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Tax Engineering

What is SWIFT MT104 GPI transfer?


Question

Good afternoon, which bank could provide me with SWIFT MT104 GPI transfers? Would I need to open an offshore company for that purpose?

Answer

The SWIFT MT104 GPI transfers work through SWIFT payment message that includes direct debit request to the bank account. This type of transfers is generally used for transfers between banks. As it is a direct debit transfer, the money comes out automatically from the account, therefore increasing the risk of fraud. For this reason, banks have stopped using these type of operation between individuals and small companies, leaving them only for banks or entities that offer financial services.

Currently we do not work with banks that issue SWIFT MT104 GPI transfers since, as I have indicated previously, it is not a common transfer on a traditional banking market. If you come across the bank that issues this type of transfer, you will probably be asked to withhold a high amount of money and prove the legal source of funds. 



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