Another one on Money (Page 2): Why not have UK Social Security directly deposited into your US Bank. I do with never a problem...

Old Coot

PaulBrit wrote:

Dear good people, br br I am a London-born guy bu... (show quote)

Why not have UK Social Security directly deposited into your US Bank. I do with never a problem

PaulBrit Loc: Merlin, Southern Oregon

ecblackiii wrote:

So, if the money can't be sent to a US bank (as I believe it can), move back to the UK to live. You made the choice. If you don't like the consequences, you can change the decision.

Oh no Sir! We love living in Southern Oregon; it is the tops!

PaulBrit Loc: Merlin, Southern Oregon

Old Coot wrote:

Why not have UK Social Security directly deposited into your US Bank. I do with never a problem

I did not realise that this is possible.

You and others have been very helpful.

twowindsbear

PaulBrit wrote:

Dear good people, br br I am a London-born guy bu... (show quote)

Contact your pension authorities, managers, or what ever they're called. Tell them you want to arrange for your pension(s) to be direct deposited to a bank in USA. Ask them what needs to be done. It should be really simple. They'll need the routing number & account number(s) for your bank & account. There may be a fee for setting this up, and there may be a fee for each transfer. There will be the fluctuating exchange rate to deal with each payment. And there will be the one time 'expense' of postage to do all this by mail or the 'expense' of an international phone call. And you may even be able to do all this on line by contacting your pension manager. Good luck!!!

whatdat Loc: Del Valle, Tx.

PaulBrit wrote:

Are you saying that a credit union based in the UK will be alright for me?

You might check near where you live if you are going to remain in the US. Most are federally insured to a certain amount. Don’t know about transferring your retirement funds, but might be worth checking out. I think most credit unions are basically depositor owned (mutual). Mine is a very large one and has a number of branches in Texas. In 53 years it has never made a mistake on my accounts.

PaulBrit Loc: Merlin, Southern Oregon

Thank you very much, TwoWindsBear!

PaulBrit Loc: Merlin, Southern Oregon

whatdat wrote:

You might check near where you live if you are going to remain in the US. Most are federally insured to a certain amount. Don’t know about transferring your retirement funds, but might be worth checking out. I think most credit unions are basically depositor owned (mutual). Mine is a very large one and has a number of branches in Texas. In 53 years it has never made a mistake on my accounts.

I think I will start out by arranging an appointment with our local branch of our bank in Grants Pass and telling them of the situation, and yes, I will be remaining in Oregon until the end (and I’m 80 in November)!

twowindsbear

PaulBrit wrote:

I think I will start out by arranging an appointment with our local branch of our bank in Grants Pass and telling them of the situation, and yes, I will be remaining in Oregon until the end (and I’m 80 in November)!

If I may ask - how are you receiving your pension funds now? Are you receiving a cheque drawn on a UK bank, in Sterling? A UK bank cheque drawn in US$$$$? Some sort of direct deposit or funds transfer?

PaulBrit Loc: Merlin, Southern Oregon

twowindsbear wrote:

If I may ask - how are you receiving your pension funds now? Are you receiving a cheque drawn on a UK bank, in Sterling? A UK bank cheque drawn in US$$$$? Some sort of direct deposit or funds transfer?

Sorry for the delay.

My UK pension payment is a direct transfer being made to the Building Society. Same with the dividends.

But my topic on Ugly Hedgehog has shown that I can in all likelihood have these payments paid directly into our US bank account, and I am very grateful for that advice!

twowindsbear

PaulBrit wrote:

Sorry for the delay.

My UK pension payment is a direct transfer being made to the Building Society. Same with the dividends.

But my topic on Ugly Hedgehog has shown that I can in all likelihood have these payments paid directly into our US bank account, and I am very grateful for that advice!

All well & good - if you're happy, I'm happy, too. I have no clue what the Building Society is and I still don't understand how you get your, I assume Sterling, pension payment & dividends into US$$$$ and into your hands.

PaulBrit Loc: Merlin, Southern Oregon

I shall be calling those UK organisations in the morning and shall report back in due course to this place.

goofybruce

Bloke wrote:

My pensions (regular and army) are paid directly into my US bank. The pensions are *paid* in pounds, but they get exchanged to dollars on the way. The conversion probably costs something, and you never know how much will be paid in each month, but other than that, it works fine.

May also be that the international exchange rate fluctuates daily....

PaulBrit Loc: Merlin, Southern Oregon

goofybruce wrote:

May also be that the international exchange rate fluctuates daily....

Oh I am sure it does fluctuate daily!

PaulBrit Loc: Merlin, Southern Oregon

I have now had a reply from A J Bell, my UK-based SIPP providers (and SIPP stands for Self Invested Pension Plan) and their reply is: "Dear Mr Handover, Thank you for your email. I can confirm withdrawals from an AJ Bell SIPP can only be made into a UK bank account."

And a UK bank account also includes a UK Building Society account.

twowindsbear

PaulBrit wrote:

I have now had a reply from A J Bell, my UK-based SIPP providers (and SIPP stands for Self Invested Pension Plan) and their reply is: "Dear Mr Handover, Thank you for your email. I can confirm withdrawals from an AJ Bell SIPP can only be made into a UK bank account."

And a UK bank account also includes a UK Building Society account.

Again, how does your money actually get to you, here in the USA? It looks like your SIPP sends your withdrawals & transfers & such go to a UK bank, & that bank transfers your money to you. Do I have that right? Contact THAT bank, that actually does the 'sending,' have them transfer the funds to your USA bank. It should be very quick, little to no fees and you'll get the BEST exchange rate. Good luck.