Money transfer while overseas - Lloyds

sueeve

My daughter has lived in Canada for several years. She has a savings account, earning a miserable rate of interest, in LloydsTSB. She would like to transfer it to something with a better rate and has been told that she cannot, as she is not resident in the country. Is this correct? She looks upon it as a little nest egg for returning to England, and doesn't really want to take it overseas, especially as the £ is so low at the moment. Can anyone help by telling me what options she has
Thanks
Sue

Mikeyorks

Yes ... even if it's an ISA (to which she can't add funds) she is allowed to transfer it. That is the theory.
The practice is slightly different, and involves finding a financial institution that will accept her with an abroad address + the inevitable difficulties with ID.

Either transfer it within the existing institution (avoids ID problems) - to a better rate (eg Lloyds Classic + Vantage gives 4% on balances of £5k to £7k .... and you can hold 3 of them)? Or use your address ..... but ID will remain a real problem. Ultimate solution ..... put it in your name, if all else fails?

onlypaddy

could she open an account at your address?

jonesMUFCforever

Mikeyorks wrote: »

Yes ... even if it's an ISA (to which she can't add funds) she is allowed to transfer it. That is the theory.
The practice is slightly different, and involves finding a financial institution that will accept her with an abroad address + the inevitable difficulties with ID.

Either transfer it within the existing institution (avoids ID problems) - to a better rate (eg Lloyds Classic + Vantage gives 4% on balances of £5k to £7k .... and you can hold 3 of them)? Or use your address ..... but ID will remain a real problem. Ultimate solution ..... put it in your name, if all else fails?

Mike to get the interest on the Vantage account OP would have to pay in £1000 per month.
Is this likely given the scenario?

fischer79

jonesMUFCforever wrote: »

Mike to get the interest on the Vantage account OP would have to pay in £1000 per month.
Is this likely given the scenario?

or just recycle £1000 between the savings and current account each month

iereboy

She can by recycling the £1000 using internet banking!

Mikeyorks

jonesMUFCforever wrote: »

Mike to get the interest on the Vantage account OP would have to pay in £1000 per month.
Is this likely given the scenario?

It was only an 'eg' !!

'Given the scenario' - it's all a bit difficult ... but staying with the existing provider, at a better rate, seemed the least of the evils? As I understand you Bankers are a bit reluctant with new accounts at abroad addresses?

If she can translate it within Lloyds - then she should be able to fire £1k to her Mother (OP) either via Internet or SO ..... who can then return it whence it came?

sueeve

Thanks for this. Lloyds have told her that she cannot even transfer it 'in house', so as it's a savings account she can't use a Classic vantage account. The irony is that she worked at Lloyds (the branch her savings acount is at) for 10 years before she emigrated. And she is also a share holder (big deal)! I think she will have to be more forceful when next she is back.