The Common Reporting Standard (CRS), calls on countries to obtain information from their financial institutions and exchange that information with other countries automatically on an annual basis. The CRS sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
Euro Pacific Bank and its subsidiaries have the obligation to comply with the Organization for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS).
To whom is the information reported:
- For accounts held by Euro Pacific Securities, Inc. (Global Trading), the required information will be reported to Financial Services Commission (FSC) of the British Virgin Islands.
- For accounts held by Euro Pacific Intl. Bank Inc., there is no reporting since the United States and Puerto Rico are non-participating jurisdictions.
When will reporting take place and for what timeframe:
- For accounts held by Euro Pacific Securities, Inc. (Global Trading), the information will be reported for the first time in May 2018 for new accounts opened in the period of November 20th to December 30th 2017
For further information on the Common Reporting Standard you may access the OECD informative website at http://www.oecd.org/tax/automatic-exchange/common-reporting-standard
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.
If your sending institution is mandating that an IBAN is needed, we recommend that you communicate to them that the transfer is a SWIFT payment, which is routed through a SWIFT code (also known as BIC code) and an account number. Often, many sending institutions request IBANs because they are accustomed to using them.
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 sending a message through your online banking account, calling +1-888-527-4041, or e-mailing [email protected] with the information above.
Option A: Recommended and Fastest
Login to your online banking account and click the “Block/Suspend Card” button next to your card number on the “Accounts” screen. The card will be immediately blocked from further use.
Option B: Secondary
Call the IVR number (see below for options) and follow the steps provided to immediately block the card and report it stolen.
- Toll Free: +1-888-527-4041
- Local (PR): +1-787-305-3663
- United Kingdom: +44-20-3318-4096
- Hong Kong: +852-5808-2784
Once your card is blocked, to order a replacement card, please follow the normal procedure for requesting a card through the banking software. Note that you will not be automatically sent a replacement without following this process. Alternatively you can contact our Client Services department and speak with an agent during bank business hours to request a replacement card.
Creating an incoming wire transfer request speeds up the processing of your wire by notifying our staff that the payment is on the way, and gives you an opportunity to upload supporting documentation if the wire transfer is coming from a third party.
While creating an incoming wire transfer request is optional, it is strongly recommended for non-recurring deposits.
Commissions depend on the security. Please see our Trading Conditions for more information.
Clients have access to bank accounts denominated in USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, NOK, NZD, PLN, SEK and SGD as well as GOLD and SILVER.
Clients also have access to investment accounts through Euro Pacific Securities and Euro Pacific Funds, which range from brokerage accounts, mutual fund accounts and Separately Managed Accounts.