I own a small travel agency. Previously we have never taken payments directly and instead processed client payments directly through our tra...

Question

I own a small travel agency. Previously we have never taken payments directly and instead processed client payments directly through our travel suppliers, but we are moving into group trips which will require we hold funds in trust for our clients for 1-2 months before processing it through the third party supplier. What are the steps to establish a simple business trust account for this purpose?

Answer

Your banker should be able to explain to you how to set this up and what requirements you need to meet.