • Until July 1st 2020, the money you receive using your new EUR details and your expiring EUR details will arrive in your usual EUR balance.
  • Anything you do with your EUR balance or your EUR bank details will be reflected in your Activity and on your statement — just like normal."
 

Mencjusz

New Member
It states when you look at your EUR IBAN and click on "How to use your EUR bank details" that you won't be able to receive payment by SWIFT or receive payment from outside the SEPA :(. Have I understood this correctly? conf/(%
I have requested clarification on this issue twice; each time they have confirmed that I will be able to receive SWIFT payments from outside SEPA to BE Iban. However, they explained that this might not be possible until April 2020 and advised to use the DE iban until May.

Response from TW in January:
hanks for your reply.

By the time the 1st July comes, the BE IBAN will have the ability to receive SWIFT payments, just like the DE IBAN.

Feel free to contact us if you have further queries.
 
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