Swedish Gold and Silver Dealer’s Bank Account Closed by Skandinaviska Enskilda Banken(SEB).
Tavex Guld & Valuta scrambles to find alternative way to process payments.
Tavex Guld & Valuta Claims it is a Target of the Merchant Banks and a Victim of ‘Dett Kontantlöst Samhälle’ (the Cashless Society).
Swedish precious metals dealer Tavex Guld & Valuta notified its customers today that it could no longer accept payments through its SEB bank account because it had been closed without notice or reason given. As a result, Tavex cannot process payments via their SEB account but has arranged to have client payments made through an Estonian account that they have set up to receive Swedish Krona payment without an exchange fee.
Sweden is at the forefront of the movement to eliminate physical currency.
Tavex contends in a note to customers:
“The banking system in Sweden in pushing forcefully towards the direction of a cashless society and Tavex, as one of the largest wholesale suppliers of physical notes and investment metals is, in our view, being targeted by the merchant banks“. (emphasis added)
Despite the interruption to their business, Tavex has put an optimistic twist on the turn of events saying that they will set up a new payment system, describing the closed bank account as ‘temporary operational difficulties’ and an ‘inconvenience’ that will not have a lasting impact on their business or business model of delivering cash currency and physical investment metals to its clients.
The Dark Side of a Cashless Society
Estonian Silver Dealer Shut Down By Swedish Tax Authorities
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