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Outgoing Wire Transfer Guidelines
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.
Where is my incoming wire transfer?
If your incoming wire transfer that has not been credited to your account within 7 business days, please send us a SWIFT confirmation, also known as a “bank confirmation” or “MT103”, by creating a case inside your eBanking Support Center. (Please do not send us screen prints of your account.)
This will allow our Wires Department to conduct an internal investigation to validate the instructions used and determine whether we received the funds.
If it has not been 7 days since the sending of the transfer, please continue to wait as transfers occasionally come in later than expected.
For questions/comments, you can always call Client Services at +1 888 527 4041 or Schedule a Call. Thank you for being a valued customer of Euro Pacific Bank.
Incoming Wire Transfer Guidelines
In an effort to continually improve your banking experience and adapt to the ever-changing regulatory environment, we urge you to follow these best practices to ensure that INCOMING wires are received successfully:
- No PO Box addresses – Wires from bank accounts associated with a PO Boxes will be rejected by our correspondent banking network. **VERY IMPORTANT**
- Add Economic Purpose – All incoming wires should include the economic purpose of the payment in the SWIFT field 70 (also known as the “Message to Beneficiary” or Reference/Information field). Wires that do not state the economic purpose will be returned by our correspondent banking network. **VERY IMPORTANT**
- Is an Intermediary Bank necessary?
- If for any reason you cannot specify our Intermediary Bank, you may omit our Intermediary Bank, and thereby acknowledge that the sending bank must retrieve the correct intermediary route from the SWIFT system. By omitting our Intermediary Bank, you risk that your funds are routed to an incorrect or outdated Intermediary Bank. We accept no liability if the wire transfer does not arrive successfully for any reason.
- If your EPB wire transfer instruction does not include an Intermediary Bank, one will not be required.
- Do I have an IBAN? Currently, Puerto Rico does not participate in the IBAN (International Bank Account Number) standard. Therefore, Euro Pacific Bank clients do not have IBANs and should revert to their standard MT103 wiring instructions. Learn more here.
- When will I receive my wire transfer? Arrival of your funds depend on the processing time of the sending bank and the intermediary bank(s) in the payment chain. As soon as the funds arrive, we will update your Online Banking recent transactions. Please monitor your transactions before inquiring about the status of your wire transfer.
- How much will we charge for the incoming wire? We credit the exact amount our corresponding bank receives, followed by our incoming wire fee. A full list of fees are published here. We accept no liability if an intermediary bank in the payment chain charges a transfer fee.
- How do I know where my funds are during transit? Unfortunately, if your funds have not arrived, we have no way of knowing its status. To know exactly where your funds are within the banking channel, please request your sending bank to perform a wire trace.
- Wire Repair Fees – A wire repair fee will be assessed if an incoming wire transfer is not executed in proper MT103 format, meaning information is missing, misplaced, incorrect, or a combination. You are responsible for monitoring your Online Banking transactions, and if you are assessed a wire repair fee, that you read the reason and rectify the formatting issue with the sending bank for your future transfers.
We hope this helps and if you encounter wiring issues, please contact our Client Services team by creating a case inside your eBanking Support Center or calling +1-888-527-4041.
WARNING AGAINST Almida Group
Published Date 3-FEB-2014
It has been drawn to our attention that Almida Group, a firm registered in Belize and based Russia 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 using our bank logo without our permission in their promotional material and advertising.
Euro Pacific Bank has no connection or dealings with Almida Group 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 Almida 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.
WARNING AGAINST 1) a website calling itself Invisible Capitalist (2) Mr. Andrea Calligari (3) a company called Easy Money S.A. (4) Mr. Ruben D’Errico
Published Date 31-JAN-2014
It has come to our attention that some or all of the following parties are claiming or implying a connection or association with Euro Pacific Bank Limited :
- A website calling itself Invisible Capitalist
- Mr. Andrea Calligari
- A company called Easy Money S.A.
- Mr. Ruben D’Errico
- An organisation calling itself Overseas First Federal and any of the associated individuals or persons representing the company.
None of the parties concerned is recommended , supported or in any way mandated by Euro Pacific Bank Limited to offer, or to suggest they can offer, any products or services made available by our Bank and any persons dealing with any of the named parties in the belief that such dealings are endorsed by or known to Euro Pacific Bank Limited does so entirely at their own risk.
Upcoming Holiday Opening Hours
CHRISTMAS
Monday 23rd December, 2019 – 8:00am to 4:00pm
Tuesday 24th December, 2019 – 8:00am to 12:00pm
Wednesday 25th December, 2019 – CLOSED
Thursday 26th December, 2019 – CLOSED
Friday 27th December, 2019 – 8:00am to 4:00pm
NEW YEARS
Monday 30th December, 2019 – 8:00am to 4:00pm
Tuesday 31st December, 2019 – 8:00am to 12:00pm
Wednesday 1st January, 2020 – CLOSED
Normal hours of operation will resume on Thursday 2nd January, 2020.
Regular business hours are Monday to Friday, 8am to 4pm (UTC – 4:00). Our call center will be open 24/7 throughout the holidays for limited support.
All brokerage clients are encouraged to review our holiday trading schedule here.
Pre-authorized/blocked amounts for car rentals and hotels
Due to specific card scheme rules for car rental and hotel companies, the auto-release time frame for these holds is up to 180 days. However the holds can be manually released upon request providing our card processor with the proof of final payment (invoice/receipt) or confirmation from the hotel the amount won’t be debited.
Normally all merchants have to present transaction for clearing within 7 days from the auth day. At the same time the car rental and hotel companies can send the clearing at the time when the client actually check-out/ return the car.
The holds will automatically be released when the cardholder pays at the end of the rental period or hotel stay if the payment is made using the same card. This is because the payment is made using the same reference as the hold authorization, so the two are reconciled and the hold is released. However, if the cardholder only uses the card for authorization, then settles with the car rental company or hotel using a different card or cash, then the holds remain intact. The hotel or car company should be releasing these authorizations themselves, but often they tend not to bother doing this, which is causing cardholders this issue.
As per our card processors Compliance, these holds are not released until 180 days afterwards, however cardholders can contact the processor and provide proof of cancellation or payment via a different method and they will then release these holds manually.
Are bank account statements sent physically to my address?
The Bank does not send any statements to any physical, or mailing addresses, unless expressly requested by the client. All necessary statements are available for electronic generation in the online banking system.
How is the maintenance fee assessed?
The monthly account maintenance fee is assessed on a per client basis. This means that clients are not billed additionally for having multiple currency accounts. The maintenance fee is assessed on the 1st day of every month