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Why does Marcus by Goldman Sachs want inheritance documentation for opening a 4.90% fixed bond?
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I'm still in the USA and Nat West closed my UK account 30 years ago due to inactivity and a very small balance. So I have no financial accounts in the UK. If I return to the UK I'll have to start from scratch with some sort of rental to get an address and utility bills and then open a UK bank account and fund it from my US bank account. That's the point at which Source of Funds is likely to become an issue and I have no idea what documentation will be needed.
And so we beat on, boats against the current, borne back ceaselessly into the past.1 -
What I hate is getting documents from Europe on A4 and having to put them in US ring binders designed for US Letter Size. The International paper size standard is sensible, but it can mess up my filing.
And so we beat on, boats against the current, borne back ceaselessly into the past.1 -
HSBC UK will allow you to apply for a UK current account while still living overseas.
Alternatively (assuming you qualify) you can also apply for a Premier account with HSBC USA who in turn can arrange for UK account to be opened for you.
Transfers between HSBC accounts in different countries are very simple - and even if you decide to use a firm like Wise - it makes proving source of funds easier.
In addition, HSBC can also access your US credit record/banking relationship as a basis in granting UK credit to you.
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Thanks, I've looked into that and might go that route, but the Premier account balance requirement iis not attractive to me…I'm not going to keep 100k in a bank account and don't want to put any money in their investment services.
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
I'm in the habit of moving large sums, chasing interest rates. I will need to reconsider my strategy now. I just moved the full whack to Lemfi in £10k drips but they haven't queried it (yet?) . Supplying endless documents for source of funds and being treated ads a potential criminal is no fun at all and I worry there may come a time/point when I would simply be unable to vouch for some deposit or other.
You do realise, of course, that they wouldn't return your money at all until they were completely satisfied with all documentation they requested.
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You do realise, of course, that they wouldn't return your money at all until they were completely satisfied with all documentation they requested.
@keiran I think you have missed the point. Their process (options available to you) only assumes that you have acquired a lump sum of money, rather than the possibility that you may have acquired a large(ish) amount of capital through savings over the years, and that we were (my partner really) was simply moving £xxxxx from exiting savings A to Lemfi.
As it was there had been a lump sum deposit (due to a PCLS), which was both fortunate and unfortunate; because we then had to justify where the lump sum had originated. I am unsure how this would have proceeded if there hadn't been a lump sum deposit.
AFter it was all resolved, we transferred another batch of savings from existing savings A to Lemfi. We then had to go through exactly the same process. Annoyingly, on this second occurrence they expected me to simply send all the additional documentation via open email. I understand AML rules / regs but this was far from a 'good' experience.
Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
As a frugal over 60 who has built up savings over many years this thread is beginning to worry me a bit. Also now regretting some of the culls I've had on ancient paperwork.
More reason to spend it, gift it, I suppose, instead of hoarding it.
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And of course I have today been asked to prove source of funds.
I wonder if statements from the original bank showing the multiple £10k transfers will suffice, or will they want to know whence those monies came from, ad infinitum?
One technique money launderers use is called "smurfing" where miscreants will break down their deposit into smaller ones which are less likely to raise suspicions - which is exactly what Lemfi makes you do as it limits deposits to £10k per day!
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And of course I have today been asked to prove source of funds.
Source of funds or source of wealth?
Source of funds is relatively easy to evidence. Source of wealth is where it can be a bit harder.
Usually, both have to be satisfied.
I wonder if statements from the original bank showing the multiple £10k transfers will suffice, or will they want to know whence those monies came from, ad infinitum?
Depends on where the transfers came from and what they show on the statement. You may have to take a further step or two if they are from another account in your name.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Ahh yes - It's Source of wealth - So presumably a statement from a recent event showing "new money" coming to me, and then the previous bank statement showing where the money had come from, and an explanation that I'm an interest rate chaser who moves money to get the highest rates?
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