Joint UK Bank Account With USA Resident

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  • rbz5416
    rbz5416 Posts: 6 Forumite
    Thanks for the input, as I suspected it looks like we're fubar'd at every turn.

    Having the funds in the USA is no use as it's live current accounts with regular receipts & payments. SWIFT & exchange rate fees would be astronomic. Off the top of my head I think a single SWIFT payment costs in the region of £20.

    I've given up with HSBC as my initial email to International Accounts (linked from the UK site) said "We don't deal with the UK." So I rang the UK number to be put through to someone in the Philippines who also doesn't deal with the UK!

    I looked at Citibank & Q1 was "Do you have £150k to deposit?"

    As I said previously, I can't pass my POA on so that route is dead. You also can't apply for deferred Deputyship so if my sister applied now, she would have to take control now, which brings us back to the problem of a US resident operating a UK account. When I say "now" I'm lead to believe that it takes several months, so potentially a period of bills not being paid.

    Yes the funds are in Mum's name so there are indeed implications there. It's a case of trying to find the path of least resistance.
    It may just come down to giving my sister the passwords to the accounts... ;)
  • xylophone
    xylophone Posts: 44,139
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    Your mother's pensions, dividends etc are paid into the same account as her fees etc are paid from?

    A relative of mine managed his relative's Santander 123 as PoA - there were a couple of DDs on it so that the donor received interest.

    It was kept topped up to £20,000 ( around four months' fees) and the fees went out by SO.

    This was so that in the event of his sudden death before the donor shuffled off this mortal coil, there would at least be a "grace period" while things would go on as normal while matters could be sorted out.
  • eskbanker
    eskbanker Posts: 30,393
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    rbz5416 wrote: »
    As I said previously, I can't pass my POA on so that route is dead.
    I wasn't suggesting passing on your POA, I was meaning adding sister as a second/backup attorney, or is mum no longer in a position to set this up?
  • If it's a lasting power of attorney. I don't think you can add another attorney, the person has to make a new application.

    Is your mother mentally competent? Is so, surely it would be best for her to set up a new power of attorney now, with both of you and perhaps one other person as attorneys. If not, I imagine the Court of Protection would need to be involved if you predeceased your mother. I would be inclined to ask them for advice now
  • rbz5416
    rbz5416 Posts: 6 Forumite
    edited 10 August 2018 at 3:59PM
    xylophone wrote: »
    Your mother's pensions, dividends etc are paid into the same account as her fees etc are paid from?
    Yes but she has monthly outgoings by invoice. I suppose I could look at maybe making those direct debit.
    eskbanker wrote: »
    I wasn't suggesting passing on your POA, I was meaning adding sister as a second/backup attorney, or is mum no longer in a position to set this up?
    Sadly not.
    If it's a lasting power of attorney. I don't think you can add another attorney, the person has to make a new application.

    Is your mother mentally competent? Is so, surely it would be best for her to set up a new power of attorney now, with both of you and perhaps one other person as attorneys. If not, I imagine the Court of Protection would need to be involved if you predeceased your mother. I would be inclined to ask them for advice now
    It's actually the old Enduring Power of Attorney but the same principle applies & only the donor can make changes while still competent. As above, that's not an option.

    You're correct in that the court needs to get involved via the appointment of a Deputy but that's full of stumbling blocks as already mentioned.

    In other news, I've just got my sister to log into one of the accounts from the USA & no alarms went off or SWAT teams abseiled from a helicopter, so that's looking like the best option. :D

    Edit
    Already spoken to the court & all they can offer is confirmation of the rules I already know.
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