Cater Allen - payment services

[escaped]

Hi guys,

I was a UK contractor until 5 years ago when I emigrated to Hong Kong. Like a lot of contractors I used Cater Allen for banking - business and personal. In the last 2 years I am getting nothing but problems with them especially in the last couple of weeks when CHAPS/SWIFT (in and out) payments are being withheld for up to 36 hours or just not processed at all until I complain and send proof from the sending bank that CA have the funds. I've sold my UK house and want to FX the money out of the UK hence so many payments recently. I want to FX payment abroad and even after confirmation that everything is OK CA simply do not transfer the funds.

I've been with CA for over 20 years - 18 great years and the last 2 diabolical for example:

1. 2 consecutive years replacement cards have been sent to an incorrect and previous addresses and had to be resent.
2. This year cards were cancelled before end date and without notice. New cards sent but were packaged with the new pin numbers by DHL.
3. A payment from CA took nearly 36 hours to arrive at its destination and CA had to be reminded to send it.
4. CHAPS Payment to CA took over 36 hours. CA denied receiving this payment and it took proof from the paying bank before CA admitted they had it.
5. Instruction was given to CA for a SWIFT payment – 24 hours later and it did not happen.

Do accountancies still recommend and contractors still use Cater Allen - and I am outdated and need to move money out fast before they collapse? Or is it just me getting this awful service.

[Jessica@WhiteFieldTax]

Do accountancies still recommend and contractors still use Cater Allen - and I am outdated and need to move money out fast before they collapse? Or is it just me getting this awful service.

As a last resort. We encourage clients to use their existing clearing bank first.

My experience with a couple of hundred client accounts on agency at CA is similar.

Last year we had a client who had two accounts closed by CA for his regular contracting business as he was opening a plan B business in a sector they didn't like (Bullion trading).

Just this morning they are stalling on a new account as the client had the temerity to ask for IBAN details, apparently incoming foreign payments "raise a query".

[jamesbrown]

Yes, in my experience, they've been pretty poor recently, especially when dealing with international payments. They've changed the rules on the conditions under which a payment will be accepted and credited; essentially, they have become very intolerant to minor errors on foreign wire instructions. Also, I would suggest that, if you're living abroad, there's potentially a risk that your account will be closed without explanation. They've taken offense to certain business sectors and to clients living abroad, as far as I can tell from recent posts and reviews (see Jessica's post also).

They are basically no frills but, until recently, they've at least been competent, on the whole.

[borderreiver]

Just this morning they are stalling on a new account as the client had the temerity to ask for IBAN details, apparently incoming foreign payments "raise a query".

That's just insane. I regularly receive EUR payments (to a business account with a eurozone bank) and transfer the money over to CA afterwards (the eurozone bank gives me a much better EUR->GBP exchange rate, and I can choose to transfer several payments together). If CA were to start messing me about with that then I'd be looking for a new business bank the same day :-(

The "we only have one IBAN for all accounts" thing is awkward, but I can live with that. But if some bank numpty starts treating everything "foreign" as suspicious, then I'm out of the door ...

[escaped]

Also, I would suggest that, if you're living abroad, there's potentially a risk that your account will be closed without explanation. They've taken offense to certain business sectors and to clients living abroad, as far as I can tell from recent posts and reviews (see Jessica's post also).

Too true, I found transferring money to a joint account abroad with my wife raised security questions because my wife is Chinese. They delayed payments until I justified having a Chinese wife. To get around the problems we now transfer money from CA into my wife's old UK bank and make international transfers from there. We will then close CA accounts.