Challenge
Foreign cheque takes 6-8 weeks clearance
An Isle of Man based financial advisory company had a client with Canadian Dollars to invest. Funds needed to be cleared and exchanged to Sterling for further investment. The client faced long delays and no control over clearance of a substantial Canadian Dollar cheque and potential high costs.
The client is elderly and only has a standard current account with a cheque book. Funds cannot be sent electronically as client does not have online banking and his bank will only accept transfer instructions delivered in person, which would require the client to travel to Canada.
Clearing the cheque through a high street bank would result in at least a 6-8 week wait for cleared funds and no control over the exchange rate to Sterling and associated costs.
Solution
Moneycorp Network
Client opened a personal account with Moneycorp, London. No fees to open the account.
The cheque was couriered to the Moneycorp US office for clearance, which took only 10 days, as opposed to 6-8 weeks through the UK high street banks’ clearing process.
Cleared Canadian Dollars were deposited to the client’s Moneycorp account. The client then had full control over the exchange to Sterling at a competitive rate, with no additional fees. Sterling funds then available for further investment, with significant savings achieved and no payment fees.
The Result
Rapid cleared funds, significant FX & cost savings
- Cleared CAD$ funds in 10 days as opposed to 6-8 weeks
- Control over CAD / GBP exchange rate
- Significant FX savings
- Significantly reduced transaction costs
- Much quicker lead time to GBP investments.
- Happy financial advisor and now a partner & happy client.
- Potential for future investments from same client