£200k in UK bank- 3rd Party Letter Needed?

[Etrigan]

Hello All. I need some clarification:

1. I am applying from outside the UK, but I have a UK bank account in HSBC

2. I have over £200k in my UK HSBC bank account. This comprises my money, plus money provided by a couple of friends.

My questions are:

1. Since my funds are in a UK bank (London branch of HSBC) do I still need a letter from the bank confirming the funds are disposable in the UK, and that the bank is FSA regulated?

2. Since the full amount of £200k is already in my bank account and I can provide bank statements to that effect, do I still need confirmation letters from my friends who provided part of the money? Or is that only needed for when 3rd parties pledge the money, but have not yet transferred it?

Thanks for your prompt advice.

[ishfaqsangra]

you do not need letter from them but source of funds need to be justified
You need Your bank statement and they know that HSBC is regulated by FSA.
If you get a letter saying you got that money in your account by the bank that would also do.it is already printed on bank letter details of regulations by FSA nad PRA

[BlackBirdSSG]

you do not need letter from them but source of funds need to be justified
You need Your bank statement and they know that HSBC is regulated by FSA.
If you get a letter saying you got that money in your account by the bank that would also do.it is already printed on bank letter details of regulations by FSA nad PRA

FCA & PRA (not FSA)

[BlackBirdSSG]

Hello All. I need some clarification:

1. I am applying from outside the UK, but I have a UK bank account in HSBC

2. I have over £200k in my UK HSBC bank account. This comprises my money, plus money provided by a couple of friends.

My questions are:

1. Since my funds are in a UK bank (London branch of HSBC) do I still need a letter from the bank confirming the funds are disposable in the UK, and that the bank is FSA regulated?

2. Since the full amount of £200k is already in my bank account and I can provide bank statements to that effect, do I still need confirmation letters from my friends who provided part of the money? Or is that only needed for when 3rd parties pledge the money, but have not yet transferred it?

Thanks for your prompt advice.

1) UK Bank Statements are sufficient enough. However, if funds (or part of funds) have recently been transferred, then you need to prove "Source of Funding", otherwise you will have problems (or possibly interview)

2) If money is in your account, you do not need any other letters. You can, however, request bank to provide such letters, but there is no need.

[Etrigan]

Thanks for the replies.

I now understand that I don't need a letter from the bank since I have the £200k in a London bank.

However, I am still not clear if I need letters from my friends. Most of the £200k was transferred into my account by two friends. The policy says if I'm relying on 3rd party funds I should get a letter from them confirming the funds will remain available to me for investment in the UK.

So do I still need a letter from my two friends confirming they contributed the money,or is it enough that I have a London bank statement with £200k in it?

[BlackBirdSSG]

You do not need Letters if money is lying in ur UK Bank Account. You need bank statement.

If money is in 3rd party's account (in UK bank account), you need 3rd party letters. But, UK banks don't entertain such things.

[umarjee4u]

You do not need Letters if money is lying in ur UK Bank Account. You need bank statement.

If money is in 3rd party's account (in UK bank account), you need 3rd party letters. But, UK banks don't entertain such things.

can you please explain that what third party letters will be good and what is alternative if UK bank do not enterian such things. thanks

[BlackBirdSSG]

If money is in your account (even if you borrowed it from someone else) it's not 3rd party. It's considered your money. If it was recently transferred (lets say, within a month or two), then you need to prove the source of that money (e.g. if you have sold any property or something).

Now, always use 3rd party funding from overseas banks (instead of UK banks). UK banks will not give you the HO specific documents (kindly see last two pages of Tier 1 Entrepreneur Policy Guidance).


UK Banks - Money in Your Account => BANK STATEMENT or BANK LETTER
UK Banks - Money in 3rd Party Account => Bank Letter, 3rd Party Affidavit and Solicitor's Letter (bank statement is optional)

Overseas Banks - Money in Your Account => BANK LETTER + BANK STATEMENT + Solicitor's Letter
Overseas Banks - Money in 3rd Party Account => Bank Letter, 3rd Party Affidavit and Solicitor's Document (bank statement is optional)

[Etrigan]

[quote="BlackBirdSSG"]If money is in your account (even if you borrowed it from someone else) it's not 3rd party. It's considered your money. If it was recently transferred (lets say, within a month or two), then you need to prove the source of that money (e.g. if you have sold any property or something).

Thanks for your reply. This is the reason for my confusion. The money was indeed recently transferred into my account by my friends, and the case worker will see this transfer on the bank statement (since I have to show 3 months' bank statement to show I have had maintenance funds for 90 days).

So how do I prove the source of the money? The reality is my friends will be investors in my business, and they transferred the money there to help me with my application. One person transferred £100k.

Obviously I don't want to lie about the source of the money because it is legitimate investment funds. I also don't want to go to the trouble of getting 3rd party letters and solicitors' confirmation etc, since my friends live abroad.

So do I just submit the application with only the bank statement and wait for them to ask about the source of the money, or include 3rd party letters fom my friends(which I don't want to do), or prove the source of the money some other way?

[zamanam]

HI

Can someone let me know if this is allowed to apply from outside the UK but have £200K in the UK and the source of money is also from inside the UK.

I am asking this because someone said reason to entrepreneur visa is to bring money from overseas if money and source of funds is already UK then you cant get entrepreneur visa. Is it true? Iwill really appreciate if you can share some quidelines for this.

Thanks

[Darvesh]

that SOMEONE is NO ONE and whatever said by SOMEONE is baseless.......

there isnot any such thing that u must bring money from overseas to uk for T1E. u can use funds available to you for T1E no matter where funds lying either in uk or anywhere.

[zamanam]

Lolz - that was good. Thank you very much.

I am actually the third party supporting T1E application of my brother who is outside UK. My UK bank is not giving letter in required format. We met a lawyer and he said I have to transfer money to my home country and its better to transfer to my brother's account.

Transfering £200K is just not easy and I think there must be any other better ways but immigration consultant is saying this is the best way! That's why I thought I should ask here. Is there any better way?