Best Bank for Foreign Transactions?

silvasava

Hi All

Not sure if I'm posting in the right place but asking a question on behalf of my son.
He is a sole trader with a yacht charter business (trading over 10 years) and regularly sends money to companies in mediterranean Europe, Turkey, Caribbean and Far East. He currently banks with Santander and twice now they have delayed a payment due to 'security checks' while he has no problem with this per se but they delay by weeks and this is causing problems a) with his charter companies and b) to his payment credibility. He has now raised the issues with the Financial Ombudsman (mainly due to the attitude and responses from Santander)
Can anyone on here recommend a bank that does Fx transfers with no hassle - preferably one they've had experience of?
Thank you

yams

It's not a bank but has he looked at TransferWise? I use it the other way round and have never had a problem.

jonnygee2

Anyone who sends money abroad regularly, especially to Mena, is going to have problems like this. It's unavoidable - AML laws essentially prevent money being sent 'without hassle'.

The bank is fulfilling is fulfilling its legal obligations.

colsten

I agree, Transferwise for Business would be worth a look at.

jonesMUFCforever

colsten wrote: »

I agree, Transferwise for Business would be worth a look at.

Would Santander not check any large transfers to Transferwise too?

silvasava

jonnygee2 wrote: »

Anyone who sends money abroad regularly, especially to Mena, is going to have problems like this. It's unavoidable - AML laws essentially prevent money being sent 'without hassle'.

The bank is fulfilling is fulfilling its legal obligations.

You would think that - but the company he is sending to IS a legit company he has been dealing with for over 20 years (also in a previous employment) He is perfectly aware of the requirement for money laundering but not with the length of time Santander is taking to do their investigations into two legit companies and doesnt even bother to let you know they are investigating the transaction. Its not good for business when your customer tells you he hasn't received any money!!
Anyway this post wqas asking for recommendations for companies that are professional in their dealings with Fx.

colsten

jonesMUFCforever wrote: »

Would Santander not check any large transfers to Transferwise too?

You would hope they did, and you would hope that Transferwise did, too. But Transferwise are quite likely to be more efficient in their processes as transferring money between countries is their core business. There is also a good chance that they charge less, and have better exchange rates, than Santander.

colsten

silvasava wrote: »

.....the company he is sending to IS a legit company he has been dealing with for over 20 years....

As they say, past performance is no guarantee for the future (or for the present). It would be shocking if banks made exceptions for companies have been in business for a long time, and for longstanding customers. I reckon it could cost them their licence if they did, or at least cost them a small fortune in fines.

ag120

How big are his foreign exchange requirements on an annual basis? He might be better off using a business focussed currency broker. Western Union Business Solutions are quite good, but only worth it if you have a few hundred k per year to transact.

penners324

I'd recommend Monex Europe. They're an exchange company like Transferwise.
Set up a trade and a payment on there website or app then send the required £ to a UK Barclays account (owned by Monex), they will do the rest.

colsten

penners324 wrote: »

I'd recommend Monex Europe. They're an exchange company like Transferwise.
Set up a trade and a payment on there website or app then send the required £ to a UK Barclays account (owned by Monex), they will do the rest.

What advantage, if any, do they offer over Transferwise?