3 ms·

Short answer to your question is "Private Banking": https://en.wikipedia.org/wiki/Private_banking https://en.wikipedia.org/wiki/Private_banking You have a spe

by pquerna 10y ago

Short answer to your question is "Private Banking": https://en.wikipedia.org/wiki/Private_banking https://en.wikipedia.org/wiki/Private_banking You have a specific account manager, who you know, and is in communication with you about that Jet purchase. Yes, it probably is a wire, but maybe to an escrow, depending.

Loic 10y ago
You do not need to go the private banking way to have such level of service. I am living in Germany at the moment, I have an account in a Sparkasse (A savings bank). As I needed to buy a car, I informed my account manager that I would buy one, gave her the bank account information of the car dealer and told her that if everything is in order, I would call and ask her to perform an "instant" money transfer. Just went to the car dealer, looked at the car, call my account manager, 30 minutes later the money was available on the account of the car dealer and I was ready to go. For the day-to-day stuff, we use a pure online bank, but I am happy to pay the higher fees of a Sparkasse for such cases where trust is needed.
- rjsw 10y ago
  I think there is a bit of a difference between buying a car and buying a jet. I bought a car last year and just paid for it using my chip-and-pin debit card, my bank told me that they can identify accounts for car dealers and don't question large payments to them.
  - Loic 10y ago
    The car handlers in Germany do not allow that for large amount of money. You can authorize a transfer without limits with your card (Lastschriftverfahren), but the handler will not have the money directly so he cannot be sure he will be able to pull the money out of your account. They want money in an irrevocable way on their account, which I understand.
- gambiting 10y ago
  Well, I'm sure a bank has enough cash on its own accounts to pay for a car instantly. My parents had a problem few years ago when they were buying a warehouse for big $$$, and the bank literally asked them to wait a couple days until they could gather that much money to actually pay out the loan. Now imagine that times hundred - I guess it's not a simple operation.
  - kintamanimatt 10y ago
    Were they doing it in cash? I can understand it if the warehouse was literally being bought in hard currency, but otherwise it seems a little strange!
    - gambiting 10y ago
      No, they were taking a loan from a small local bank and the bank literally didn't have enough money sitting in the account to pay out all of it instantly - they had to ask their other branches to make the transfer to their account first, before they could make the transfer to the account of the seller.
      - chirau 10y ago
        How much money are we talking about here? It sounds like a lot of money if a bank had to call other banks.
        gambiting 10y ago
        Few million - but it was a small bank. Obviously BoA has that kind of money available at any moment, but that bank didn't. But I imagine even BoA would need a bit of notice if you wanted to pay $250M for a jet.

by pquerna 10y ago

Loic 10y ago

You do not need to go the private banking way to have such level of service. I am living in Germany at the moment, I have an account in a Sparkasse (A savings bank). As I needed to buy a car, I informed my account manager that I would buy one, gave her the bank account information of the car dealer and told her that if everything is in order, I would call and ask her to perform an "instant" money transfer. Just went to the car dealer, looked at the car, call my account manager, 30 minutes later the money was available on the account of the car dealer and I was ready to go. For the day-to-day stuff, we use a pure online bank, but I am happy to pay the higher fees of a Sparkasse for such cases where trust is needed.

rjsw 10y ago
I think there is a bit of a difference between buying a car and buying a jet. I bought a car last year and just paid for it using my chip-and-pin debit card, my bank told me that they can identify accounts for car dealers and don't question large payments to them.
- Loic 10y ago
  The car handlers in Germany do not allow that for large amount of money. You can authorize a transfer without limits with your card (Lastschriftverfahren), but the handler will not have the money directly so he cannot be sure he will be able to pull the money out of your account. They want money in an irrevocable way on their account, which I understand.
gambiting 10y ago
Well, I'm sure a bank has enough cash on its own accounts to pay for a car instantly. My parents had a problem few years ago when they were buying a warehouse for big $$$, and the bank literally asked them to wait a couple days until they could gather that much money to actually pay out the loan. Now imagine that times hundred - I guess it's not a simple operation.
- kintamanimatt 10y ago
  Were they doing it in cash? I can understand it if the warehouse was literally being bought in hard currency, but otherwise it seems a little strange!
  - gambiting 10y ago
    No, they were taking a loan from a small local bank and the bank literally didn't have enough money sitting in the account to pay out all of it instantly - they had to ask their other branches to make the transfer to their account first, before they could make the transfer to the account of the seller.
    - chirau 10y ago
      How much money are we talking about here? It sounds like a lot of money if a bank had to call other banks.
      - gambiting 10y ago
        Few million - but it was a small bank. Obviously BoA has that kind of money available at any moment, but that bank didn't. But I imagine even BoA would need a bit of notice if you wanted to pay $250M for a jet.