Paphos Life

For a few years now we have been transferring our humble funds from our UK bank to a a Cypriot bank.This by way of a currency trading firm.Its been quick,efficient no problems at all.Now ( bless their little hearts ) they suddenly want to know what my annual " income " is before they can effect a transfer
I may be an old fashioned octogenarian but have always respected that one,s income was most private and confidential.
Anyway why on earth has my annual income become an issue?
Shall i ask them to tell me THEIR income then i will tell them mine.
Any advise please.

Why don't you ask them why?

Very simple EU and others, re money laundering, we always use our bank to transfer money to the UK ,

WHL,so are you saying that anyone transferring money from a UK bank to a Cyprus bank has to declare their annual income.If you are right,fair enough.But hard to believe.

Chaddy wrote: ↑Sat Apr 01, 2023 12:59 pm WHL,so are you saying that anyone transferring money from a UK bank to a Cyprus bank has to declare their annual income.If you are right,fair enough.But hard to believe.

I am not saying anything of the sort, i am not a banker, to the best of my knowledge ,, clamping down on money laundering is a big thing now, in fact over a few years now, the only people who can answer your question, re annual income declaration is your Bank.

Don't know if will help but I've used Currency Solutions in Paphos for about 12yrs to transfer funds from UK to Cyprus. Their operation is very efficient and Head Office is in London. Highly recommended. But last year I was asked to visit my Bank of Cyprus branch in Paphos to prove that I had sufficient income going into my UK bank to make the appropriate value transfers to Cyprus. Banks are terrified of being accused of "money laundering" these days. And 2yrs ago my UK bank "blocked" a transfer to Cyprus even though I had used Currency Solutions frequently until I contacted their Fraud Dept. to verify the transaction. Frustrating, but it's the world we live in these days.

I have had similar problems with Hellenic Bank. I asked them for the Iban and Swift numbers for money to be sent to me from the UK.. The answer was that they needed the account number of the sender...
But I told them that the sender would not appear with the transfers it was coming from Currency Fair.

Just seen this

https://forums.moneysavingexpert.com/di ... ank#latest

Les Bean wrote: ↑Sun Apr 02, 2023 2:03 pm I use Revolut or Wise. Can either send from them to Cyprus bank, or use their account using Euros. If it weren't for the hassle of it I would ditch my Cyprus bank, not really necessary these days

I also use Revolut or Wise.

Les Bean wrote: ↑Sun Apr 02, 2023 2:03 pm I use Revolut or Wise. Can either send from them to Cyprus bank, or use their account using Euros. If it weren't for the hassle of it I would ditch my Cyprus bank, not really necessary these days

I use Wise. Would also ditch my Cypriot bank but concerned that some rule or other will change and I’d have to reopen it. I keep minimal funds here.

By chance, I posted on the "other" forum my thoughts on the amount of paper that the banks must now use to comply with the regulations regarding the transfer of funds. In my case, it is not from the UK to Cyprus but from Switzerland and my post was inspired by the receipt today of an envelope containing seven A4 sheets of paper. As I mentioned, in the last couple of months I have received over 50 sheets of paper from my Swiss and Cypriot banks together.

I curmudgeonly complained for the poor trees that are executed, without trial, to provide us with the "information" that the banks think we should receive.

http://www.easterncyprus.com/viewtopic.php?t=119787