Safety Of Foreign Currency Transfer UK to New Zealand

Thrugelmir

drumtochty said:

First thoughts were just to send it from the TSB account we are using to gather the deceased’s estate funds to the relatives New Zealand Bank account which we thought would be protected if anything went wrong in the transfer.

 

Have you opened an executor account for this purpose? 

drumtochty

jonesMUFCforever said:

It does not matter who you ultimately use ; once the money leaves your account by international transfer you no longer have any FSCS protection. For example if you did use TSB they would use your instructions to make the payment - if you get those details wrong - it would not be TSB's fault.

I have come round to that way of thinking as your logic is quite sensible.

I have gone through the TSB's T&C's and could not get an answer from that.

Therefore my thoughts is to split the £35k into say three chunks and transfer £11,667, wait on the person advising they had received the money in their account and doing the same another twice or whatever number of sums the person wants it split into.

Notepad_Phil

drumtochty said:

jonesMUFCforever said:

It does not matter who you ultimately use ; once the money leaves your account by international transfer you no longer have any FSCS protection. For example if you did use TSB they would use your instructions to make the payment - if you get those details wrong - it would not be TSB's fault.

I have come round to that way of thinking as your logic is quite sensible.

I have gone through the TSB's T&C's and could not get an answer from that.

Therefore my thoughts is to split the £35k into say three chunks and transfer £11,667, wait on the person advising they had received the money in their account and doing the same another twice or whatever number of sums the person wants it split into.

If it were me and I'd never paid into that account before then I'd make a preliminary payment of something much smaller than £11,667 to make sure that everything was definitely okay. I'd rather pay additional cash for an extra transfer of a small amount than take the risk that a much higher first transfer doesn't arrive, or takes much longer to arrive than expected.

Yamenja

I'm in a similar position. Did you use Transferwise? Did it go okay?