SWIFTs payback to EU through a 20% price increase

I received an unpleasant surprise in Januarys SWIFT invoice! ┬áLike every year, SWIFT charged it’s own licence fees (in advance for 2015) and this year we expected an increase due to the new HSM boxes but not an increase of more than 20% compared to last years invoice!!

On closer inspection we see that the license fees in USD are the same as last year so what has changed significantly is the USD/EUR conversion rate!

It’s ridiculous that SWIFT, as non-profit organisation with its HQ in a same city as the EU, is charging customers in USD in the first place. Considering the current situation I would much rather see separate USD and EUR price lists.

Coming back to my headline….I can just imagine the grin on the face of SWIFTs board of directors….this is for the EU and those EU autocrats who’s wanted to use SWIFT for sanctions against Russia. Just a little bit of revenge..

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