pearsonrj

Hi all. This is my first post on this site. I'm an ex-pat and have been living in California for 15 years, and am now dual nationality. My wife and I have 3 children under the age of 18, all US born. All our relatives are in the UK, and up until recently we had Halifax building society accounts for our children that our relatives could put money into. The problem was that we could not access these accounts online or over the phone - we had to write letters to Halifax to get anything done. So we closed those accounts and opened accounts at Lloyds TSB (where I have an account). Now we have a similar problem. Without physically visiting a Lloyds TSB branch my identity cannot be verified for the purposes of setting up internet banking etc. for the children's accounts.

So - my question - does anybody know of any financial institution that allows you to set up a check or savings account in UK currency and allows internet banking, without having to visit the UK?

Thanks!

hobbes79

This doesn't immediately answer your question, but I actually put my father on my account when I was last in the UK. As a person on the account that I have allowed, he can do what he want. If I need anything to be done, I just have him do it.

Clearly need someone you trust! But just saved a lot of hassle.

Dan725

By the letter of the law (i.e. what you are supposed to do as an expat) is set up accounts with the offshore branches of the banks.

They are getting more and more strict about opening accounts these days. You are actually fairly lucky they let you open the accounts at all residing outside of the UK, given recent stories. Regarding the online access, short of a visit or going with Hobbes solution, I think the only way you are going to be able to do it remotely is to get a proper offshore non-residents account.

chartreuse

While Dan is correct, I have to say, Lloyds TSB have some pretty funny practices. SWMBO called them this week to pay off her credit card. No dice.

Them: Oh, we can only accept payment from a Lloyds TSB account.
SWMBO: But I want to pay it with my debit card from an account at another bank. I've got it right here.
Them: Sorry, we'll only accept payment from an account with another bank if you first go into arrears and we get to the point of suing you.

So she had to, pointlessly, pull cash out of one bank, put it into another, just to give them some money :curse:

Giantaxe

I'm surprised too. Perhaps it's because these accounts were for minors and their parent already had an account at that bank?

I'm also a little confused as to what the OP is asking. Wh ywould the parents' identity have to be verified for children's accounts? Are they some kind of custodial accounts as opposed to "regular" accounts?

robin1234

I think that an alternative to physically walking in to the bank branch (when they verify and photocopy your documents on the spot) is that you get notarized copies of the needed documents (passport, recent bank statement etc.) and mail them in. I've opened a couple of accounts over the last several of months - in the Isle of Man, not UK, but I think the bank (e.g. LTSB) has similar verification procedures in both places.

chartreuse

Yeah, but the various guilds of notaries get moody about overseas stuff and you have to get shit certified, at great expense, by the government (Apostille letters etc.)

It's as I've said before - the "professions" get to have restrictive practices that would be illegal for the blue collar worker. :curse:

robin1234

I just got a regular NYS Notary Public to do it, for free. Took 5 minutes (each time.) Worked for LTSB, Bradford & Bingley, and the Nationwide.

chartreuse

Thanks! Useful data point re the relative power of US vs UK Notary guilds.

JAJ

It is absolutely not "the law" that non-residents of the United Kingdom may only deal with offshore branches.

Dan725

Figuratively I meant; I think most other people understood my meaning.

robin1234

Yeah - funny is a polite term for LTSB's practices and customer relations style. LTSB is a totally awful organisation. However, I do have an account with them and I think my money is safer there than with a lot of other banks. Full disclosure - my uncle, my brother & my sister all worked for LTSB. My brother worked there for 40 years (age 18 to 58.) Whether coincidentally or not, he has mental health problems.

AdobePinon

Offshore accounts cost mucho $$$. LTSB try to sell me on them once in a while. No thanks. Since internet banking didn't exist when I moved over here, I too can't prove my identity to use it that way.

robin1234

How do you mean, they cost? They are just like regular bank or building society accounts. While LTSB charge a monthly fee for their current account with checkbook & debit card if your balance is less than 100K, there are no fees for savings accounts at places like Nationwide or Bradford & Bingley (whatever balance you maintain.)

Opening the account is easy, just fill out the application and send in photocopies of the documents they ask for, notarized by a US notary public.

Giantaxe

They often provide a lot less deposit insurance than do UK-domiciled accounts. A potentially important difference, especially at the moment. This is the main reason I declined LTSB's attempts to get me to move my account offshore.