Hi Everyone.
On Friday I had a call from Amex stating that I cant pay my personal card from business account.
If i will do it in future they might cancel all my cards.
How are you people working it around? Any suggestions?
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Yes, this is due to money laundering regulations.
The funds that you use to pay your Amex need to be in cash or from an account in your name. Money in your business is not yours if you have a limited company. It belongs to the business.
So, if that is where the funds are going to come from, you first need to pay yourself that amount as salary/dividend into a personal current account and then use that to pay off your card. Or by using cash.
Similarly, they won’t allow you to pay off your Amex by using funds in someone else’s personal bank account. It needs to be in your name.
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Apply for an Amex business charge card. It will take a couple of months to get the preset spending limit increased but keep maxing it and clearing it off in full straight away to speed the process up.
With it being a charge card though, you always have to clear the balance at the end of the billing period in full.
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I would stop using the personal ones and only using the business cards.
I just cleared my personal Amex as I used them in my business but not anymore.
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Thank you all for your insight
Your best bet is to transfer money from your business account to your personal account 1 transaction at a time and then pay off the Amex using your personal account. Doing it transaction at a time means you or your accountant will be able to track and match the transactions easily and shouldn’t cause an issue meaning you can continue to utilize your Amex personal card if you wish to.
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I will discuss it with my accountant if it will not be added to my personal income if I transfer the money because they are quite a few grands of money… thank you for your insight… appreciate