Cyprus Mail
BusinessCyprus

Payments into BoC accounts blocked from popular money transfer company Wise

wise

The Bank of Cyprus and Wise have each blamed the other for why payments via the widely used popular financial tech company, which offers cheap international money transfers, have blocked transactions into Bank of Cyprus accounts.

One customer told the Cyprus Mail that after having experienced blocked payments to all Bank of Cyprus accounts when trying to use Wise (formerly known as TransferWise), he reached out to the company, confirming that they are indeed not allowing payments to Bank of Cyprus accounts.

“The change means that aside from personal customers, many such as myself with Wise business accounts, cannot use them to pay creditors in Cyprus (as the majority bank with BoC),” the customer told the paper.

Responding to numerous customer enquiries about the issue on Twitter, Wise said that the decision did not originate on their side. This is in stark contrast to what the Bank of Cyprus has said.

“Regulations and laws in each region are subject to changes from time to time, and we’re obligated to stay compliant with them,” Wise said, explaining that clients will still be able to make transfers to other banks in Cyprus.

“We can’t really comment on the internal policies of other services nor on the decisions that they make, but our own have been made with every consideration taken into account, so these types of decisions are never made lightly,” Wise added, implying that blocked money transfers to Bank of Cyprus accounts are the result of a change in BoC policy.

A senior executive at the Bank of Cyprus rejected this and said the problem was with Wise.

“The Bank of Cyprus is aware of the problem regarding transfers with the specific provider [Wise],” he said. “Any explanations should be sought at their end.”

 

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