UK state pension and USA social security
Jun 6th 2015, 7:57 pm
#811
Forum Regular
Joined: Feb 2015
Location: Eastern Shore, MD
Posts: 42
Re: UK state pension and USA social security
Talking of UK State Pension. But it doesn't really make a difference whether the deposit is related to private or state pension if originated in the UK. Do you have a regular type ( basic) checking account or one of those premium checking accounts where transactions such as wire transfers are fee free?
Jun 6th 2015, 9:04 pm
#812
Forum Regular
Joined: Aug 2013
Location: Los Angeles
Posts: 92
Re: UK state pension and USA social security
I also have my state UK pension (and also my wife) directly deposited into our local Bank Of America Branch account, the DWP (Department of Works & Pension)in the UK change it into USA $'s and there is no fee except I believe $1 is charged by the DWP for the exchange from British Pounds.
As for the UK Tax Man, no need to worry, the State pension is non taxable in the uk so unless with your private pension or other income in the UK is over the UK earnings limit for Taxes I would not bother, as for the US Tax man, well that I'm afraid does have to be declared as income. :-(
I did have money transferred (ACH) from a Lloyds account in the UK to my account at BoA in the USA which was a non fee transfer per Lloyds but when the money showed up in my Bof A account it had a $35.00 fee attached, I called the B0A supervisor and she explained it was deducted before it arrived in the USA and to contact my Bank in the UK, I did this and I was assured by Lloyds no fee was attached when the money left my account, so ok back to
BofA, they assured me that the did not add a fee either but one must have been added by a third party bank, I asked which 3rd party Bank was this to which (after many minutes on hold) she could not tell me what Bank, why or when the fee was attached, so I suggested that as they had no knowledge of any Bank making a fee demand that they credit my account the money that I was out of pocket, more minutes on hold until she came back on the phone and said that without admitting liability to this fee she would credit my account in the interest of customer relations but this would be the one and only time. So next time I will research a better way of transferring money from the UK.
As for the UK Tax Man, no need to worry, the State pension is non taxable in the uk so unless with your private pension or other income in the UK is over the UK earnings limit for Taxes I would not bother, as for the US Tax man, well that I'm afraid does have to be declared as income. :-(
I did have money transferred (ACH) from a Lloyds account in the UK to my account at BoA in the USA which was a non fee transfer per Lloyds but when the money showed up in my Bof A account it had a $35.00 fee attached, I called the B0A supervisor and she explained it was deducted before it arrived in the USA and to contact my Bank in the UK, I did this and I was assured by Lloyds no fee was attached when the money left my account, so ok back to
BofA, they assured me that the did not add a fee either but one must have been added by a third party bank, I asked which 3rd party Bank was this to which (after many minutes on hold) she could not tell me what Bank, why or when the fee was attached, so I suggested that as they had no knowledge of any Bank making a fee demand that they credit my account the money that I was out of pocket, more minutes on hold until she came back on the phone and said that without admitting liability to this fee she would credit my account in the interest of customer relations but this would be the one and only time. So next time I will research a better way of transferring money from the UK.
Last edited by Westham; Jun 6th 2015 at 9:20 pm.
Jun 6th 2015, 10:55 pm
#813
Forum Regular
Joined: Jun 2014
Location: Long Beach, CA
Posts: 94
Re: UK state pension and USA social security
I also have my state UK pension (and also my wife) directly deposited into our local Bank Of America Branch account, the DWP (Department of Works & Pension)in the UK change it into USA $'s and there is no fee except I believe $1 is charged by the DWP for the exchange from British Pounds.
As for the UK Tax Man, no need to worry, the State pension is non taxable in the uk so unless with your private pension or other income in the UK is over the UK earnings limit for Taxes I would not bother, as for the US Tax man, well that I'm afraid does have to be declared as income. :-(
I did have money transferred (ACH) from a Lloyds account in the UK to my account at BoA in the USA which was a non fee transfer per Lloyds but when the money showed up in my Bof A account it had a $35.00 fee attached, I called the B0A supervisor and she explained it was deducted before it arrived in the USA and to contact my Bank in the UK, I did this and I was assured by Lloyds no fee was attached when the money left my account, so ok back to
BofA, they assured me that the did not add a fee either but one must have been added by a third party bank, I asked which 3rd party Bank was this to which (after many minutes on hold) she could not tell me what Bank, why or when the fee was attached, so I suggested that as they had no knowledge of any Bank making a fee demand that they credit my account the money that I was out of pocket, more minutes on hold until she came back on the phone and said that without admitting liability to this fee she would credit my account in the interest of customer relations but this would be the one and only time. So next time I will research a better way of transferring money from the UK.
