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Banking daily limits

A recent issue we ran into that we tried to avoid, however the timing did not align!

We had a client with a large amount of USD ($1m) sitting in his Wells Fargo account in America, and he wanted to move to his bank account in Australia. He is based and living in Australia.

He tried to move it online - No luck ($5,000 per day daily limit) So there are 200 days of transfers!

He called Wells Fargo - after an hour being moved around from department to department, they said it could be directly debited in amounts of $25,000 per day, however a total of $75,000 per month. Good, we are down to 13 months, Ah, that's more than 200 days!

He called the next day to see if he could arrange an ACH transfer to a local Citibank Account - They said no, and that his limit on the direct debit was now $5,000 per day - Back to 200 days!

We then explored other opportunities, and avenues. We finally found one, an ACH direct debit in one lump sum with no limits. Finally, maybe we could get this one in 2-5 days with the US banking system.

We at CB3 have come across this many times before, and we always ask our clients to find out about their daily limits and limits if they are out of the country to avoid these types of problems, sometimes it is not possible, however we will always find a way!

Even though the transfer did not come through us directly, we were able to assist the client in getting the money home quickly, and have put a plan in place for next year's earnings.

This is where your integrity and experience comes in, even though we gain nothing from the transfer, we have gained a client for life that will recommend us to others as we found a solution that worked best for the client, and it will come back around, I have no doubts.

You can't be one size fits all, but when they don't fit, it's great to have the industry knowledge to pass them onto another service, even if it's a competitor.

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