Yorkieabroad

He probably means they just need proof of identity to satisfy anti-laundering requirements. I just had an email from my UK solicitor (that I have been using for almost 30 years) saying that new rules require them to obtain proof of identity of overseas clients every 2 years. The email didn't make it clear whose rules they were, their own, or new Law Society rules. They need me to provide notarized copies of Passport or picture driving licence and a recent utility bill.

Bob

Yup and you don't have to do anything about it.

sykes

Sounds like they need a KYC (Know your client/customer). As said above this includes a true copy of passport (notarized by a consult or local notary with apostille) and proof of residency like a bank statement or utility bill dated within the past 60 days.

Peteusa

Thanks Mr Sykes and everyone else.

What about the part at the end of the Windsor Life comment where it reads "which is something that they will provide" ?

Any thoughts?

Peteusa

Well at long last, I've managed to obtain an explanation of where I stand as far as Windsor Life Assurance goes, and as usual, I have no clue how to interpret what I'm reading!

I cant get hold of anybody over there regarding clarification until next tuesday (if I'm lucky), due to their long easter break. Even then they're difficult to deal with, let alone understand!

Once again, could I call upon you kind people to try and explain to me what I'm reading!

The paragraphs in question read, and I quote:-

We can confirm that the transfer value as at 5 April is 36,912.27.

We can confirm that the cost of securing the Guaranteed Minimum Pension (GMP) exceeds the transfer value, but as the policy holder is past the State Pension Age the GMP we will pay out is as follows:-

Pre 1988 GMP - 1,093.15 0n a joint life, level with no guarantee period and monthly in advance basis.

Post 1988 GMP - 991.77 on a joint life, escalating by 3% with no guarantee period and monthly in advance basis.

As the transfer value does not cover the cost of securing the GMP there is no residual to provide any Tax Free Cash.


Thats It!! Can anybody tell me what they're trying to tell me? You will have gathered that I'm not very well versed in this type of thing.

Help Please! Pete.

Peteusa

Hi all!

Things have moved along quite a bit since I first posted my plea for help.

We are in the process of opening a bank account in the UK with HSBC In order that the pension plan payouts I originally mentioned can be banked there with a view to the money then being transferred to our account in the USA.

It seems from other forum posts I've read that that might not be such a good idea, since they'll want a sizeable chunk by way of bank charges before they transfer it. Also it seems that HSBC only transfer a maximum of 10,000 pounds. We had in mind to transfer four or five times that amount!

The company I'm dealing with is Aviva. Evidently they CAN pay into US/International Banks but need money laundering checks first.

Given all of the forgoing, could it really be as simple as that, without needing to involve one of those financial companies such as ForEx?

Any thoughts?

lansbury

Yep Aviva can send it every month to your US bank account. My police pension could be sent the same way, as could my wife's university pension and her UK State pension.

I have all our pensions paid into a UK bank account and then transfer it using a ForX broker because.

1) I believe I can get a better exchange rate that way, and hence more money at the US end.

2) I am not so subjected to exchange rate fluctuations. If it is sent every months by someone else, you get the rate on the day they send it. With a broker you can book forward contracts at fixed rates when the exchange rate is good, and save the money in the UK when the rate is low.

With a forx broker most will also allow you to do a monthly contract at a rate fixed from 6 - 24 months ahead. You know in advance how much you will get in the US each month.

3) Most (probably all) US banks charge for an incoming wire transfer. There can also be an intermediary bank fee if another bank handles the money between the UK end and your US bank. Think about $30 total fees a transfer. Using a forx broker you can reduce the number of transfers saving the additional fee of each payment being sent one at a time.

4) A bit of work my end, usually online, saves me money.

If you have it paid into a UK bank a forx broker will give you a better exchange rate than the bank, and most will have, for the amount you are talking about, no additional fees. Save the wire transfer and intermediary fee you pay at the US end.

Peteusa

Thanks for that, extremely helpfull.

The only thing different in my scenario is that I'm not taking this on an ongoing monthly basis. I'm cashing this in, and getting the money paid out in a lump sum of something like 48,000 pounds. There would be no further association with Aviva after that. Given that situation, I had hoped not to have to be dependent on a UK bank account (which I dont have yet) and any company such as ForX, since it appears Aviva will pay direct into my US bank account. I understand that there could be some kind of transaction charge by my US bank, but hope other than that it would be okay.

Pete

lansbury

No different to anyone else (bank, forx broker) transferring money into your US account.

Peteusa

Thanks a lot Mr Lansbury, sorry for delay in responding, I've been away three days. Went to Laughlin (Last of the big spenders).

One last question: Aviva can only pay to a bank outside the UK if they get the BIC and IBAN details. What does that mean in english?

Pete.

Bob

International Bank Account Number

Bank Identifier Code

...basically equivalent to bank sort/routing number. Just ask the bank and you should get it easily enough.

Peteusa

Thanks a lot Bob, and everyone.

md95065

Yes - just ask your US bank to give you the information that you need for an incoming foreign wire transfer.

Don't bother asking them about an IBAN - the US doesn't use IBANs.

Peteusa

Thank you sir, much obliged

Pete

a72

Actually 9k is the limit before the irs get notified