Bank Are Terminating My Account - Can I Get A Bank Draft

[pumpjack]

banks written to tell me they are terminating my account from 11. 2. 20

dont know why this is, they had me in 2 week ago asking me where i got money to pay large sums into, i gave them an honest explanation ( money came from sale of home in thailand , thai bank would not let me repatriate my money so i took it out in cash and carried it home to uk with me. )

can i get a bank draft for approx 90K
put it into another bank either here in uk or eire .
dont want send back to thailand as i would lose too much on transfer rates but i may have no other choice.
if international transfer use transferwise ?
could take it out in cash and resort back to hiding it away but that is last resort.

money is legal before any smart remarks

[dannyk13]

If one bank is closing your account I can't see another one letting you open an account.

[woofgang]

So where is the money now? You might get advice from the banking ombudsman about what you can do. https://www.financial-ombudsman.org.uk

[gulliver1]

Could you purchase the maximum, £50.000 in Premium Bonds and the same for your wife or partner and have more chance of a profit than 0% in a bank.

[KARL]

Sadly, your story is not altogether surprising. We gave our son 2K and when he went for a mortgage to buy a house he was put through the wringer and we had to provide affidavits to help him placate "the system". All of this is allegedly to ensure money laundering does not happen. Meanwhile the British Government has for decades sold (for a relatively measly sum each) licences for money laundering from abroad. These licences are called Non-Dom Status and annually billions flow through the financial institutions and everyone knows it (the UK being quite heavily criticised abroad, but hey-ho). This is set to increase (Brexit, so it is said - hardship/shrinking normal business, freedom from scrutiny, etc.), and again everyone fully expects that. You, as an ordinary individual, likely have to accept that you are going to be shafted, hung, drawn and quartered.

I am not an expert but I would think it unlikely you will be able to move the money you mention any time soon. Prepare yourself for some very uncomfortable times.

[pumpjack]

( I am not an expert but I would think it unlikely you will be able to move the money you mention any time soon. Prepare yourself for some very uncomfortable times. )

what do you mean by this, bank have stated to me

"you should take steps to arrange alternative banking facilities "

[dannyk13]

//"you should take steps to arrange alternative banking facilities "//
Which is just moving ant responsibility from them.It doesn't mean that you are in for an easy ride.

[ubasses]

You say you gave them an honest explanation, did you give them proof.
I would have expected them to be satisfied if you provided them with the documentation of the house sale, along with your Thai Bank statements showing the funds being credited from a legitimate source and the withdrawal of funds.

[CrapAtCryptics]

The old ways are the best

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[pumpjack]

" You say you gave them an honest explanation, did you give them proof.
I would have expected them to be satisfied if you provided them with the documentation of the house sale, along with your Thai Bank statements showing the funds being credited from a legitimate source and the withdrawal of funds. "

yes i did, i thought they would have been satisfied with what i gave them .

wondering can i send it to UK bank now via XE.com or transferwise
but will irish bank chase my money around and inform every bloody bank in uk that i am a suspected criminal involved in money laundering .....
my god !!!!!

[Old_Geezer]

No expert, but is there a maximum amount of cash one is allowed to take out or in ?

[gulliver1]

09.52 " but will Irish Banks chase my money around ,and inform every bloody bank in the UK ". I do know that if it is Allied Irish , or Bank of Ireland . YES .

[ToraToraTora]

OG, there is no maximum but the depositor must supply provenance.

[gulliver1]

10.23 That is good advice from an experienced Banker.

[pumpjack]

09.52 " but will Irish Banks chase my money around ,and inform every bloody bank in the UK ". I do know that if it is Allied Irish , or Bank of Ireland . YES .

and you have this knowledge from where exactly

[pumpjack]

maybe bank is just being cautious as this bank in eire was recently fined . so they dont want take a chance

https://www.thejournal.ie/aib-fine-money-laundering-3357867-Apr2017/

[KARL]

To my knowledge there is a maximum amount in cash that anyone can legally carry between countries, at least in/out of a European country. That amount is €/£ 10,000 but even before that (if approached) one might need to answer some questions.

It would not surprise me if it is going to be difficult to withdraw the funds from your existing bank (as a transfer from there it will appear "clean" at the new bank) and it is almost certainly going to be difficult to deposit it anywhere (in Europe) without careful preparation. You will be as able as before to establish bank accounts anywhere for the purposes of conducting "normal" transactions but depositing large sums will remain difficult.

As already mentioned by others, your present bank (more particularly one or more individual members of staff) is first and foremost interested in covering their Rses. I once went with my son, then a child, to open a bank account in our village. I/we were refused on the grounds of prevention of money laundering (he was going to be receiving a perfectly clean, legitimate and modest income). I/we went to another branch of the very same bank in a nearby town - no problem and some 20+ years later he has just recently closed that account.

[pumpjack]

ok thankyou

one question not answered as yet.

can i get a bank draft ?
can i get it all cash in one go ?

[JJ109]

Why did the Thai Bank refuse to remit your funds to the UK in the first place? Is it because there were limits that you could export legally, and therefore by drawing, presumably on a number ofoccasions, you have gone against Thai export controls.

[bednobs]

"one question not answered as yet.

can i get a bank draft ?
can i get it all cash in one go ?"
why not ask your bank - they will tel you what they will or wont do

[Rockrose]

We did warn you that this would happen if you did not do it in the correct manner