Transferring inheritance from UK
May 11th 2016, 12:15 am
#16
Return of bouncing girl!
Joined: Sep 2004
Location: The Fourth Reich
Posts: 4,931
Re: Transferring inheritance from UK
It's mostly related to tax issues, but in case it's of any use to you, I got a lot of good info on here at the time - http://britishexpats.com/forum/usa-5...-taxes-709061/
May 11th 2016, 1:41 am
#17
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,560
Re: Transferring inheritance from UK
I opened a current account at Lloyds in Douglas, IoM when I was in a similar situation to you. Minimum balance on that account is now £25k. I simply opened the account with zero balance, and no monthly fee, on the basis that I was awaiting the money from the solicitor, which in the event took many months of waiting. I'm not sure how many other banks have the current account (many banks operate there, but mostly savings or investment type accounts.) Lloyds have been pretty good to deal with.
May 11th 2016, 3:15 pm
#18
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,969
Re: Transferring inheritance from UK
Is the solicitor also the executor?
I'd have thought it would be just as easy for them to transfer through a currency broker as it would be to pay it into a UK bank account, but if they refuse, do you have family in the UK who would be willing to have the money paid into their account and then transfer it to you?
I'd have thought it would be just as easy for them to transfer through a currency broker as it would be to pay it into a UK bank account, but if they refuse, do you have family in the UK who would be willing to have the money paid into their account and then transfer it to you?
Last edited by lansbury; May 11th 2016 at 3:17 pm.
May 13th 2016, 2:41 am
#19
Grumpy Know-it-all
Joined: Jul 2010
Location: Calgary, Alberta
Posts: 8,928
Re: Transferring inheritance from UK
You can open an account on the IoM with Nationwide, it's pretty easy.
The snag with opening accounts from abroad is that they won't give you a debit card. At least I haven't found one that would. Not really an issue if you're using it for forex.
The snag with opening accounts from abroad is that they won't give you a debit card. At least I haven't found one that would. Not really an issue if you're using it for forex.
May 13th 2016, 11:58 am
#20
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Transferring inheritance from UK
But only savings accounts, I think.
May 13th 2016, 12:24 pm
#21
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,560
Re: Transferring inheritance from UK
Yes, Lloyds gives one (i.e. the U.S. resident) a debit/atm card. The Lloyds IoM current account acts precisely like a domestic UK current account with all the features you'd expect. I moved back to England in spring 2015, and the Lloyds IoM current account was fine for all normal UK banking needs. (I finally opened a regular UK account a couple of months ago.)
May 13th 2016, 12:29 pm
#22
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,560
Re: Transferring inheritance from UK
Yeah, I have a savings account with Nationwide IoM. It is VERY restrictive (or secure.) Transfers out can only be made to one, predesignated, bank account, in the same name as the Nationwide account holder. So the account is really only useful as a place to park ££.
May 13th 2016, 5:34 pm
#23
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Transferring inheritance from UK
I opened a current account at Lloyds in Douglas, IoM when I was in a similar situation to you. Minimum balance on that account is now £25k. I simply opened the account with zero balance, and no monthly fee, on the basis that I was awaiting the money from the solicitor, which in the event took many months of waiting. I'm not sure how many other banks have the current account (many banks operate there, but mostly savings or investment type accounts.) Lloyds have been pretty good to deal with.
