Keeping UK bank accounts
#1
Keeping UK bank accounts
Hi all.
Has anybody got experience of keeping a UK account open to continue paying into a life assurance scheme. we thought of cashing in but as we are over half way with the policy it could be well worth hanging on and trickling cash back to feed it and for other possible emergencies.
all thoughts gratefully accepted
Has anybody got experience of keeping a UK account open to continue paying into a life assurance scheme. we thought of cashing in but as we are over half way with the policy it could be well worth hanging on and trickling cash back to feed it and for other possible emergencies.
all thoughts gratefully accepted
#2
Forum Regular
Joined: Apr 2003
Location: napier, NZ back to Freo in 2008!
Posts: 244
Re: Keeping UK bank accounts
How do
We have kept our open, only the ones we dont pay fees for. Its very useful for a number of things, including last minute birthday presents, cheques and visits home.
We kept paying our life assurance for a few years as well, but have recently converted to Australian (living there presently for no other reason than were staying and thats what the financial advisor, advised.)
One of the problems you may have is that its expensive to transfer money between countries, the cheapest way we have found is to take it out of the cash point here. Going the other way, you have to pay for western union/bank/paypal fees. So its worth getting a lump sum and then doing the deed. Alternativly if you have stringe of visitors you can trust. Get them to deposit cash into your account and then provide them with the equivalent $s on arrival.
Ensure you have internet banking set up before you leave though to check balances and tranfer around UK accounts as required.
Hope it helps
Cheers
We have kept our open, only the ones we dont pay fees for. Its very useful for a number of things, including last minute birthday presents, cheques and visits home.
We kept paying our life assurance for a few years as well, but have recently converted to Australian (living there presently for no other reason than were staying and thats what the financial advisor, advised.)
One of the problems you may have is that its expensive to transfer money between countries, the cheapest way we have found is to take it out of the cash point here. Going the other way, you have to pay for western union/bank/paypal fees. So its worth getting a lump sum and then doing the deed. Alternativly if you have stringe of visitors you can trust. Get them to deposit cash into your account and then provide them with the equivalent $s on arrival.
Ensure you have internet banking set up before you leave though to check balances and tranfer around UK accounts as required.
Hope it helps
Cheers
Originally Posted by SirEglamore
Hi all.
Has anybody got experience of keeping a UK account open to continue paying into a life assurance scheme. we thought of cashing in but as we are over half way with the policy it could be well worth hanging on and trickling cash back to feed it and for other possible emergencies.
all thoughts gratefully accepted
Has anybody got experience of keeping a UK account open to continue paying into a life assurance scheme. we thought of cashing in but as we are over half way with the policy it could be well worth hanging on and trickling cash back to feed it and for other possible emergencies.
all thoughts gratefully accepted
#3
Re: Keeping UK bank accounts
Originally Posted by SirEglamore
Hi all.
Has anybody got experience of keeping a UK account open to continue paying into a life assurance scheme. we thought of cashing in but as we are over half way with the policy it could be well worth hanging on and trickling cash back to feed it and for other possible emergencies.
all thoughts gratefully accepted
Has anybody got experience of keeping a UK account open to continue paying into a life assurance scheme. we thought of cashing in but as we are over half way with the policy it could be well worth hanging on and trickling cash back to feed it and for other possible emergencies.
all thoughts gratefully accepted
#4
Forum Regular
Joined: Oct 2003
Posts: 43
Re: Keeping UK bank accounts
There is a company over here that deals in second hand endowments and these give a tax free pay out in NZ, so i assumed UK endowments would also be tax free. think many peole will keep them transfer the money and hope the tax man doesnt notice.
#5
Re: Keeping UK bank accounts
I've kept a uk account open for the same reason, and also because my RAF pension is still being payed into it until they get around to sending it to our NZ account. I've used Tranzfers to move money from there to here. It cost £7 going from UK and $15 going to UK. You have to register with them and provide proof of ID, but I thought the rate was pretty reasonable. Here's the link:
http://www.tranzfers.com/
http://www.tranzfers.com/