Banking Question

[VladtheImpaler]

I know we have several bankers on here, so I am hoping some light can be shed on this question. I have a client overseas, whose case I handled here. I have a cheque for him. I cannot wire the money. Can I open an account in his name (I have a notarized copy of his passport) and deposit the cheque into it? I do not want to have any access to this account - basically I just want to get rid of this cheque - and then it's his problem of how to get the money to where he is...

[undercoverbrother]

Originally Posted by VladtheImpaler

I know we have several bankers on here, so I am hoping some light can be shed on this question. I have a client overseas, whose case I handled here. I have a cheque for him. I cannot wire the money. Can I open an account in his name (I have a notarized copy of his passport) and deposit the cheque into it? I do not want to have any access to this account - basically I just want to get rid of this cheque - and then it's his problem of how to get the money to where he is...

Does he have a Canadian account? If so, I believe you can do a third party deposit, if you he has given you his Canadian Banking info.

[longsuffering]

Originally Posted by VladtheImpaler

I know we have several bankers on here, so I am hoping some light can be shed on this question. I have a client overseas, whose case I handled here. I have a cheque for him. I cannot wire the money. Can I open an account in his name (I have a notarized copy of his passport) and deposit the cheque into it? I do not want to have any access to this account - basically I just want to get rid of this cheque - and then it's his problem of how to get the money to where he is...

Mail or courier him the cheque. What he does with it is his problem.

[undercoverbrother]

Originally Posted by longsuffering

Mail or courier him the cheque. What he does with it is his problem.

That won't work, I suspect funds are in Vlad's trust account.

[VladtheImpaler]

Originally Posted by undercoverbrother

That won't work, I suspect funds are in Vlad's trust account.

Yes. I already tried that - there is no bank where he is that will accept a Canadian cheque. To answer your first Q, he does not have a Canadian account - that's the problem. Can I, his authorized rep, open an account here in his name without him being present?

[undercoverbrother]

Originally Posted by VladtheImpaler

Can I, his authorized rep, open an account here in his name without him being present?

Sorry don't have the answer to that. Could you not do a money order or such?

[bluck]

Not a chance they would let you open an account for a Third Party even if you are acting on his behalf. Banks are very strict on this sense, since it directly relates to their Anti Money Laundering policies. Failure to comply with these regulations would be murderous for any Financial Insititution. Your only options would be to perhaps have the issuer, issue the chq in your name and then you could possibly convert it to US funds and wire the funds to him that way. A draft although guranteed, usually isnt even accepted overseas. Other then that since you cant mail the chq i'd say you're out of luck.

[Cecil Terwilliger]

Even if you open him a Canadian account, what's he going to do with it? How will he access the money? If he only has an account at a euro Bank he'd still have to wire it to himself.

You could send him a US draft. Figuring out a proper conversion may be difficult though. Just remember a draft is almost as good as cash. Send it registered or something. Never mind. I didn't know drafts weren't accepted overseas.

What about Western Union? It's expensive but quick and it's Everywhere.

[Titan]

You can open an account with a full POA. He would have to be here appoint you though and he isn't. He could get a local POA done naming you. witha a mandatary agreement done with the local lawyer. Might be very difficult if he is somewhere that won't accept a Canadian cheque. However, this situation is raising all kinds of AML alarms. We probably wouldn't open an investment count in this situation. Even with a POA. Sorry.

[nfotiu]

Have you checked out xe.com? It has some tools for moving from accounts in one country to another.

[VladtheImpaler]

Thanks everyone - my options are very limited since it's a lawyer's trust account and we are very restricted in terms of what we can do. It looks like he will just have to fly here, collect his cheque, and cash it. I told him to open an account at a bank that has branches here and there, but there don't seem to be any of those (though I thought HSBC did retail business in Russia).

[Cowperson]

Originally Posted by VladtheImpaler

I have a client overseas, whose case I handled here. I have a cheque for him. I cannot wire the money. ..

Why can't you wire the money?

Does he not have a bank account in some civilized country somewhere? Is your firm unable to satisfy itself of his identity some way?

Assuming your firm has documented him properly and a regulated bank has documented him properly, and then with his properly documented permissions, I would think a direct deposit could be done.

Or does he only bank in a country regulators restrict access to?

I agree anti-money laundering regulatory oversight and legislation is pretty stiff these days.

Just curious.

Cowperson

[Canehdianman]

Our firm would usually just wire the money.

I am curious why you can't send a wire?

[Robbob]

I now know who the middle money man is in all those terroist jerseys.

[VladtheImpaler]

Originally Posted by Canehdianman

Our firm would usually just wire the money.

I am curious why you can't send a wire?

Maybe I can - my situation is complicated by the fact that I bank with a CU that can barely connect to its own branches, let alone to some foreign bank. I am in the process of changing over to a major bank, but that doesn't help in this situation. Frankly, I want to minimize my effort and expense here, as I have already billed this file, and anything from here on out comes out of my own pocket.

[MoneyGuy]

Vlad, if your client is a Canadian temporily out of the country and you want to open a Canadian account, not a chance. If you want to open an account in some other country it will depend on the country and its banking laws. Unless it's some lax third-world country, I'd say your chances are very slim. If it's some Caribbean country or another nice place, your best bet is to have me fly over to deliver it personally. You have my email address and phone number. I'm in this afternoon. We'll talk.

[Cowperson]

Originally Posted by VladtheImpaler

Maybe I can - my situation is complicated by the fact that I bank with a CU that can barely connect to its own branches, let alone to some foreign bank. I am in the process of changing over to a major bank, but that doesn't help in this situation. Frankly, I want to minimize my effort and expense here, as I have already billed this file, and anything from here on out comes out of my own pocket.

I doubt they're so primitive you couldn't wire to a legitimate, properly regulated, first world institution where his identity has been properly documented.

And probably the crap countries too.

You can only ask. But make sure you document his permissions.

Cowperson

[jammies]

He's Russian? Isn't their currency a combination of underage prostitutes, vodka and cases of assault rifles? Just ship him a pallet of booze, I'm sure he'll be happy with that.

[To Be Quite Honest]

Open an online bank account for him using his details and your business address - or if he can with an out of country ip.

If a Canadian phone number is needed use a magicjack which can be used anywhere there is internet.

http://www.ally.ca/en/index.html

Duh, I'm not sure it would work as in my head he was a Canadian living overseas... lol Who knows until you try!

[Maritime Q-Scout]

Business trip to whatever exotic and tropical location he's in. Hand him the cheque personally, and relax on the beach with bookers and blow on the firm's dime!