As for the UK Tax Man, no need to worry, the State pension is non taxable in the uk so unless with your private pension or other income in the UK is over the UK earnings limit for Taxes I would not bother, as for the US Tax man, well that I'm afraid does have to be declared as income. :-(
I did have money transferred (ACH) from a Lloyds account in the UK to my account at BoA in the USA which was a non fee transfer per Lloyds but when the money showed up in my Bof A account it had a $35.00 fee attached, I called the B0A supervisor and she explained it was deducted before it arrived in the USA and to contact my Bank in the UK, I did this and I was assured by Lloyds no fee was attached when the money left my account, so ok back to
BofA, they assured me that the did not add a fee either but one must have been added by a third party bank, I asked which 3rd party Bank was this to which (after many minutes on hold) she could not tell me what Bank, why or when the fee was attached, so I suggested that as they had no knowledge of any Bank making a fee demand that they credit my account the money that I was out of pocket, more minutes on hold until she came back on the phone and said that without admitting liability to this fee she would credit my account in the interest of customer relations but this would be the one and only time. So next time I will research a better way of transferring money from the UK.
This also tells me that your monthly direct deposits from DWP is NOT treated as International Wire Transfer (because your bank does not charge a fee) but an ACH type of payment. Still not sure about it though.
Jun 6th 2015, 11:42 pm
#814
Forum Regular
Joined: Feb 2015
Location: Eastern Shore, MD
Posts: 42
Re: UK state pension and USA social security
I also have my state UK pension (and also my wife) directly deposited into our local Bank Of America Branch account, the DWP (Department of Works & Pension)in the UK change it into USA $'s and there is no fee except I believe $1 is charged by the DWP for the exchange from British Pounds.
As for the UK Tax Man, no need to worry, the State pension is non taxable in the uk so unless with your private pension or other income in the UK is over the UK earnings limit for Taxes I would not bother, as for the US Tax man, well that I'm afraid does have to be declared as income. :-(
I did have money transferred (ACH) from a Lloyds account in the UK to my account at BoA in the USA which was a non fee transfer per Lloyds but when the money showed up in my Bof A account it had a $35.00 fee attached, I called the B0A supervisor and she explained it was deducted before it arrived in the USA and to contact my Bank in the UK, I did this and I was assured by Lloyds no fee was attached when the money left my account, so ok back to
BofA, they assured me that the did not add a fee either but one must have been added by a third party bank, I asked which 3rd party Bank was this to which (after many minutes on hold) she could not tell me what Bank, why or when the fee was attached, so I suggested that as they had no knowledge of any Bank making a fee demand that they credit my account the money that I was out of pocket, more minutes on hold until she came back on the phone and said that without admitting liability to this fee she would credit my account in the interest of customer relations but this would be the one and only time. So next time I will research a better way of transferring money from the UK.
As for the UK Tax Man, no need to worry, the State pension is non taxable in the uk so unless with your private pension or other income in the UK is over the UK earnings limit for Taxes I would not bother, as for the US Tax man, well that I'm afraid does have to be declared as income. :-(
I did have money transferred (ACH) from a Lloyds account in the UK to my account at BoA in the USA which was a non fee transfer per Lloyds but when the money showed up in my Bof A account it had a $35.00 fee attached, I called the B0A supervisor and she explained it was deducted before it arrived in the USA and to contact my Bank in the UK, I did this and I was assured by Lloyds no fee was attached when the money left my account, so ok back to
BofA, they assured me that the did not add a fee either but one must have been added by a third party bank, I asked which 3rd party Bank was this to which (after many minutes on hold) she could not tell me what Bank, why or when the fee was attached, so I suggested that as they had no knowledge of any Bank making a fee demand that they credit my account the money that I was out of pocket, more minutes on hold until she came back on the phone and said that without admitting liability to this fee she would credit my account in the interest of customer relations but this would be the one and only time. So next time I will research a better way of transferring money from the UK.
Jun 8th 2015, 6:46 pm
#815
Forum Regular
Joined: Jun 2014
Location: Long Beach, CA
Posts: 94
Re: UK state pension and USA social security
I also have my state UK pension (and also my wife) directly deposited into our local Bank Of America Branch account, the DWP (Department of Works & Pension)in the UK change it into USA $'s and there is no fee except I believe $1 is charged by the DWP for the exchange from British Pounds.
