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GREECE

Banks and insurers could lend Greece €1 billion

Deutsche Bank and insurers Allianz and Munich Re could lend Greece €1 billion ($1.3 billion) on the same terms as a EU-IMF bailout package, the Financial Times Deutschland reported on Monday.

Published: 3 May 2010 10:41 CEST
Banks and insurers could lend Greece €1 billion
Deutsche's Ackermann heading for the extinguisher? Photo: DPA

“Deutsche Bank could provide a loan of €500 million on the same conditions as those set by the federal government, Allianz a loan of more than €300 million and Munich Re more than €200 million,” the newspaper said without naming its source.

Eurozone finance ministers approved Sunday a €110-billion loan package for Greece, to be extended over three years by the bloc and the International Monetary Fund.

German Finance Minister Wolfgang Schäuble reportedly met German bank directors over the weekend to get them to contribute to the Greek financial rescue plan.

The business newspaper Handelsblatt quoted sources close to the government as saying Schäuble wanted “a voluntary commitment” from the banks to buy Greek debt as a “stabilisation measure” aimed at volatile financial markets. Such a move would also help soothe German public opinion, which is currently opposed to helping Athens out of its fiscal jam.

The FTD said Deutsche Bank chief Josef Ackermann was first to respond to the state’s request and that he convinced insurance giant Allianz and the reinsurer Munich Re to follow suit.

Berlin had been reluctant to approve an unpopular rescue plan ahead of a key regional election this month. But a poll released Friday found that 53 percent of Germans would accept a Greek rescue if the banks took part.

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BANKS

Cashless Switzerland: What is Twint and how does it work?

If you live in Switzerland, you are likely no stranger to Twint and maybe even use it regularly to make and receive payments. But if you are not familiar with this app, this is what you should know.

Published: 3 November 2021 13:21 CET
Updated: 22 March 2024 11:46 CET
Twint app can be installed on a mobile phone.
“Twinting” money with a smartphone is easy and convenient. Photo by Andrea Piacquadio from Pexels

In Switzerland, the word “Twint” is used both as a noun and a verb.

As a noun, it describes the mobile application which allows you to pay for various goods and services practically everywhere in the country.

As a verb, (“to twint”), it means to send someone money, or receive it, via the same app.

So what exactly is Twint?

Simply put, it is digital cash (not to be confused with bitcoin, which is digital currency) that was first introduced in Switzerland in 2014 and has become very popular since then.

Twint logo. Image by Twint.ch

People like it because it is an easy and quick way to make instantaneous payments, especially in situations when credit cards or physical cash can’t be used.

A big part of its convenience is that it can be used at cash registers, vending machines and parking meters, as well as in online shops — pretty much everywhere in Switzerland, even in places that don’t accept credit cards.

The only similar mode of payment would be your maestro debit card issued by your bank.

This video explains exactly how the process works.

Another advantage of Twint is that you can use it to send money to someone else’s mobile phone — as long as they also have Twint. And you can receive money the same way.

And there are no fees or charges for this service.

How does Twint work?

Anyone can use Twint, but you need a Swiss bank account or a credit card and, of course, a smartphone.

According to Twint website, you need a smartphone with either an iOS (from version 12.2 and upwards) or Android (from version 7 and upwards) operating system and Bluetooth capability (from version 4.0 and upwards).

“It is generally not possible for Twint to be used on Apple devices with an operating system older than “iOS 12.2” or on Android devices with an operating system older than “Android 7”. On Android devices without access to the Google Play Store (e.g. on certain HUAWEI models), the use of Twint app is also not possible”.

But If you have a compatible phone, installing Twint is easy.

Swiss banks offer their own version of the app, and you can download it directly from your bank’s website.

Then, when you use Twint to make a payment, the amount is debited directly from your bank account or credit card.

By the same token, if you receive payment from another Twint user, the money is automatically deposited in your account.

And you are not limited to just one Twint app.

If you have accounts is several banks, or have more than one credit card, you can install and use all of them.

READ MORE: How to open a bank account in Switzerland

Can Twint be used to make payments and receive money from abroad?

For the moment, Twint can be used solely in Switzerland and payments can be made only in Swiss francs – although this may change in future. 

“We are, however, working closely with providers in other countries to develop an international and multi-currency solution”, according to Twint website.

You can find more information about Twint here.

READ MORE: Which bank is best for Americans in Switzerland?

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