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Pension to Premium Bonds

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Pension to Premium Bonds

Postby Nosher007 » Fri 18 Mar 2016 05:52 GMT

How can I open an account in UK to save enough to buy Bonds when needed with my UK pension to save changing to AUD from GBP's and back again?
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Re: Pension to Premium Bonds

Postby Kay » Fri 18 Mar 2016 07:24 GMT

Hi and welcome to the forum.

Let's see if I've understood this - you live in Australia and want to open a UK bank account. Is that right? If so, you'll probably find it very difficult. Banks in the UK will normally expect you to be resident in the UK. There might be ways around it, but the anti money laundering laws these days make moving money around more difficult than it used to be.

Are you a British expat? If you are you could explore the possibility of opening an offshore account in sterling. However, if you are now an Australian, then the offshore option is unlikely to be open to you.

I'm not a banking expert but that's how I see it. Perhaps someone else here has better knowledge than I do. Good luck.
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Re: Pension to Premium Bonds

Postby Nosher007 » Sun 20 Mar 2016 01:51 GMT

Thank you for the info.I still have dual N/ity unless change has occurred by some chance,I left Norfolk for Tasmania in 72.My bro.in London has been the 'in between'up to now,but I don't know any details of the blockout.It probably won't stop the Laundering,the Biggy's will still be ok,it's the likes of us who are inconvenienced.what does 'if you are now an Australian mean?'
I still have my (out of date)British passport.Have they changed the likes of that?Thanks,Nosher.
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Re: Pension to Premium Bonds

Postby Kay » Mon 21 Mar 2016 11:18 GMT

I agree! These tough anti-laundering laws are a huge inconvenience to the average person and the big boys will always find ways around them. But that's the system we have to work within.

What I meant by asking if you're an Australian was just to establish if you'd emigrated some time ago, now have Australian nationality, and can no longer claim to be British. Since you have the dual nationality - and can still claim to be British - I expect it'll be slightly less difficult to open a British bank account.

We were overseas for a long time and found it extremely difficult to open a UK bank account until we were actually back on the ground with residential status and a UK address.

I hope someone else might join in with some advice because we faced similar problems of being British, living elsewhere, and not being able to open a UK bank account. I'm not saying it can't be done, only that we couldn't figure out how to do it.

Sorry that's not the answer you're looking for. It's only our experience. Maybe someone else will have something more encouraging.
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Re: Pension to Premium Bonds

Postby ruggie » Mon 21 Mar 2016 20:09 GMT

Does Oz allow you to hold an account in sterling as well as your AUD account? If so, get your UK pension paid into it in sterling and only transfer what you need into AUD. There must be several ways to hold a sterling account, but the real trouble will be that you can't get your pension payments split. Do they arrive in Oz in sterling, or are they already converted to AUD?
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Re: Pension to Premium Bonds

Postby Nosher007 » Wed 23 Mar 2016 00:09 GMT

Thank's for the reply ruggie,that will be my next port of call.I haven't had any payment's made to oz,as they have stayed in uk with a brother.Now even he can't deal with the blockout!.Visor down and into battle.
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Re: Pension to Premium Bonds

Postby Dave » Sun 27 Mar 2016 08:20 GMT

Kay wrote:What I meant by asking if you're an Australian was just to establish if you'd emigrated some time ago, now have Australian nationality, and can no longer claim to be British.


If you're a British Citizen by birth, the only way you can lose your citizenship is by writing to the Home Secretary to renounce it. The UK allows multiple citizenship. Some countries don't, and may insist that you sign a declaration that you've renounced your British citizenship as a condition of obtaining their citizenship (or continuing to hold it, if you're entitled to it by birth). Under UK law such declarations to other governments don't affect your status as a British Citizen - you'll retain all your rights and obligations as far as HM Government's concerned (although under the law of your other country it may well be illegal to exercise them, eg by trying to enter that country on a British passport).
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Re: Pension to Premium Bonds

Postby Nosher007 » Sat 2 Apr 2016 02:07 GMT

Thank's Dave,Here's the latest from ns&i Blackpool .
The only way now(!)to buy P/Bondsis from a UK bank account in your name,using a Debit card,or by completing an application form and sending it to our Glasgow office with a cheque again drawn on a UK bank account in your name.We cannot accept cheques or Electronic Transfers from banks outside the UK(!)
followed by I am sorry this is not a more favourable reply. !!!! Cameron open for business.
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Re: Pension to Premium Bonds

Postby gozomark » Wed 25 May 2016 15:22 GMT

is a cheque drawn on an acount in Isle of Man , Channel Islands etc permitted ?
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