British Expats - Annuity Nightmare, Daymare, Round-The-Clockmare

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Re: Annuity Nightmare, Daymare, Round-The-Clockmare

Quote:

Originally Posted by Pulaski (Post 12617236)

Er, ALL banks authorized to do business in the UK have a sort code, not only "clearing banks",

Yes, all UK authorized banks can clear debits and credits but only 11 banks are Clearing Banks and members of the Cheque and Credit Clearing Company. 'Clearing Bank' has a specific legal meaning in the UK.

If a bank is not a Clearing Bank, it can have its own sort code but it will use a Clearing Bank to 'finagle' its clearing.

Re: Annuity Nightmare, Daymare, Round-The-Clockmare

Quote:

Originally Posted by MMcD (Post 12617204)

Whoa! Really?....For Pension / Annuity Payments or just general currency exchange?

To receive GBP payments from 3rd party's, make FX deals & send USD.

One added advantage is you can get instantaneous text/mobile/email alerts of incoming credits.

Re: Annuity Nightmare, Daymare, Round-The-Clockmare

Quote:

Originally Posted by cranston (Post 12617245)

Yes, all UK authorized banks can clear debits and credits â€¦â€¦

That's not what I said, and in any case is misleading/ will lead to further confusion.

Quote:

â€¦.. but only 11 banks are Clearing Banks and members of the Cheque and Credit Clearing Company. 'Clearing Bank' has a specific legal meaning in the UK.

If a bank is not a Clearing Bank, it can have its own sort code but it will use a Clearing Bank to 'finagle' its clearing.

You don't "finagle" clearing - it is what it is, and if you aren't a clearing bank you need a clearing bank to process your cheques for you. My use of "finagle" was to reflect the fact that only banks and building societies have sort codes, and TW is not a bank (or a BS).

In short your second attempt was closer to being correct, compared to your earlier one which was gibberish, but it still sounds just like you have been and mugged up using the Wikipedia entry for British cheque processing. :lol: