Bank account for an expat
Discussion
Hi
After a little bit of guidance. My Dad resides in the Middle East and he has reached retirement age. He isn't coming back to the UK just yet as he still has a lot of work on, but he asked me if I could open an account for him here so his pension could be paid into it.
A lot of the international bank accounts ask for initial deposits of 25 - 50K. My Dad doesn't have much in the way of savings, I'm simply looking for an account outside of the ME he can have his pension paid to, similar to a UK current account.
I don't think I can open a standard UK account as he's non resident. Would appreciate some advice as I'm unsure of the rules and procedures having lived here all my life, its not an issue for me.
Thanks
ACP
After a little bit of guidance. My Dad resides in the Middle East and he has reached retirement age. He isn't coming back to the UK just yet as he still has a lot of work on, but he asked me if I could open an account for him here so his pension could be paid into it.
A lot of the international bank accounts ask for initial deposits of 25 - 50K. My Dad doesn't have much in the way of savings, I'm simply looking for an account outside of the ME he can have his pension paid to, similar to a UK current account.
I don't think I can open a standard UK account as he's non resident. Would appreciate some advice as I'm unsure of the rules and procedures having lived here all my life, its not an issue for me.
Thanks
ACP
I have a rather dormant Barclays account which I opened n years ago as a non resident.
I also had a joint account with my Brother (which I think he may still use) He was able to open that without me being present.
There are rules regarding pensions...something like; if it's paid to a country with no reciprocal agreements then one doesn't get the annual increases.
So having it paid to a UK bank would be preferable, although probably taxed !!!
I also had a joint account with my Brother (which I think he may still use) He was able to open that without me being present.
There are rules regarding pensions...something like; if it's paid to a country with no reciprocal agreements then one doesn't get the annual increases.
So having it paid to a UK bank would be preferable, although probably taxed !!!
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