An economic purpose is the original reason for your incoming or outgoing payment:
What product or service did the sender buy from you?
What product or service did you buy from the beneficiary?
As a licensed financial institution, we are required to know the economic purposes of the payments and/or attain any supporting documentation verifying these purposes, in order to comply with international anti-money laundering (AML) regulations.
A vague or incomplete description of your payment may result in delay or cancellation.
It has been drawn to our attention that CANASIAN Financial Group (also named Euro Investments Bank), a firm purported to be registered in Panama are suggesting on their websites (www.canasianfinancial.com and www.euroinvestmentsbank.com) that they have an agency and/or financial relationship with Euro Pacific Bank Limited which does not exist.
Euro Pacific Bank has no connection or dealings with CANASIAN Financial Group, Euro Investments Bank or their employees/operators and we advise our clients that neither this firm or its principals are connected in any way to Euro Pacific Bank or are endorsed by us. They are not registered with us as agents of our bank. Any party having any dealings with CANASIAN Financial Group or with their principals in connection with any Euro Pacific Bank product or service does so entirely at their own risk and Euro Pacific Bank is not responsible for any consequences arising from such dealings.
All card orders are shipped approximately 4-5 business days after our card supplier receives our card request, which is sent to them every Wednesday. Be sure to enter your Card Request on or before Tuesday to avoid waiting until the following week.
After our card supplier ships the card, they send us the tracking code. There may be a slight delay between the shipment and when we receive the tracking code to forward to you, so thank you in advance for being patient.
An Operating Agreement is essentially your internal client profile at Euro Pacific Bank, composed of your:
Purpose of your account
Business description (if corporate account)
Expected transactions
Your Operating Agreement dictates what transactions we will and will not action in accordance with our regulatory requirements. Therefore, we require your assistance creating and updating it periodically to quickly and efficiently process your transactions.
If you have any other resources or references that we can use in updating your Operating Agreement, please notify us.
As a courtesy, Euro Pacific Bank is happy to advise you how to complete your bank’s wire transfer form in order to successfully transfer funds to your Euro Pacific Bank account.
Please create a case inside your eBanking Support Center with the attachment.
Because banks’ wire forms are often not presented in SWIFT format and vary considerably between banks, we rely on our best judgement in completing your form, but accept no liability if the wire transfer is not successful for any reason.
To guarantee that your wiring instructions are correctly followed, we recommend that you work with the sending bank’s staff and ensure they read our Incoming Wire Transfer Disclaimers.
Euro Pacific Bank credits the exact amount we receive from our corresponding bank, with the exception of the Blocked Amount upon your first incoming wire transfer.
If the amount we credited is not the amount that was wired from your sending bank, historically that is because another intermediary bank in the payment chain assessed their own wire transfer fee.
Unfortunately, we have no control over what other intermediary banks in the payment chain do, nor can we identify who they are. We accept no liability if the funds were assessed an additional fee by an intermediary bank.
Before your card expires you will be contacted by the Bank to confirm you want a renewed card sent out. You will be required to pay a nominal renewal fee, including any courier charges (if applicable) to have a new card sent to you.
If you do not respond to the request to have a renewed card sent out, one will not be automatically issued.
It has been drawn to our attention that ANPAYME CORPORATION / Perfect Card Ltd, a firm registered in Belize (IBC # 135229) are suggesting on their website that they have an agency and/or financial relationship with Euro Pacific Bank Limited which does not exist. They are also providing our wiring instructions, which are not valid payment details.
Euro Pacific Bank has no connection or dealings with ANPAYME CORPORATION or their employees/operators and we advise our clients that neither this firm or its principals are connected in any way to Euro Pacific Bank or are endorsed by us. They are not registered with us as agents of our bank. Any party having any dealings with ANPAYME CORPORATION or with their principals in connection with any Euro Pacific Bank product or service does so entirely at their own risk and Euro Pacific Bank is not responsible for any consequences arising from such dealings.
In an effort to continually improve your banking experience for our clients and adapt to the ever-changing regulatory environment, we urge you to follow these best practices to ensure that OUTGOING wires are sent successfully.
Euro Pacific Bank has much more control over outgoing wires, therefore less issues arise. However, please consider these tips:
Economic Purpose – Similar to incoming wires, OUTGOING wires should also contain the economic purpose in SWIFT field 70. If not entered, the wire may be rejected by our correspondent banking network.
Outgoing wire templates – If sending a regular wire, clients can create an outgoing wire template in the online banking platform, which can be used instead of manually filling out the wire form each time.
If you encounter any outgoing wire issues, please contact your Private Banker or email [email protected] with the information above.
