High Value Bank Transactions

[Al Gorithum]

Does anyone have any experience and/or recommendations for high value bank transactions? My own bank of 20 years (Lloyds) isn't interested, nor is Barclays etc.

All business and transactions are completely kosher with commercial contracts and KYC's in place, but due to the value of them I'm finding it difficult finding a bank to process them.

There's £350m in escrow waiting, plus several others coming down the tracks.

First world problems eh?

[CharlesElliott]

Assuming this is a serious question, what is the banking service you actually require?

[NickCQ]

These sorts of amounts are fairly normal in the business world (particularly in relation to M&A deals) but you need to escalate the discussions to the right level / team in the bank. If you are somehow stuck with the SME / branch staff then obviously they will freak out.

[CharlesElliott]

The numbers themselves are very small in institutional banking terms, which is why I was asking what services are actually required. The FX market trades ~$7 trillion / day......

[matrignano]

Looks like business is going well Mark!

Or did you mean £350k...

[Al Gorithum]

CharlesElliott said:

Assuming this is a serious question, what is the banking service you actually require?

Very serious. There's $350m in a US escrow account as we speak. I need a UK bank account to repatriate the funds and disperse payments. Normal business transactions.

[Al Gorithum]

matrignano said:

Looks like business is going well Mark!

Or did you mean £350k...

Yes but a different type of business to Motorsports etc

[anonymous-user]

Al Gorithum said:

There's $350m in a US escrow account as we speak. I need a UK bank account to repatriate the funds and disperse payments. Normal business transactions.

And yet, apparently, the top business people involved don't have a lawyer or accountant.

[anonymous-user]

rockin said:

Al Gorithum said:

There's $350m in a US escrow account as we speak. I need a UK bank account to repatriate the funds and disperse payments. Normal business transactions.

And yet, apparently, the top business people involved don't have a lawyer or accountant.

Well, quite.

If you were moving money of significant amounts or conducting such business transactions, you would surely already have a selection of professionals that would manage all this for you, that you had used previously.

As part of my work, I'm involved with our family business which involves sums of money far less than the OP is talking about, but still significant amounts, and we have a firm of accountants/financial advisors and a firm of lawyers on retention who could sort this all out following an instruction to do so.

[anonymous-user]

Al Gorithum said:

CharlesElliott said:

Assuming this is a serious question, what is the banking service you actually require?

Very serious. There's $350m in a US escrow account as we speak. I need a UK bank account to repatriate the funds and disperse payments. Normal business transactions.

Did a Nigerian prince email you to help him get the money into the country?

[anonymous-user]

I have a absolutely no doubt that the OP does need to move/process $350m, but I’m just astonished you get that far without having a team of people in place to deal with these sorts of things, as per my post above.

[anonymous-user]

Lord Marylebone said:

I have a absolutely no doubt that the OP does need to move/process $350m, but I’m just astonished you get that far without having a team of people in place to deal with these sorts of things, as per my post above.

Wait. Are you saying that asking a bunch of anonymous randoms on a car forum on the internet isn’t a substitute for advice from a team of qualified professionals?

WTAF?

I is shook.

We’re only talking $350 million. Why on Earth waste money on paying fees to get that right when you’ve got the combined expertise of PH available, all of which will be provided without the need to provide any of the details of the underlying transactions!

Stop being such a Debbie Downer, dude! Let him live!

[Al Gorithum]

rockin said:

And yet, apparently, the top business people involved don't have a lawyer or accountant.

Accountant and lawyer in place, but that isn't the problem. (unless it is is? ). Maybe we need different!

[Countdown]

Al Gorithum said:

CharlesElliott said:

Assuming this is a serious question, what is the banking service you actually require?

Very serious. There's $350m in a US escrow account as we speak. I need a UK bank account to repatriate the funds and disperse payments. Normal business transactions.

OP - do you have a Relationship Manager? That's precisely what they are there for.

I think you said you've done all the KYC/AML checks. AIUI the bank has to do their own especially if there are potential FATCA issues.

[Al Gorithum]

Lord Marylebone said:

I have a absolutely no doubt that the OP does need to move/process $350m, but I’m just astonished you get that far without having a team of people in place to deal with these sorts of things, as per my post above.

Fair play. I was expecting our bank (Llyods) to deal to deal with it, but apparently they're not interested.

[anonymous-user]

Al Gorithum said:

Accountant and lawyer in place, but that isn't the problem. (unless it is is? ). Maybe we need different!

This is well and truly a job for your accountants/financial advisors to sort out, possibly involving your lawyer as well.

If they aren’t sorting it for you in a speedy and efficient fashion, then you need to move to a different firm of accountants/financial advisors.

[Al Gorithum]

Countdown said:

OP - do you have a Relationship Manager? That's precisely what they are there for.

I think you said you've done all the KYC/AML checks. AIUI the bank has to do their own especially if there are potential FATCA issues.

Agreed Lloyds isn't interested.

[Al Gorithum]

Lord Marylebone said:

This is well and truly a job for your accountants/financial advisors to sort out, possibly involving your lawyer as well.

If they aren’t sorting it for you in a speedy and efficient fashion, then you need to move to a different firm of accountants/financial advisors.

Agreed, hence my post!

[anonymous-user]

Lloyds and Barclays will do this sort of amount without blinking an eye. You are simply not in touch with the right part of the bank.

Or there is something they heard about the transactions they really don’t like.

[Al Gorithum]

My comfort zone is circa £500k to £1m so this new zone seems to be who new ball game which seems to be difficult! Hoping someone has experience at this level.