International payments to clear within 3 to 4 days – RBMV Bank announcement

April 30, 2021 – Until Thursday (April 29th) customers had to wait between 10 to 14 days to see their international payments cleared from Mount Vema golles to their bank accounts in their local currency.
 
Although you still need to wait for 10 to 12 days if paying into a Mount Vema bank account from another jurisdiction which is mostly done by card via online deposit, as of today April 30th you can make an international transfer from a Mount Vema bank account and see the money clear within 3 to 4 days, and it can even clear next day in countries with special financial arrangements with the Vema Seamount Territory without any additional charge to the customer.
 
The news does not solve all problems, but it is a step in the right direction. Mount Vema employers in need of 1000s of workers, have seen their recruitment campaign slow down for years because of the Government’s fiscal requirement to ensure that job seekers have a Mount Vema bank account to work in any Mount Vema related projects, except for when there are special currency or financial arrangements between the Kingdom of Mount Vema and the job seeker’s country of residence that exempts them from the need to have a Mount Vema bank account especially if they are going to be located outside Mount Vema throughout the duration of the contract. 
 
Other beneficiaries of this news are stock market investors who sometimes need to move funds outside of the Mount Vema financial system to fund operations with foreign exchange. The same investors who early this month have seen a significant increase in the value of their Mount Vema assets after the RBMV Bank said that it is now allowing the use of its payment services to settle transactions for Gollexi investors, in another sign of growing acceptance of the Mount Vema currency and the Mount Vema Stock Exchange by foreign investors, following an increasing demand from investors across the world to be able to access Mount Vema golles which was already boosted by the RBMV Bank earlier move when it introduced a same day payment settlement between accounts within the Mount Vema financial system which enabled investors and traders to help each other when short of cash.
 
So how does the bank move funds globally?
To move funds globally, the RBMV bank and other Mount Vema financial institutions depend on the foreign exchange services provided by the Royal Mount Vema Reserve Bank, which clears all the electronic transfer of money in foreign exchange across multiple institutions, via computer-based systems, mostly provided by third parties. The bank closely monitors the Authorized debit ceiling (the spending limit authorized annually by the Vema Seamount Authority) and the sovereign wealth funds. With that data they work with the Bank of Mount Vema to better manage the finances of His Mount Vema Majesty’s realm.    
 
Just to clarify to our readers, within the Mount Vema financial system, the Royal Mount Vema Reserve Bank only clears transactions in foreign exchange as it is the custodian through third parties of the foreign exchange reserves of the Vema Seamount Territory. Transactions in Golles between Mount Vema bank accounts are cleared by the Central Bank of Mount Vema (Bank of mount Vema) which ensures that the economic activity of the territory works in line with the authorized debit ceiling.