Opening a savings account from Aus

[Thom]

Has anyone here opened a UK savings account while living in Oz?

 

Is it at all possible?

 

We have a UK bank account, (with Lloyds,) but would like to have a regular savings account over there.

 

Any advice?

[Marisawright]

Has anyone here opened a UK savings account while living in Oz?

 

Is it at all possible?

 

 

It used to be possible but not now. The new money laundering regulations make it illegal for UK banks to open an account for anyone without a UK address.

[Thom]

Thanks Marisa.

[Keith and Linda]

Talk to your UK bank.

We kept our UK HSBC bank account and still use it regularly, Linda's pension is now paid in there. A couple of years ago we put some money into a fixed term savings account with HSBC no real problem in doing this however the interest was taxed at source and with the low interest rates as they were/are we did not really make any real gain so have not bothered since.

[Thom]

Cheers Keith and Linda.

 

We will have rent money regularly deposited into our UK account from our tenants. As we no longer have a mortgage on the house, we want to make the best of any money going in.

[Keith and Linda]

Cheers Keith and Linda.

 

We will have rent money regularly deposited into our UK account from our tenants. As we no longer have a mortgage on the house, we want to make the best of any money going in.

 

Good on you! though UK saving rates are almost negligible at present, a fixed term account is also for a fixed sum so with your monthly income maybe does not work.

I would advise all would be migrants to keep their UK bank active, it comes in handy for so many things that you normally take for granted Christmas/birthday presents and holidays, giving one easier and cheaper and safer access to their own money.

[akiralx]

One issue I had to keep my First Direct account active was that about a year ago they changed the operation mechanism for it, which meant inputting a security code they sent: either via text, which would not reach Aus mobiles, or via letter, which meant the code had expired by the time it arrived here. I never did manage it, and though the account is still open I am unsure whether I could send money from it anymore.

 

I also have about 500 UKP in Nationwide which is inaccessible: I cannot recall the date I opened it and other details which means I always fail the security check if I phone them...

[Keith and Linda]

One issue I had to keep my First Direct account active was that about a year ago they changed the operation mechanism for it, which meant inputting a security code they sent: either via text, which would not reach Aus mobiles, or via letter, which meant the code had expired by the time it arrived here. I never did manage it, and though the account is still open I am unsure whether I could send money from it anymore.

 

I also have about 500 UKP in Nationwide which is inaccessible: I cannot recall the date I opened it and other details which means I always fail the security check if I phone them...

 

My internet banking with my UK HSBC bank I have to use a key/code generator card, like a small calculator, works fine here in AUS. However phone banking is a complete nightmare trying to remember all your security questions, speak to one person and they will not clear you for security (jobs worth) put the phone down and call again get a different person and all's fine:confused:

[akiralx]

My internet banking with my UK HSBC bank I have to use a key/code generator card, like a small calculator, works fine here in AUS. However phone banking is a complete nightmare trying to remember all your security questions, speak to one person and they will not clear you for security (jobs worth) put the phone down and call again get a different person and all's fine:confused:

 

Yes, I got Nationwide to send me another card reader, but my debit card is out of date and I can't get them to send me another as the account address is wrong - but they won't change that until I can pass security, which as I can't remember the balance, opening date etc is impossible. I suspect I'll have to wait for a UK trip at some point to sort it out.

 

On a different issue, are the Pension Service able to send the state pension to an overseas account?

[NickyNook]

 

On a different issue, are the Pension Service able to send the state pension to an overseas account?

 

Yes. My husbands UK state pension turns up every 4 weeks in our Commbank account in Coogee. Regular as clockwork.

[Keith and Linda]

Yes, I got Nationwide to send me another card reader, but my debit card is out of date and I can't get them to send me another as the account address is wrong - but they won't change that until I can pass security, which as I can't remember the balance, opening date etc is impossible. I suspect I'll have to wait for a UK trip at some point to sort it out.

 

On a different issue, are the Pension Service able to send the state pension to an overseas account?

Yes, there are several folk on here that have it sent direct to their AUS bank, not all that sure how the fees and exchange rates affect it, it maybe worth saving it for a while and send over in larger amounts for less number of times to save on fees, but still a mercy of exchange rates!

[Keith and Linda]

Yes, I got Nationwide to send me another card reader, but my debit card is out of date and I can't get them to send me another as the account address is wrong - but they won't change that until I can pass security, which as I can't remember the balance, opening date etc is impossible. I suspect I'll have to wait for a UK trip at some point to sort it out.

 

On a different issue, are the Pension Service able to send the state pension to an overseas account?

 

When we left the UK we gave my mothers address as a 'care of' to several institutions and mam then reads them and lets me know of important or unsure of stuff. Not sure that you can get away with a care of these days so maybe best just to give the address.

Good luck with everything.

[Marisawright]

When we left the UK we gave my mothers address as a 'care of' to several institutions and mam then reads them and lets me know of important or unsure of stuff. Not sure that you can get away with a care of these days so maybe best just to give the address.

Good luck with everything.

 

Yes, I wouldn't use the "c/o" bit, just put your name and the address. Once upon a time, the postman might've worried that the surname was wrong, but what postie even looks at the name these days? So just the address is fine.

 

The reason I say that is that it's now illegal for banks to open bank accounts for people with an overseas address. Some banks (e.g. Barclays) are going even further, and closing accounts of existing customers who move permanently overseas. So you don't want to give them a signal that you don't have a permanent UK address, just in case!