UK to Asia Inheritance

CaliforniaDreaming

Hi everyone,

My father (who lives in Indonesia, and unlikely to return so opening more accounts in the UK unlikely) has just inherited from his father. This sum will be in effect be his retirement fund / pension pot. I presume the inheritance when it comes will be in the form of cheque in pounds sterling.

My father has a Clydesdale Bank in the UK, and local Indonesian bank which is his bread and butter (i.e. very few transactions in Clysdedale). I'm not familiar with them, so unsure how practical / good they are. But he doesn't have internet banking with them (as he lives abroad it might be a pain for him to set up - but similarly, it might be problematic for him to set up another bank account in the UK if he is not here).

But in effect, i'm advising him to keep the majority of the inheritance in the UK (due to government protection of savings - Indonesian banks can be unstable to say the least). What he will probably be looking for is to transfer one lump sum of about £10,000, and then arrange for a monthly (or so) stipend to be transferred (again from UK to Indo, so pounds to rupiah).

I have lots of experience making business payments to Asia so can investigate if the companies i've dealt with (i.e. Baydon Hill, American Express) will be able to do this for lump sums.

But does anyone have any suggestions or ideas to make this practical? I'm thinking of a 2 stage process - 1) set up basic system like above 2) look to make this as financially productive as possible - i.e. looking at Savings Accounts / ISA's etc.

I did think that the one consistent bank across both countries is HSBC - he'd have to set up an account there - but would opening an account with them make transferring sums between countries / currencies more practical (I presume Clydesdale doesn't have a Bali branch?). Or am I expecting too much of them?

Also, any suggestions to minimising costs for transferring sums either as a one off / regular basis would be appreciate.

And any other comments that might help. With things like this I know you can make what appears to be a sensible plan in your head - but then find yourself up against numerous brick walls with regards to regulations and rules! Should note i'm not prepared to hold the money for him either in my name.

Thanks y'awl!

antrobus

CaliforniaDreaming wrote: »

...

I did think that the one consistent bank across both countries is HSBC - he'd have to set up an account there - but would opening an account with them make transferring sums between countries / currencies more practical (I presume Clydesdale doesn't have a Bali branch?). Or am I expecting too much of them?...

Clydesdale is owned by the National Australia Bank, and they certainly have a presence in Indonesia.

CaliforniaDreaming

antrobus wrote: »

Clydesdale is owned by the National Australia Bank, and they certainly have a presence in Indonesia.

That's why I love this place (he says posting from his girlfriends account for some reason which has about 3 posts) - factual information that makes a difference!

I didn't even realise Clysdedale still existed - I never see branches / ads in London, thought it had been taken over by Lloyds for some reason. Certainly gives me something to work on. I'm sure NAB will have branches there - didn't spot that info on their website, so thanks for pointing it out.

CaliforniaDreaming

antrobus wrote: »

Clydesdale is owned by the National Australia Bank, and they certainly have a presence in Indonesia.

Turns out NAB only have a Business Banking Presence in Indo - despite talk about opening a branch, it hasn't happened yet.

Great idea though,

Miss_Havisham

Clydesdale Bank (in common with the other banks) will have at least one "agent" bank in most countries, through which they will make payments from the UK to that country and receive payments sent to the UK from that country.
If your dad's Bali account is with the same bank as Clydesdale uses the fees might be cheaper.