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BANK ACCOUNTS AND PREMIUM BONDS

BANK ACCOUNTS AND PREMIUM BONDS

Old Apr 4th 2008, 9:23 am
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Question BANK ACCOUNTS AND PREMIUM BONDS

Hi Everyone,

I'm looking for some advice, and really hoping someone out there can help. I'll be moving to the US in the next few months with my husband on a IR1 visa, and have a few questions regarding financial matters.

Firstly, how many of you who have moved from the UK to the US have kept your British bank accounts open?

Secondly, I have money invested in Premium Bonds, and would like to keep these after I've moved. Is this allowed? If so, do I have to give National Savings my US address, or should I change this to my parents address in the UK?

Lastly, how did everyone transfer money from UK to US accounts. Did you go through your UK bank (I've heard banks charge quite a lot for this service), or did you use another company?

Thanks,

Katie
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Old Apr 4th 2008, 10:37 am
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Default Re: BANK ACCOUNTS AND PREMIUM BONDS

Katie,

From http://www.nsandi.com/help/livingabroad.jsp

"Premium Bonds

Overseas residents can hold and purchase Premium Bonds if local regulations permit though they cannot apply via our website as many countries prohibit the promotion of lotteries over the internet.

Payment must be made by cheque in Sterling drawn on a UK clearing bank, accompanied by the relevant application form. If you need a form please click here.

Gaming and lottery laws prohibit US [citizens] from receiving correspondence through the US postal service regarding Premium Bonds. As a result it is not practical to hold Premium Bonds while in the US as there would be no way of receiving and cashing in any prizes. If you live outside the UK, you should check whether local regulations allow you to hold Premium Bonds." *for citizens read residents

As for moving money use http://www.xe.com/

HTH
C
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Old Apr 4th 2008, 12:08 pm
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Default Re: BANK ACCOUNTS AND PREMIUM BONDS

Originally Posted by Three Lions View Post
Hi Everyone,

I'm looking for some advice, and really hoping someone out there can help. I'll be moving to the US in the next few months with my husband on a IR1 visa, and have a few questions regarding financial matters.

Firstly, how many of you who have moved from the UK to the US have kept your British bank accounts open?
Thats a must..switch address to your parents house
Secondly, I have money invested in Premium Bonds, and would like to keep these after I've moved. Is this allowed? If so, do I have to give National Savings my US address, or should I change this to my parents address in the UK?
change it to your parents house and set it up to all
winning to be re-invested in more bonds

Lastly, how did everyone transfer money from UK to US accounts. Did you go through your UK bank (I've heard banks charge quite a lot for this service), or did you use another company?
use www.xe.com .....
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Old Apr 4th 2008, 12:28 pm
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Default Re: BANK ACCOUNTS AND PREMIUM BONDS

Yep, what Ray said is what I did too.
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Old Apr 4th 2008, 9:32 pm
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Default Re: BANK ACCOUNTS AND PREMIUM BONDS

Originally Posted by Dan725 View Post
Yep, what Ray said is what I did too.
What Dan said.
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Old Apr 4th 2008, 9:35 pm
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Default Re: BANK ACCOUNTS AND PREMIUM BONDS

Of course if you win of the one million pound prizes
contact me at one for further advice.
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Old Apr 5th 2008, 8:51 am
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Default Re: BANK ACCOUNTS AND PREMIUM BONDS

Hi guys,

Thanks for all your advice. I already have my Premium Bonds set so that if I win a prize it automatically re-invests the money into more bonds; but I have another hypothetical question. If I did win a big prize, something which would take me over the 30,000 limit (probably not very likely!!), and a cheque was sent to my parents house in the UK, could they easily deposit this for me into my British bank account without me being there?

Katie
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Old Apr 5th 2008, 9:02 am
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Default Re: BANK ACCOUNTS AND PREMIUM BONDS

Originally Posted by Three Lions View Post
Hi guys,

Thanks for all your advice. I already have my Premium Bonds set so that if I win a prize it automatically re-invests the money into more bonds; but I have another hypothetical question. If I did win a big prize, something which would take me over the 30,000 limit (probably not very likely!!), and a cheque was sent to my parents house in the UK, could they easily deposit this for me into my British bank account without me being there?

Katie
Anyone can pay cheques in on your behalf. Unlike the US, in the UK they hardly ever need signing on the back.

Just ask them to pay in at the local branch of whatever bank you bank with, and write down your sort code and account number for them to use. For convenience, you could even leave some deposit slips with them ready for your big win!

Last edited by tonrob; Apr 5th 2008 at 9:05 am.
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Old Apr 5th 2008, 1:02 pm
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Default Re: BANK ACCOUNTS AND PREMIUM BONDS

Originally Posted by Three Lions View Post
Hi guys,

Thanks for all your advice. I already have my Premium Bonds set so that if I win a prize it automatically re-invests the money into more bonds; but I have another hypothetical question. If I did win a big prize, something which would take me over the 30,000 limit (probably not very likely!!), and a cheque was sent to my parents house in the UK, could they easily deposit this for me into my British bank account without me being there?

Katie
This is were it get sticky

No... the cheque ..actually a warrant has to be signed
by you ....

Fortunately my mother is very resourceful if you understand

Of course a real biggy is delivered by hand ..
So if a man knock on the from the National Savings
you mum will be trained to say your on vacation back soon
and you hop a plane (first class of course)
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