|
|
Post by niseag on Oct 19, 2013 10:46:24 GMT 4
|
|
|
|
Post by ukipa on Oct 20, 2013 4:21:29 GMT 4
But, they can't be members of SWIFT or Clearstream, DTC or Euroclear. Or, did I miss something?
|
|
|
|
Post by niseag on Oct 20, 2013 6:06:39 GMT 4
why would you think that? Just because US Credit Unions do not normally do international transactions does not mean they are not allowed. There are papers about changes which include international payment services for credit unions in the US (for example: www.google.com/url?q=http://www.woccu.org/functions/view_document.php%3Fid%3DWOCCU_Short_Summary_of_CFPB_Remittances_Rule_1_23_2012&sa=U&ei=VjZjUpKEHqbP2QXa1IEQ&ved=0CAkQFjAB&client=internal-uds-cse&usg=AFQjCNF6EY8_nmcNBic-1dMd6LV_e4AkkQ)Any properly regulated financial institution can be a member of SWIFT, no need to be a bank, there is even corporate finance which has a membership. Through SWIFT Clearstream, CLS and Euroclear as well as DTC can be reached, just depends how much money the credit union invests as you buy it in packages. There is also IRnet at www.irnet.coop/ which specialises in credit union remittances and is linked to SWIFT. Outside the US Credit Unions have IBAN and usually SWIFT access. Some have their own wealth management departments and their own membership in Euroclear, the cheapest way is a New Zealand Building Society with license, capital etc you are down for 250000 NZD plus the operations expense, a SWIFT is just an application and will take 3 month, from there you go. However as a personal opinion the minimum capital of 200000 NZD does not get you much, I would look at a minimum of 1 M NZD to 5 M NZD. |
|
