Getting money to Australia

Options
lenny55_2
lenny55_2 Posts: 2 Newbie
in Savings & investments
Hi, My niece, who lives in Australia, inherited a sum of money from my parents in 2000. It was invested in a UK Investment bond via a financial advisor. She now wants to access the money but the investment bond company will only pay the proceeds into a UK bank account. They suggested I deposit it into a solicitors client account, who could pass it on to her, but my solicitor says this is illegal. I have approached a number of banks, all of whom will not allow her to open an account. How can I help her get hold of her money? She does not have a British passport but is entitled to apply for one, because her father is British, if this would help.
Thanks

Comments

  • meatandtwoveg
    meatandtwoveg Posts: 390 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    https://www.ozforex.com.au/

    Open an account above, its free....Send the money to your acount from your current account, add her Oz account as the beneficiary....Job done, $7 fee, but much better exchange rates....
  • calypso_rhapsody
    calypso_rhapsody Posts: 570 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Not sure if meat and two veg's reply is the whole answer as i assume that the investment co won't pay the bond proceeds to your current account so she needs a UK current account? I would have thought the easiest answer might be to find an Australian bank that has a UK branch or subsidiary that will allow her to open a UK account from Australia?
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    meatandtwoveg wrote: »
    https://www.ozforex.com.au/

    Open an account above, its free....Send the money to your acount from your current account, add her Oz account as the beneficiary....Job done, $7 fee, but much better exchange rates....

    It think you are missing the crucial point that the money is not in a UK current account, the investment trust isn't prepared to pay it anywhere else, and the beneficiary has no means to get a UK current account.

    OP, you/your niece needs to find a solicitor who is familiar with transferring inheritances from the UK to Oz. It will cost your niece a bit, but she will still have the rest of her inheritance.

    Having said this, some of the indian banks with UK branches will allow non-residents to open current accounts. Check out SBI and BoB. Still probably requires an accordingly qualified solicitor though for the transaction(s) to go through properly.
  • mgdavid
    mgdavid Posts: 6,705 Forumite
    First Anniversary Name Dropper First Post
    Options
    lenny55 wrote: »
    Hi, My niece, who lives in Australia, inherited a sum of money from my parents in 2000. It was invested in a UK Investment bond via a financial advisor. She now wants to access the money but the investment bond company will only pay the proceeds into a UK bank account. They suggested I deposit it into a solicitors client account, who could pass it on to her, but my solicitor says this is illegal. I have approached a number of banks, all of whom will not allow her to open an account. How can I help her get hold of her money? She does not have a British passport but is entitled to apply for one, because her father is British, if this would help.
    Thanks

    OP, why can't your neice instruct the fundholder to remit to your current account, and you send it to her using somebody like currencyfair.com? (other currency exchange brokers are available)
    The questions that get the best answers are the questions that give most detail....
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    mgdavid wrote: »
    OP, why can't your neice instruct the fundholder to remit to your current account, and you send it to her using somebody like currencyfair.com? (other currency exchange brokers are available)

    This would only work if a solicitor or notary is involved, and probably one of these both ends.
  • Voyager2002
    Voyager2002 Posts: 15,287 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    Please clarify whether the Investment Company will pay into any UK bank account, or just into one in her name? If the former, easy: otherwise she will need to find a way to open a UK bank account in her name. There is a company in Australia that will do this (most of their clients are Australians arranging working holidays in the UK) for a fee of around fifty pounds: I think it is called First Contact. HSBC in Australia offers a similar service.
  • lenny55_2
    lenny55_2 Posts: 2 Newbie
    Options
    Thanks very much for all your suggestions. I will now follow them up.
  • xylophone
    xylophone Posts: 44,426 Forumite
    Name Dropper First Anniversary First Post
    Options
    http://www.bba.org.uk/media/article/bank-account-access-in-the-uk-for-non-residents

    Is there anything here that might help?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards