Hi guys,
I want to give you a bit of insight of why I HATE banks and why I understand people go for "easier alternatives".
I own a UK LTD, which holds reseller and wholesale agreements with a plethora of suppliers, including trademarks.
I own a company in South Africa with a 7 figure turnover.
EVERYTHING is 100% legitimate. The amount flowing between companies is under 60K GBP per year.
- My South African company buys at wholesale rates from my UK LTD, seeing as the UK LTD has its own clients, it has much higher discounts than what I could ever get in South Africa. Not only that, some of our suppliers refuse to deal with African companies.
- My South African company makes use of the trademarks at no cost. The only thing that is paid or is the wholesale services.
- Every year, I must submit about 200 A4 pages to the South African financial authorities and I am on the Financial Surveillance watchlist ... fine.
- HSBC UK does a fking KYC on me every 3-4 months. Where I provide them with 20-30 pages of contracts, invoices, reasons for transactions ... etc. wtf???
- HSBC UK does not understand that my UK LTD pays VAT in more than 1 non-EU country. They always flag payments to other tax authorities which probably triggers the KYC??? who knows???
- HSBC UK cannot even provide me with access to my USD and EUR statements online through HSBC Global (hsbcnet), its a bug/issue I reported in July last year, which was confirmed ... they still not solved it. I get statements on USD/EUR accounts once every 3-4 months by post!!
- My South African bank imposes fking crazy requirements on related-company financial transactions. Last year they added an entire A4 page of restrictions, despite the Financial Surveillance authority literally having none apart from proper invoice, proof of service/goods.
- It is COMMON for my South African bank, despite me having a Financial Surveillance AUTHORITY and bank AUTHORITY to effect international transfers they either do not transfer funds, or as they just did REJECT it outright because they cannot READ the perfectly valid invoice.
Oh, lets not mention the corruption in South Africa where people are transferring MILLIONS in corrupt deals out of the country. Or the racism the government has against white people where 80% of government contract decisions relates to being a 100% indigenous black (or indian or chinese) owned company.
Sometimes I wonder how even people do business these days or how one is supposed to make money to survive.
Just because HSBC is soo useless I have been forced to use (Transfer) Wise so I can keep track of my payments so my accountants can do their job. inb4 my account gets terminated like everyone else for no apparent reason.
Again I don't know anymore. I hope you all are doing better than I am.
I want to give you a bit of insight of why I HATE banks and why I understand people go for "easier alternatives".
I own a UK LTD, which holds reseller and wholesale agreements with a plethora of suppliers, including trademarks.
I own a company in South Africa with a 7 figure turnover.
EVERYTHING is 100% legitimate. The amount flowing between companies is under 60K GBP per year.
- My South African company buys at wholesale rates from my UK LTD, seeing as the UK LTD has its own clients, it has much higher discounts than what I could ever get in South Africa. Not only that, some of our suppliers refuse to deal with African companies.
- My South African company makes use of the trademarks at no cost. The only thing that is paid or is the wholesale services.
- Every year, I must submit about 200 A4 pages to the South African financial authorities and I am on the Financial Surveillance watchlist ... fine.
- HSBC UK does a fking KYC on me every 3-4 months. Where I provide them with 20-30 pages of contracts, invoices, reasons for transactions ... etc. wtf???
- HSBC UK does not understand that my UK LTD pays VAT in more than 1 non-EU country. They always flag payments to other tax authorities which probably triggers the KYC??? who knows???
- HSBC UK cannot even provide me with access to my USD and EUR statements online through HSBC Global (hsbcnet), its a bug/issue I reported in July last year, which was confirmed ... they still not solved it. I get statements on USD/EUR accounts once every 3-4 months by post!!
- My South African bank imposes fking crazy requirements on related-company financial transactions. Last year they added an entire A4 page of restrictions, despite the Financial Surveillance authority literally having none apart from proper invoice, proof of service/goods.
- It is COMMON for my South African bank, despite me having a Financial Surveillance AUTHORITY and bank AUTHORITY to effect international transfers they either do not transfer funds, or as they just did REJECT it outright because they cannot READ the perfectly valid invoice.
Oh, lets not mention the corruption in South Africa where people are transferring MILLIONS in corrupt deals out of the country. Or the racism the government has against white people where 80% of government contract decisions relates to being a 100% indigenous black (or indian or chinese) owned company.
Sometimes I wonder how even people do business these days or how one is supposed to make money to survive.
Just because HSBC is soo useless I have been forced to use (Transfer) Wise so I can keep track of my payments so my accountants can do their job. inb4 my account gets terminated like everyone else for no apparent reason.
Again I don't know anymore. I hope you all are doing better than I am.
