UK Bank Account when living in OZ

jonesMUFCforever

Archi_Bald wrote: »

Just show us the application forms / websites that do not say you must be a UK resident when applying for a current account.

They don't but you will need to provide a UK address which can be verified or as a non resident you will be passed to offshore banking. They can still have a UK sort code and account number and their pensions can be paid in.


So make the arrangements now before you go - then change the address to Oz when you move.

gt94sss2

beejaydee wrote: »

We're about to emigrate to Sydney, and need to keep a UK bank account for our pensions to be paid into. I'm trying to find a current account that pays interest that I can have whilst being resident in Australia. Our tax on our pensions will be paid in UK. Can anyone help me please?

It all depends on the amounts involved but you may be better off concentrating on other features banks offer rather than interest (as you can always move your money on-line to a savings account).

For example, HSBC UK offer free international payments to any HSBC account overseas for all their customers - and if you wanted can help you open an account with HSBC Australia before you leave..

Regards
Sunil

colsten

Free international payments doesn't equate to getting the best deal. No bank will make a transfer for free, some just dress up their charges differently, e.g. by giving you a worse exchange rate than others instead of charging you an explicit transfer fee..

International money transfer should in all cases be a lot cheaper if a specialist money transfer firm is used rather than a bank.

RetiredInThailand

Archi_Bald wrote: »

Firstly, we were talking about current accounts (the term "bank account" is synonymous with "current account"). Not least because not all savings accounts can take payments by BACS, which is what pension providers use to pay people.

I dont agree that "bank account" is necessarily synonymous with "current account". Nor do I think that "bank account" necessarily excludes savings accounts from building societies and the like.

The non-resident OP just wanted somewhere to pay his pension into and many types of account should fit this bill, and not all are closed to him for being non-resident.

Agreed that interest rates can vary wildly from account to account, but there is nothing new about that. Most of the current accounts paying higher interest rates seem to involve not only paying in a minimum amount every month but also having a couple of direct debits. As a non-resident the OP may not have any.

colsten

RetiredInThailand wrote: »

Most of the current accounts paying higher interest rates seem to involve not only paying in a minimum amount every month but also having a couple of direct debits. As a non-resident the OP may not have any.

It is quite straight forward to set up as many DDs as you like, provided you have planned ahead and set up the relevant accounts before you give up your UK residency. If you read up about the interest paying current accounts discussed on the forum, you will see that the DDs are the least of people's problems. Neither are the minimum monthly deposit amounts.