Power of attorney for a friend who is overseas: closed account and policies.

lifeintheparadise

I have an inquiry. I am the long-lasting power of attorney of a very close friend who lives overseas, and he doesn’t have an UK account. He has some policies in the UK and one account that it was closed because he was living abroad. I already contacted his funds providers, and they are willing to issue cheques on his name. I already contacted my bank and they said that I would not be able to cash in those cheques for him. What are his options? Is it possible for him to open a bank account in the UK while living overseas so I can pay in those cheques? Thanks

Flugelhorn

perhaps it would be better to post on the banking section of the forum

CliveOfIndia

lifeintheparadise said:

Is it possible for him to open a bank account in the UK while living overseas

Highly unlikely.

Could you not ask the bank to post the cheque directly to him?  Either that, or post them to you then you post them out to him.

Either way, he could then deposit the cheque into his local account.  If the cheques are GBP denominated (which I assume they will be) then he'll likely be charged a currency conversion fee by his bank - but it should be a relatively simple way of getting the money to him.

wmb194

lifeintheparadise said:

I have an inquiry. I am the long-lasting power of attorney of a very close friend who lives overseas, and he doesn’t have an UK account. He has some policies in the UK and one account that it was closed because he was living abroad. 

I already contacted his funds providers, and they are willing to issue cheques on his name. 

I already contacted my bank and they said that I would not be able to cash in those cheques for him. 

What are his options? Is it possible for him to open a bank account in the UK while living overseas so I can pay in those cheques? Thanks

Depends where he lives. Have a look at HSBC but otherwise banks in the Channel Islands and Isle of Man might be possibilities e.g., Lloyds International.