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  #1  
Old 26 Apr 2011
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Carnet Bank Guarantee
Hi
Im in the UK and trying to get a Carnet sorted for Australia. Ive just been down my local building society to get a guarantee and spent about an hour in there trying to explain what one was to them as they had never heard of it before. I have also spent ages trying to get hold of the RAC to finalize it, but just found out the whole department is shut for 11 days!!

Is it easier to go to a 'bank' rather than a building society to get it sorted and do you need an account with said bank??

By the look of the RAC 'bank Guarantee' form i thought this was going to be easy:confused1:

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Old 26 Apr 2011
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Is a Building Society the same as a Credit Union? FWIW, we were planning on using funds in our Credit Union account to be held for the carnet, however the CAA won't recognize a Credit Union and it had to be a Canadian Bank.
Daryll
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Old 26 Apr 2011
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I had the same problem last year with my bank who denied all knowledge of carnet bonds despite Paul Gowen's help so I ended up putting my money from the same bank as a bond wih the RAC. Shortly before my departure, (1 day) the bank apologized and said that they would put up the bond (with my money), public service or what. They are a bunch of dipsticks, i.e. they do not understand what they are there for, only what they do, make money, and only at the cost of their customers. Ride safe.
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Old 26 Apr 2011
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Ha - interesting to hear that. Natwest screwed me around: denying all knowledge, trying to help me and just wasting my time and almost making me late for setting off on the trip. In the end I just put the money up with the RAC figuring I'd get it back when I leave Iran and post the carnet back to them.
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Old 26 Apr 2011
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Barclays Bank PLC (UK) know all about it once you ask someone in branch to check their computer.

I ended up paying £160 TOTAL for them Bank Guarantee to guarantee an £8000 carnet value.

To get a bank guarantee though, I think it really helps to be a long standing customer without history of bad debts and a decent amount of collateral/savings etc.

I put all my travel budget in my current account so it looked like I had plenty of cash and then applied.
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Old 26 Apr 2011
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The fallacy of believing that high street banks care about how long you've been a customer. Evidence on HUBB is that people are not being refused guarantees, it's just that the banks either don't know (on the retail side - i.e. You), don't expect you to want one and therefore class them as commercial products or worse still, they just can't be bothered because I suspect the fees are too small for them to feel it's worth training their staff to do them.
£160 seems alot of money to pay for them to guarantee YOUR money to someone else. They often lower your credit facilities to make sure you can't spend the money they're guaranteeing.

The truth with carnets is to have a bank that understands what a carnet is. It's as simple as that.
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Old 20 Jul 2011
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Quote:
Originally Posted by *Touring Ted* View Post
I put all my travel budget in my current account so it looked like I had plenty of cash and then applied.
Ted, presumably you must have been drawing on the deposit account from time-to-time to pay for the trip's running costs.

When (or if) the balance dropped below the required deposit guarantee amount - of £8K in your case - did this cause a problem?

I ask because I spoke to Paul Gowen this afternoon, and I've got to make decision whether to go down the insured route or go for the bank guarantee method within the next few days.

I can put up the money with my bank - NatWest, with whom I have an inpeccable banking record (I think!) - by transferring some Building Society money, but I will definitely need to draw on this within a few weeks after I'm on back on the road (starting in four weeks' time).

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KEITH

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