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Euro Payment to EU Countries

Posted in SWREG on the August 19th, 2006

New wire laws have been applied by the European Union, and will be enforced starting September 1, 2006. This only applies to payments made in EUROS to these EU countries:

  • Austria
  • Belgium
  • Finland
  • France
  • Germany
  • Greece
  • Ireland
  • Italy
  • Luxembourg
  • Netherlands
  • Portugal
  • Spain
  • Vatican City

If you fit within these requirements and are using the wire transfer, old BACS-EU, or old Euro EFT payment options of  of SWREG, they need an IBAN to process your payment.  An account number will no longer be sufficient, and the transferring banks can refuse the payment. The BACS-Euro and Euro EFT can no longer be supported due to these changes and will need to be changed to a different payment option.

Please double check your wire transfer information so it meets these new requirements.

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