japettee

Facts: I'm a UK citizen living in US but moving back to the UK before the end of 2022. I currently receive a small monthly retirement deposit (from teaching) into a local US bank. I will qualify for my US social security in about 7 years.
Question: I have used (Transfer)Wise for money transfers before and see that they have a multi-currency account. Does anyone know if I can use this as my deposit bank for the retirement money (and later on.social security)? Can I then easily withdraw as pounds sterling and/or transfer to my UK lloyds account that I still have? Or is there a better method for receiving US funds in the UK? Thanks in advance.

tdrinker

I suggest you ask the institution paying the private pension if they will pay to Wise. I'm not sure anyone else will know as you haven't named the institution, and different institutions may have different rules. However, people may be able to advise how they are transferring their US social security payments to a UK bank account.

If you can't have the pension paid directly to Wise, other options include maintaining the US bank account to collect the pension then transfer it (via Wise?), opening a Lloyds International USD account (or another bank; there may be a minimum balance requirement) or having the payment paid directly to your Lloyds GBP account. Transfer fees and $/£ conversion rates will vary depending on the option.

durham_lad

I have a Wise multi currency account and it works great. I have it linked to my US brokerage account for transferring dividends, withdrawals from IRA etc. You will get a US bank routing number and a personal account number just like any regular bank checking account. In fact it is a US bank that Wise uses. (Can’t remember which one off the top of my head). Once the money is in the Wise account I use the Wise app to transfer the money to my UK checking account and it happens in seconds, you watch it in real time.

japettee

Thanks for your advice. I was hoping to close my US accounts so will continue to explore the Wise option. Lloyds international is another good option as I have banked with them for 50+ years!

japettee

Good to hear about your positive arrangement with Wise. It sounds like it will suit my situation as well. I could make the change for my retirement deposit ahead of my move to make sure it works out OK. I have some anticipated future US bills that will require transferring some UK money to the US; can I use a Wise account in either direction?

durham_lad

Yes, you can use Wise to transfer in either direction.

MidAtlantic

In the US, Wise uses Community Federal Savings Bank (CFSB) and Evolve Bank and Trust (EVOLVE).

https://www.exiap.com/reviews/how-do...B%20currencies.

japettee

Thanks for your help. I just opened a Wise account!