As for the UK Tax Man, no need to worry, the State pension is non taxable in the uk so unless with your private pension or other income in the UK is over the UK earnings limit for Taxes I would not bother, as for the US Tax man, well that I'm afraid does have to be declared as income. :-(
I did have money transferred (ACH) from a Lloyds account in the UK to my account at BoA in the USA which was a non fee transfer per Lloyds but when the money showed up in my Bof A account it had a $35.00 fee attached, I called the B0A supervisor and she explained it was deducted before it arrived in the USA and to contact my Bank in the UK, I did this and I was assured by Lloyds no fee was attached when the money left my account, so ok back to
BofA, they assured me that the did not add a fee either but one must have been added by a third party bank, I asked which 3rd party Bank was this to which (after many minutes on hold) she could not tell me what Bank, why or when the fee was attached, so I suggested that as they had no knowledge of any Bank making a fee demand that they credit my account the money that I was out of pocket, more minutes on hold until she came back on the phone and said that without admitting liability to this fee she would credit my account in the interest of customer relations but this would be the one and only time. So next time I will research a better way of transferring money from the UK.
As for the UK Tax Man, no need to worry, the State pension is non taxable in the uk so unless with your private pension or other income in the UK is over the UK earnings limit for Taxes I would not bother, as for the US Tax man, well that I'm afraid does have to be declared as income. :-(
I did have money transferred (ACH) from a Lloyds account in the UK to my account at BoA in the USA which was a non fee transfer per Lloyds but when the money showed up in my Bof A account it had a $35.00 fee attached, I called the B0A supervisor and she explained it was deducted before it arrived in the USA and to contact my Bank in the UK, I did this and I was assured by Lloyds no fee was attached when the money left my account, so ok back to
BofA, they assured me that the did not add a fee either but one must have been added by a third party bank, I asked which 3rd party Bank was this to which (after many minutes on hold) she could not tell me what Bank, why or when the fee was attached, so I suggested that as they had no knowledge of any Bank making a fee demand that they credit my account the money that I was out of pocket, more minutes on hold until she came back on the phone and said that without admitting liability to this fee she would credit my account in the interest of customer relations but this would be the one and only time. So next time I will research a better way of transferring money from the UK.
As to the information required in Section 9 of the claim form, Chase do not have an IBAN ( International Bank Account)# that DWP ask for. They have a SWIFT # for International transactions. Is this what you provided when you filed the claim?
Jun 8th 2015, 6:50 pm
#816
Deep in the woods of CT
Joined: Feb 2010
Posts: 7,002
Re: UK state pension and USA social security
Spoke with the branch manager and he said, he doubts if the funds are transferred via Wire Transfer. He thinks it is more likely it is an ACH type of transfer and as such no fee will be charged by the bank. He also said, if it comes as a wire transfer, they will waive the $15 fee initially. After that I will have to think of other options or talk to another bank who do not charge a fee.
As to the information required in Section 9 of the claim form, Chase do not have an IBAN ( International Bank Account)# that DWP ask for. They have a SWIFT # for International transactions. Is this what you provided when you filed the claim?
As to the information required in Section 9 of the claim form, Chase do not have an IBAN ( International Bank Account)# that DWP ask for. They have a SWIFT # for International transactions. Is this what you provided when you filed the claim?
Jun 8th 2015, 7:52 pm
#817
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,966
Re: UK state pension and USA social security
Spoke with the branch manager and he said, he doubts if the funds are transferred via Wire Transfer. He thinks it is more likely it is an ACH type of transfer and as such no fee will be charged by the bank. He also said, if it comes as a wire transfer, they will waive the $15 fee initially. After that I will have to think of other options or talk to another bank who do not charge a fee.
As to the information required in Section 9 of the claim form, Chase do not have an IBAN ( International Bank Account)# that DWP ask for. They have a SWIFT # for International transactions. Is this what you provided when you filed the claim?
As to the information required in Section 9 of the claim form, Chase do not have an IBAN ( International Bank Account)# that DWP ask for. They have a SWIFT # for International transactions. Is this what you provided when you filed the claim?
Jun 8th 2015, 9:10 pm
#818
Forum Regular
Joined: Jun 2014
Location: Long Beach, CA
Posts: 94
Re: UK state pension and USA social security
As to the Swift #, I guess I can enter that in place of the IBAN.
Jun 8th 2015, 9:52 pm
#819
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,966
Re: UK state pension and USA social security
I think the Routing # will go in the Box where the form asks for Bank Identification Code. Please correct me if I am wrong. The form also asks for Bank/Branch code. I don't know how it differs from the Routing #.
