Posted by: Martin | March 4, 2010

Sanctions

I have been trying to send money to the Ivory Coast from my bank account which is a lot cheaper than using services such as Western Union, but has the side effects of (a) people thinking that I have fallen victim of some internet scam and (b) creating visible stress among bank staff having absolutely no idea of whether it is possible to transfer funds to the Ivory Coast or not.

Today I recieved this email from the online banking support of my bank:

Apologies for the delay in coming back to you on your query. I have investigated this with our International Payments area and have been advised that currently there are EU and US sanction in place against Ivory Coast. Until such time as these sanctions are relaxed there will be no option to make a payment to this country using Internet Banking.

However, this payment can be made from your Branch. I understand that you have received incorrect information from your branch regarding this and I apologise for any inconvenience caused.

Ok, so online transfers to the Ivory Coast are not possible, but in person  transfers are.  Sounds like weird sanctions at first sight, but what it does, is to make anonymous transfers more difficult which might make sense.  I reckon they want to stop arms purchases for instance, and I guess it’s good to know that the person who actually made the transfer is also the owner of the account.

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Responses

  1. I have a NW Current Account and VISA Debit. With the VISA Debit I can withdraw funds up tp 200 000 F CFA per days, for a admin cost of 2 500 F CFA per transaction.

    If you are travelling from Europe to CI, buy your Euros in advance. The are fully exchangeable in CI t a fixed rate of 1 euro to 655 CFA.

    And it is all connected to blood diamonds, gold and timber

  2. […] larger amounts traditional bank transfers seems to be the best option. As discussed in a previous post, my bank in Europe told me it is possible to send money to the Ivory Coast in person, but not […]

  3. I send money from my internet accnt with a UK bank to my Ivorian bank (one of the major players). When the request is made, they send an email a few days later asking for confirmation that this is not dodgy, and when you give the go-ahead it all happens smoothy.

  4. […] March 2010 I asked them about it and got the following answer: Apologies for the delay in coming back to you on your query. I have […]


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