Joint Account with person living abroad

celery25

My sister and I have inherited some shares, which are now in our joint names. I live in the UK and she lives in the US. I'm struggling to find a bank that will offer an account so that we can pay in dividend cheques, and eventually sell the shares. Dividend cheques have both our names on, so I can't just pay them into my account. Any ideas?

DullGreyGuy

Presumably its shares in a UK company? Dont they offer to settle dividends by bank transfer? Have you actually tried paying in a cheque with both your names on using your online banking app (rather than in branch)?

I think you'll struggle to find any UK bank that allows a US resident to be named as the UK company wont have a license for selling services to the US even if elsewhere in the group they do operate in the US. Your other option is offshore banks aimed at ex-Pats who are much more liberal in these things but they are aimed at the wealthier end of the market and may either have high fees or high minimum requirements 

celery25

Tried paying in with my online banking app - no go. Will carry on trying to figure out a way. Thanks for your suggestion though DullGreyGuy.

wmb194

celery25 said:

My sister and I have inherited some shares, which are now in our joint names. I live in the UK and she lives in the US. I'm struggling to find a bank that will offer an account so that we can pay in dividend cheques, and eventually sell the shares. Dividend cheques have both our names on, so I can't just pay them into my account. Any ideas?

I'd contact the issuer of the cheque - the share registrar? - and see whether it can pay dividends by electronic transfer and split the amount between you.

I don't know whether there's any way to split your joint ownership to become individual ownership without selling as this would simplify things. Joint ownership between individuals must be unusual these days.

boingy

I don't know if there is a way without selling and re-buying them but you really need to each hold half of the shares in your individual names rather than holding them all in joint names. It will be much easier all round.

xylophone

It would be easiest all round to sell the shares as soon as possible?

Contact the Registrar and ask for guidance as to how to proceed.