As to the Swift #, I guess I can enter that in place of the IBAN.
As to the Swift #, I guess I can enter that in place of the IBAN.
I've just looked up the details on my World First account and they are as follows.
ABA / Fedwire / Bank Code - I used the routing number
Beneficiary Bank SWIFT/BIC - I have left blank.
That is for both my Chase and Credit Union accounts.
Last edited by lansbury; Jun 8th 2015 at 9:54 pm.
Jun 8th 2015, 11:21 pm
#820
Forum Regular
Joined: Feb 2015
Location: Eastern Shore, MD
Posts: 42
Re: UK state pension and USA social security
Spoke with the branch manager and he said, he doubts if the funds are transferred via Wire Transfer. He thinks it is more likely it is an ACH type of transfer and as such no fee will be charged by the bank. He also said, if it comes as a wire transfer, they will waive the $15 fee initially. After that I will have to think of other options or talk to another bank who do not charge a fee.
As to the information required in Section 9 of the claim form, Chase do not have an IBAN ( International Bank Account)# that DWP ask for. They have a SWIFT # for International transactions. Is this what you provided when you filed the claim?
As to the information required in Section 9 of the claim form, Chase do not have an IBAN ( International Bank Account)# that DWP ask for. They have a SWIFT # for International transactions. Is this what you provided when you filed the claim?
Jun 9th 2015, 12:13 am
#821
Forum Regular
Joined: Jun 2014
Location: Long Beach, CA
Posts: 94
Re: UK state pension and USA social security
Thanks all for a very helpful input. I think, to avoid confusion, I shall leave IBAN # blank and note the Swift # under BIC as the bank guy suggested. Of course the Routing # under Bank/Branch code.
I have another question and wonder if someone has an answer. An ex pat relative who had withdrawn "superannuation" upon leaving the UK asked if his State pension will be affected in any manner by this. I told him , the primary factor for the State Pension is NHI contributions. Does anyone (Lansbury and others) know any thing about Superannuation?
I have another question and wonder if someone has an answer. An ex pat relative who had withdrawn "superannuation" upon leaving the UK asked if his State pension will be affected in any manner by this. I told him , the primary factor for the State Pension is NHI contributions. Does anyone (Lansbury and others) know any thing about Superannuation?
Jun 9th 2015, 10:54 am
#823
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: UK state pension and USA social security
Thanks all for a very helpful input. I think, to avoid confusion, I shall leave IBAN # blank and note the Swift # under BIC as the bank guy suggested. Of course the Routing # under Bank/Branch code.
I have another question and wonder if someone has an answer. An ex pat relative who had withdrawn "superannuation" upon leaving the UK asked if his State pension will be affected in any manner by this. I told him , the primary factor for the State Pension is NHI contributions. Does anyone (Lansbury and others) know any thing about Superannuation?
I have another question and wonder if someone has an answer. An ex pat relative who had withdrawn "superannuation" upon leaving the UK asked if his State pension will be affected in any manner by this. I told him , the primary factor for the State Pension is NHI contributions. Does anyone (Lansbury and others) know any thing about Superannuation?
Jun 9th 2015, 5:46 pm
#824
Forum Regular
Joined: Jun 2014
Location: Long Beach, CA
Posts: 94
Re: UK state pension and USA social security
I assume you are referring to something tike a final salary pension from the NHS etc. Taking that won't change the State pension, however, the Additional State pension might be reduced if your relative ever "contracted out". Another complication is the introduction of the flat rate New Pension. I'd advise that your relative get a pension forecast from HMRC.
Jun 10th 2015, 12:40 pm
#825
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: UK state pension and USA social security
Thanks nun. I really don't know what the superannuations were about. I don't know what Final pension from NHS is, that you are referring to. I guess, it is different from the State Pension. He left UK in late 1960s and upon leaving withdrew "superannuation" contributions. As you suggested, I have asked him to contact DWP for an estimate as he might be entitled to a portion of the full pension.
Superannuation is just another term for a retirement plan.....it's used in Australia to refer to the their retirement system.....it's a bit anachronistic elsewhere. Back in the 1960s I imagine that your relative's company pension plan was described as a superannuation plan. Taking a lump sum from it back in the 1960s won't change the UK state pension. However, your relative should find out how they are affected by the New State Pension. They might be able to make extra voluntary National Insurance Contributions and some other special contributions to top up the pension amount
Top up your state pension? Your questions answered - Telegraph
Last edited by nun; Jun 10th 2015 at 1:27 pm.