Hi!
I've come across the situation where a company based in UAE has been exited from Ebury UK (UAE branch). Now they are asking for accounts to send the funds to (around 500k usd and 500k euro, total around 1m). The wire will come from pooled under "Ebury" and not the under the company's name (hence it will not show as Company remittent, but Ebury). It will say in the concept of the wire "closed account - Company XXX Client XXX).
We have account in NBD, WIO, and ADIB. But we never operated before in Wio, and ADIB we only use for AED.
What would be your suggestions as to how to get the funds out?
We reckon the safest approach would be to go by the NBD branch, explain the situation, and ask them what would be required. All incoming funds to the closed account are clean transactions and do have proper invoicing and documentation.
Or maybe we can just dump everything on Wio, and from there to NBD. Are the compliance monkeys very strict on Wio (specially for those numbers)? We are concerned, as we have never transacted there before, and even though on the phone they said "sure no problem, just send over", I fear since it's not warmed up and has no history of transactions, it could become a compliance nightmare when such an amount pops in out of the blue, coming from just some other bank under the very bank's name (even though our Company name would be included as well as our Ebury client ids).
Summoning @Fred here as well. Thanks in advance to all forum members.
What do you guys think?
I've come across the situation where a company based in UAE has been exited from Ebury UK (UAE branch). Now they are asking for accounts to send the funds to (around 500k usd and 500k euro, total around 1m). The wire will come from pooled under "Ebury" and not the under the company's name (hence it will not show as Company remittent, but Ebury). It will say in the concept of the wire "closed account - Company XXX Client XXX).
We have account in NBD, WIO, and ADIB. But we never operated before in Wio, and ADIB we only use for AED.
What would be your suggestions as to how to get the funds out?
We reckon the safest approach would be to go by the NBD branch, explain the situation, and ask them what would be required. All incoming funds to the closed account are clean transactions and do have proper invoicing and documentation.
Or maybe we can just dump everything on Wio, and from there to NBD. Are the compliance monkeys very strict on Wio (specially for those numbers)? We are concerned, as we have never transacted there before, and even though on the phone they said "sure no problem, just send over", I fear since it's not warmed up and has no history of transactions, it could become a compliance nightmare when such an amount pops in out of the blue, coming from just some other bank under the very bank's name (even though our Company name would be included as well as our Ebury client ids).
Summoning @Fred here as well. Thanks in advance to all forum members.
What do you guys think?
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