Can anyone recommend company that specialize in private pensions in UK and transferring to USA? Thank you

Thank you for replying, I see there are quite a few companies on social media advertising UK to USA transfer so presuming they are not reputable

thanks Lansbury, I took a little google since posting, and read that I should apply the exchange rate of the day when funds arrive in my gbp acct, and then declare that amount of usd at filing time.

Thanks Cook County

This is important to me as I am holding a large amount of sterling at Transferwise. At the time I opened the
account I recall learning that my money is not safeguarded quite as safely as an fdic insured U.S. bank acct or it’s u.k equivalent. However I decided I can sleep soundly because the systems/insurances etc. that do safeguard my money are almost as secure.

would anyone care to handicap the safety of money in Transferwise for me.
Fdic 100% safe
u.k. High st bank 100% safe
Transferwise. 95%? 85%?

thanks

Should add that I understand that nothing is guaranteed in our world, I’m just looking for a sense of how secure folks on here feel about Transferwise.

If Transferwise went bust and they had no assets, unless they have clients money in a “client account” my belief is you would lose all your money. Without searching their web site for the info my recollection is they don’t put the money in a client account.

How financially secure they are I have no idea.

Apologies Lansbury, can you reword that for me as I don’t understand

Thanks

I put those numbers out there as a sort of guide for folks to express their confidence or lack thereof in Transferwise. Myself, I think I’m around 99% confident in them. When Mid Atlantic suggested I look further into their T and C’s I grew concerned.

I have been googling about this evening, and feel even more confident about them than I did before. FCA etc.

Just looking to learn is all.

well I have a borderless account. With that information can you render an opinion on how you feel about TWise?

thanks

Where is the boarderless account held?

There are different 'Terms and Conditions' for the US arm of Transferwise to those of the U.K. arm. Google Transferwise USA and Transferwise UK. Both have different financial regulations governed by their respective authorities.

Funds in a U.K. account , administered by the U.K. arm and under U.K. Financial Regulations (the funds are held in a Barclays account?) may require both FATCA and FBAR reporting if the account holder is a US Person.

Hi again. Well I live in the USA and opened my acct on line with Transferwise because I was anticipating receiving an inheritance from my Fathers solicitor back in London, where Dad lived. The money was transferred last month from Lloyd’s of London (solicitors bank acct) to Transferwise in Shoreditch London (I gave the solicitor a sort code and my borderless bank acct number with the Transferwise Shoreditch address. The funds are in U.K. pounds. I had another google yesterday about Transferwise, and it appears they are governed by FCA.

I did not realize that my money is actually in a Barclays Bank acct. Be that as it may, do you folks feel I should be confident in having funds there? FCA seems to indicate that Transferwise Shoreditch are bound to refund me if my loot gets pinched.

thanks again

So I found this, text is at the bottom. It makes clearer to me what Lansbury said earlier. If Barclays went bust I’m out of luck. May I infer from this though that if Transferwise went bust I’m insured up to £85,000? That last part isn’t exactly spelled out.

FWIW I’m happy to live with the possibility that Barclays might become insolvent.

As I type this I realize I’ve drifted away from my real concern, which is what happens if the account is hacked and my funds are stolen?

Is my money covered by a financial protection scheme?


TransferWise is an authorised Electronic Money Institution regulated by the Financial Conduct Authority (FCA) in the UK.

We're required by law to protect your money by storing it in a low-risk financial institution (in Europe this is in our UK Barclays bank accounts).

That means that, in the unlikely event that TransferWise became insolvent, your money would be unaffected and should be refunded to you in full.

If our official Banking Institution (in Europe this would mean Barclays), became insolvent, your return of funds would not be guaranteed as the account is not guaranteed by the Financial Services Compensation Scheme (FSCS).

We take the safety and security of your money very seriously. We fulfil rigorous regulatory standards in UK, Europe, US, and every country we operate in. As such, millions of customers trust TransferWise with their money, we currently move over £1 billion around the world every single month.”

okay mrken. Just to put what you have written in perspective, does Moneybox draw any distinction between the fraud occurring at Transferwise (Barclays), and the fraud occurring at a High St bank. That High St. bank could be Barclays again, or Lloyd’s etc.

thanks, so no difference between online fraud at Transferwise and online fraud at TSB or Santander.

i just got off the phone with TWise, agent needs to research and get back to me. She stated they will make me whole in the event of a hack/fraud, but could not explain how TWise would achieve that as they are not insured against such an event.

I will update on here when I get something in writing from TWise.

The reason I am letting the funds sit there at TWise is that I was hoping the GBP might improve between now and April next year, before converting to usd.

how interesting. So when The sterling was electronically transferred from Lloyd’s of London (where my dads estates funds resided) to Transferwise in Shoreditch via TWise sort code and my borderless acct number, that money has actually gone on to nWells Fargo in USA, all due to the fact I registered with T wise from my USA address. BTW Currently it shows the balance in Gbp.

thats quite remarkable as a i always assumed the money was still in the U.k. where it would remain until I transferred it. Of course no actual transfer would occur at that time as TWise would simply send me some u.s. dollars from the u.s. side of the
pond.

anyway I shall await T wises response to my fraud concerns

up till now it was my intention to do fbar reporting and also the irs tax form “8000”something or other. Now, based on mid atlantic’s Thoughts, I’m wondering if the money is actually in the U.K. to begin with . Hmm

I am going to have to rely for on my common sense on this one, a hazardous endeavor😎, and do the same as you
Lansbury

OAP
Thanks for info re reporting, which seems to support completing Fatca and the other irs form at tax time.

How or if my funds are protected from fraud still seems to be a murky issue only resolved if I immediately transfer funds over to my U.S. Bank is how I interpret the second part if your post.

Again, just to be clear, I live in the USA and registered with TWise while in the USA, using the only address I possess, an address in Washington State. However and this was the purpose of me opening the account, the money that is in the account came/comes from two British entities. The DWP, who make a transfer of my state pension every four weeks, and a London solicitor who mad a one time transfer to TWise from their Lloyd’s bank account in London. When I log into my TWise account it shows their address as Shoreditch London and my balance is in GBP. It is there that I also see a sort code and my a/c number.

I know you expressed uncertainty with questions marks regarding what protections, if any are in place for customers based in The U.K., but did I read the last part of your post correctly when you said that FDIC will insure my funds in my situation as I am a customer registered in the U.S.? Further, that they will protect me regardless of whether funds are in a personal account or entity account?

just wanted to clarify, thanks