Residuary beneficiary money payed to non-UK bank account

Skystorm

Hello

My brother and I are using a UK high street bank as the Executor of our late parents’ estate. The bank has a UK Executor Account for the paying and receiving of monies during probate.
Once we have completed the whole process and the residuary beneficiary money is finally ready to be equally divided and paid to my brother and myself, I have a question regards to international money transfer fees.

• I have given a UK bank account to pay My portion of the residuary beneficiary money into
• My brother has given an Australian bank account for his portion of the residuary beneficiary money to be paid into

My question is related to the international money transfer fees that will need to be paid when the Executor sends my brothers portion to his Australian bank account.

How do I ensure that this international money transfer fee (which could be quite high) is not deducted from the gross UK Executor Account money (as an estate expense), before they have divided the 50/50 payment to my brother and Myself? I get on great with my brother, but I don’t really want to end up paying 50% of his international money transfer fees, just because he happens to live in Australia.

Cheers in advance

Linton

Talk to your bank?
Put through 100% transfer to you and 95% transfer for your brother followed by the rest?

getmore4less

Just send the sterling amount from this end what come out the other end is the recipients problem.

If an IBAN number it just works for me sending £ to €

Dox

There may not be an international transfer fee - many FX firms no longer charge one, and still offer excellent conversion rates. Check with the bank if there would be a charge - and if they say yes, suggest they use one of the free services!

Either way, it is for your brother to cover the cost - but given it isn't likely to be that much, you're getting stewed up about nothing.

mobileron

How much is the transfer fee and dont use your bank.

badger09

I suspect any international money transfer fees will pale into insignificance compared to the fees charged by the high street bank for executing the estate:cool:

Skystorm

Many thanks for everyone’s feedback

I think the simplest thing to do is ask the executor (bank) to:

• 1st executor calculates the final residuary beneficiary money available for Me and by brother - 50/50 split

• 2nd executor first pays My 50% direct to My UK bank account, which then leaves by brothers 50% still sitting in the executor account

• 3rd executor then calculates the exchange rate mark-up, international transfer fees, etc… on my Brothers remaining 50% money while it’s still in the executor account – this avoids the overall ‘Estate’ taking the hit for the exchange and transfer fees as an ‘expense’, thus only his portion takes the hit and not mine

• 4th executor then pays my Brother his 50% (less exchange mark-ups, fees, etc…) to his Australian bank account

This would keep everything separated and simple and keep any fees away from my 50% portion – which could equate to thousands of pounds on an international transfer amount of over £500k.

Cheers

getmore4less

https://www.nab.com.au/personal/international/receive-money-from-overseas

Fees don't look that bad.