If you are an IE student from one of the following countries/territories, please read this message in detail as its content is important from the perspective of sending funds to Spain before your arrival and once you are settled in Madrid.   Countries/territories:

Afganistan, Iraq, Iran, Belarus, Myanmar, Ivory Coast, Congo, Liberia, North Korea, Sudan, Syria, Lebanon, Zimbabwe, Uzbekistan and Northern Territories of Cyprus.

Funds Will Not Be Accepted: Spanish Confederation of Credit Unions, Spanish Treasury and FATF

Given the recent sanctions imposed by the EU on the selected countries listed above, and given advisories issued by the Spanish Treasury and the Financial Action Task Force (FATF), the Spanish Confederation of Credit Unions (CECA) has decided to suspend indeffinitely all new funds transfers coming from these cited countries/territories.  The primary concern and driving force behind the move has been to limit money laundering activities via Spanish credit unions.  While the ruling is intended to support EU-wide policy, the change in policy does effect IE students coming to study in Madrid in 2010, and those IE students currently studying at IE.

Practical Implications for IE Students

If you are from one of the 15 listed countries/territories, this ruling will mean that you cannot send funds to your Caja Madrid account directly from any financial institution located in the cited countries/territories.  This means that if you need to send funds to yourself for living expenses, then you will need to find an alternate solution.  Since IE is not a credit union, we can receive funds directly to cover your tuition fees, but Caja Madrid will reject any transfers when the local institution tries to send funds to Madrid.

Short Term Solution: Third Country Transfers

For an immediate solution, the recommended course of action is to send funds to your Caja Madrid account via an account located in a third country or from another account already established in Spain at a non-credit union financial institution.  If this is not an option for you, then you are encouraged to contact the Financial Aid Officer directly to discuss alternate solutions at financialaid@ie.edu.


Yury Yugay January 15, 2010 - 1:39 pm

I am the IMBA student from Uzbekistan.And I currently don´t have the possibility to receive money for living expenses from my country and any 3rd country.

So now I am in very difficult situation because of this new regulation.

What are the possible solutions for my situation?
I understand that it is not the problem of IE but I hope that IE can be assistant in this situation.
Is there an opportunity to receive the loan in Caja Madrid or any other bank here in Spain?

Kind regards,

Yury Yugay.

Mike February 18, 2010 - 9:59 pm

“Northern Territories of Cyprus” is NOT a country. Please take this into consideration.
Thank you.

Joël McConnell February 19, 2010 - 10:06 am

Yury please contact me directly via financialaid@ie.edu if you are still looking for funds transfer options. You can learn more about our loan options via the Financial Aid web site at http://www.ie.edu/financialaid.

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