spainrico

Wise replied (in under 2 hours!! - took Standard Life a week plus and still waiting on Aviva) reassuring me of their financial safeguards which I was already comfortable with - I have replied to them that my point was my dissatisfaction with Standard Life's attitude and could Wise approach them and negotiate a change of policy.

Interesting NS&I accept them - nice to know they have a more modern approach especially as I have investments with Ernie.

I do not want to open a Revolut account - unless I have to!

Thanks Barrie - I assume that is Standard Life's reason as well. Probably the old traditional financial institutions will hide behind this outdated (IMO) approach and restrictions - at our inconvenience.

spainrico

Amazing service from Wise - replied again already and really friendly and helpful - why can't all organisations be like this!!!

'Hi Robert,

Thank you for your email.

We appreciate you raising this with us. We appreciate customers who actively try to improve the company for the better.

Unfortunately, it is unlikely that Wise will be FSCS protected in the future, or that Standard Life will change their policy of sending to non-FSCS protected online money service providers.

Nonetheless, your feedback and idea is appreciated and I have shared it with the relevant team who deal with this.

If I receive any news about changes or updates regarding this. I will let you know via email.

Please let us know if you have any other questions, we are more than happy to help.

All the best,'

So there we are....the answer I guess is not to deal with out-of-date' Dodo like' (IMO) organisations but unfortunately I am locked into Standard Life.

philat98

They discussed this subject in yesterdays Times (subscription). There are a few interesting comments.

spainrico

Hola Phil - can you cut and paste and post here?

Jon-Bxl

[QUOTE=spainrico;13138434]

Interesting NS&I accept them - nice to know they have a more modern approach especially as I have investments with Ernie.

I do not want to open a Revolut account - unless I have to!

[QUOTE]

Me neither, having recently opened a Wise account in the past couple of weeks, after great input from this forum....

Does anyone know if Revolut is actually accepted in this situation, please? Giving them an advantage over Wise.

I've had a Lloyds account since the 70's to kick off Uni entry... I'd be very sad if they forced me to close the account I've had for decades.

Thankfully no letter.... Yet.

I did change to Lloyds offshore though, a long time ago, so perhaps (hopefully) there is a different system there. No problems with pensions and Ernie payments.

If so, that may be a way out, not sure... But just throwing it out there for discussion...

Jon

philat98

https://www.thetimes.co.uk/article/2...6528286518cfd8

spainrico

Thanks, very interesting - especially this sentence (to me as I am with Lloyds)

'Some banks, such as Santander, will continue existing accounts “with some limitations” but new customers must have a UK address to open an account. Lloyds Bank, Halifax and Bank of Scotland are not closing accounts, but are not accepting non-UK based customers either.'

philat98

Evidently Revolut has applied for a UK bank licence. The UK for some reason has not granted the licence but could in the future.

spainrico

Sounds like protectionism to me - the old high street banks desperately trying to change their operating mode and move online as they close their offices and trying to compete with the newbies...

Mind you in all fairness I have never paid a penny in charges to Lloyds and they maintain 2 accounts for me and as I don't/can't use their other services (like money transfer!) I guess I am not worth a lot to them - except of course they are using my money for loans at probably outrageous interest rates.

snikpoh

Yet I've had a letter from The Halifax stating that they ARE closing accounts - I've had mine with them for over 40 years!

spainrico

What is your plan B?

Jon-Bxl

It looks like neither Wise or Revolut will work if I understood it correctly (for this particular situation e.g pension payments)

I did suggest looking into an offshore sterling account with e.g Lloyds which still has a sort code and in usage terms is exactly the same as an onshore account. It will depend on ones particular situation... And the small print in the Lloyds (or other) bank operation.

Jon
PS the US Dollar has now crossed parity meaning the Euro has weakened significantly ... And underwater re the dollar....!!

Whilst the £ has also weakened against $ thankfully it hasn't tanked vs € as predicted by some after the referendum

spainrico

Still nothing from Lloyds....

Aviva say they will pay into Wise

Does anybody know if UK Government will pay state pension into Wise? (save me hours on the phone!)

marcbernard

I enquired, by email, from the paying organisation whether my Wise account was suitable to receive my state pension. This was nearly a month ago. Their prompt reply was that it was indeed possible but needed a written request. I submitted the written application to change the bank, operative on 2 September. The pension went to the old bank! I am waiting to see if they have opened last month's post yet, come the 30th!

spainrico

OK thanks - well at least they say they will which is progress! May I ask who is your old bank - Barclays?