cheapest bankers draft facility

wmb194

GringoGoesToVagas said:

wmb194 said:

GringoGoesToVagas said:

wmb194 said:

GringoGoesToVagas said:

wmb194 said:

GringoGoesToVagas said:

QrizB said:

Getting back to the question, the cheapest option is surely to give the cash to a friend who isn't "getting out of banking" and still has a current account with a cheque book, and asking them to write a cheque on your behalf?

Will not work sorry, it must be in my name, its for my share dealing account you see and they WILL NOT accept payment from any other legal entity (how bad is that!)

If you're serious and not trolling, even if you can achieve this you also need to think about how to withdraw money from the brokerage: they often require nominated bank accounts in your name to make electronic transfers to and if it paid you by cheque where would you deposit it? 

Yes deadly deadly serious! my share dealing broker have said they will except a check that I send to there head office made out in my own name (legal fiction). And could return the money in the form of a check when i want to sell

But where will you deposit it if you don't have a bank account? You'd need to open one...

I dont understand the question? I find a broker that will write me the draft from the cash I give them. Then I send the draft off to the head office of my share dealing broker who will pay it to my share dealing account on my behalf 

I'm referring to the cheque the broker sends you when you make a withdrawal. Where will you bank it if you have no accounts?

"And could return the money in the form of a check (sic) when i want to sell"

Im not 100% sure hear! they did say that they will send me a check for it, but nid not say if it will be in the form of a bankers draft or not

You'll still need an account for a bankers draft but it won't be, it'll be an ordinary cheque.

wmb194

In the past this OP's had lots of strange threads but this feels like someone who's trying to figure out how to launder cash via a third party cheque and a stockbroker. It won't work though e.g., Hargreaves Lansdown: it requires an official letter from the bank stating that the cheque/draft has been drawn on an account in their name.

GeoffTF

Back in the early 1980s, I was able to buy shares at a high street full service broker with a banker's draft. The regulations were changed shortly afterwards. When asked whether I could pay with a banker's draft on the day, I was told "absolutely not". I expect that was to stop money laundering. I would be surprised if the regulations were more liberal today.

GringoGoesToVagas

wmb194 said:

GringoGoesToVagas said:

wmb194 said:

GringoGoesToVagas said:

wmb194 said:

GringoGoesToVagas said:

wmb194 said:

GringoGoesToVagas said:

QrizB said:

Getting back to the question, the cheapest option is surely to give the cash to a friend who isn't "getting out of banking" and still has a current account with a cheque book, and asking them to write a cheque on your behalf?

Will not work sorry, it must be in my name, its for my share dealing account you see and they WILL NOT accept payment from any other legal entity (how bad is that!)

If you're serious and not trolling, even if you can achieve this you also need to think about how to withdraw money from the brokerage: they often require nominated bank accounts in your name to make electronic transfers to and if it paid you by cheque where would you deposit it? 

Yes deadly deadly serious! my share dealing broker have said they will except a check that I send to there head office made out in my own name (legal fiction). And could return the money in the form of a check when i want to sell

But where will you deposit it if you don't have a bank account? You'd need to open one...

I dont understand the question? I find a broker that will write me the draft from the cash I give them. Then I send the draft off to the head office of my share dealing broker who will pay it to my share dealing account on my behalf 

I'm referring to the cheque the broker sends you when you make a withdrawal. Where will you bank it if you have no accounts?

"And could return the money in the form of a check (sic) when i want to sell"

Im not 100% sure hear! they did say that they will send me a check for it, but nid not say if it will be in the form of a bankers draft or not

You'll still need an account for a bankers draft but it won't be, it'll be an ordinary cheque.

Do you know the differance between a bankers draft and an ordinary cheque?

GringoGoesToVagas

wmb194 said:

In the past this OP's had lots of strange threads but this feels like someone who's trying to figure out how to launder cash via a third party cheque and a stockbroker. It won't work though e.g., Hargreaves Lansdown: it requires an official letter from the bank stating that the cheque/draft has been drawn on an account in their name.

Please define the term launder?

GringoGoesToVagas

GeoffTF said:

Back in the early 1980s, I was able to buy shares at a high street full service broker with a banker's draft. The regulations were changed shortly afterwards. When asked whether I could pay with a banker's draft on the day, I was told "absolutely not". I expect that was to stop money laundering. I would be surprised if the regulations were more liberal today.

Who was that with. and again what dose  laundering mean?

mlz1413

If you are copying the word 'check' from the correspondence you have had then it's not UK based.
I can see that you mix up up certain terms so it could just be spelling errors no shame there as Im uselesswithout auto correct. But you need to ensure what country you are dealing with.  USA sites may offer services not available in UK.

If you have £2000+  to invest it will be very hard to do that in the UK without a bank account. 

And nearly impossible without fees.

But I've love an update if you achieve it!

QrizB

GringoGoesToVagas said:

Please define the term launder?

https://en.m.wikipedia.org/wiki/Money_laundering

Laws designed to combat money laundering require all financial institutions to confirm the source of large deposits, and the identity of those persons depositing them.

So your bank will only issue a draft (in exchange for your bundles of £20s) once they're satisfied that they know who you are and where the money came from.

And when you cash in your investments, your broker will send you a crossed "account payee" cheque that can only be paid into a bank account in your name - your bank having confirmed your identity before allowing you to open it.

GringoGoesToVagas

QrizB said:

GringoGoesToVagas said:

Please define the term launder?

https://en.m.wikipedia.org/wiki/Money_laundering

So you are saying that the above 2 characters are accusing me of committing criminal activities by paying cash and avoiding a bank account right???

QrizB

GringoGoesToVagas said:

QrizB said:

GringoGoesToVagas said:

Please define the term launder?

https://en.m.wikipedia.org/wiki/Money_laundering

So you are saying that the above 2 characters are accusing me of committing criminal activities by paying cash and avoiding a bank account right???

I'm not saying that, no. Although the way you're wanting to circumvent the banking system might look suspiciously like.money laundering to a bank when you turn up with wads of cash asking for a banker's draft.

As an example, Barclays will only issue them to account holders and you'll need photo ID:

https://www.barclays.co.uk/help/payments/one-off-/bankers-draft/