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Bank accounts and transfers to UK.

Posted: Wed Jun 05, 2019 6:57 pm
by josef k
I have an offshore current account with Nat West, who are being extremely difficult when it comes to be confirming my identity. I have been with them a number of years, and have supplied a number of certified documents etc. Yet they reject them for a variety of reasons. All for an account with a few hundred in it. Grrrr. So much for my whinge.

So, how do you good people make small (few hundred pounds) money transfers from here to the UK, (those of you that do, that is) and what charges do you pay? Any recommendations? I ask because that is the main use of my offshore account these days and am looking to establish an alternative so I can close that account.

Please note I am Cyprus resident, bank with Hellenic here, and have no property in the UK.

Thanks in advance.

Re: Bank accounts and transfers to UK.

Posted: Wed Jun 05, 2019 7:47 pm
by Melandsteve
Transferwise borderless account may do the trick.

Re: Bank accounts and transfers to UK.

Posted: Wed Jun 05, 2019 8:26 pm
by PhotoLady
Can you send a Cyprus bank account cheque to a UK bank?

Re: Bank accounts and transfers to UK.

Posted: Wed Jun 05, 2019 8:48 pm
by trevnhil
I would doubt that UK banks would accept a check in another currency..

Re: Bank accounts and transfers to UK.

Posted: Wed Jun 05, 2019 9:14 pm
by PhotoLady
I believe they would have to send it back for clearance - or there would be some kind of waiting period.

Re: Bank accounts and transfers to UK.

Posted: Wed Jun 05, 2019 9:16 pm
by PolemIan
Currency Fair or TransferWise. The Banks are under huge challenges for KYC (know your customers) for all the anti money laundering money, one of the reasons behind the reduced amount of Russian money on the island.

Re: Bank accounts and transfers to UK.

Posted: Wed Jun 05, 2019 9:16 pm
by chatsworth
As mentioned above Trev. Transferwise offer a speedy and cheap method of moving dosh from a Cyprus bank account to the UK. I use it on a regular basis to the kids accounts etc and never had a problem. I believe you have to upload proof of id such as passport but you should have no problem.

Re: Bank accounts and transfers to UK.

Posted: Wed Jun 05, 2019 9:32 pm
by manxie
Locks are only ment to keep honest people out

Re: Bank accounts and transfers to UK.

Posted: Thu Jun 06, 2019 12:56 am
by Happy in Cyprus
Love the ease and simplicity of Transferwise. Using a Cyprus debit card I can transfer up to €1,000 per day to a UK bank account. Money is in the UK account within 20 seconds.

Re: Bank accounts and transfers to UK.

Posted: Thu Jun 06, 2019 1:37 pm
by gazzaga
Nat West are the worst and I seriously suspect that they use the Know Your Customer (KYC) requirements to offload accountholders. I've assisted many of my clents in providing KYC (which is acceptable to all other institutions) but Nat West have rejected it and in one case, denied ever having received the documentation despite the fact that we sent 2 persons KYC in the same envelope. A few years ago Barclays were slated for kicking out long-time savers en-masse so it seems Nat West have found a less newsworthy way to do it.

Re: Bank accounts and transfers to UK.

Posted: Thu Jun 06, 2019 5:40 pm
by josef k
Thanks for your help everyone. I will investigate Transferwise and see if It will work for me.

Re: Bank accounts and transfers to UK.

Posted: Fri Jun 07, 2019 1:11 am
by Happy in Cyprus
gazzaga wrote:
Thu Jun 06, 2019 1:37 pm
Nat West are the worst and I seriously suspect that they use the Know Your Customer (KYC) requirements to offload accountholders. I've assisted many of my clents in providing KYC (which is acceptable to all other institutions) but Nat West have rejected it and in one case, denied ever having received the documentation despite the fact that we sent 2 persons KYC in the same envelope. A few years ago Barclays were slated for kicking out long-time savers en-masse so it seems Nat West have found a less newsworthy way to do it./

In the event of a No Deal Brexit it concerns me as to what will happen to those of us (most on this forum I expect) who still hold UK bank accounts and UK credit/debit cards. However difficult the banks are acting now, it could be as nothing compared to what will happen in the event of a poor Brexit outcome.

Re: Bank accounts and transfers to UK.

Posted: Fri Jun 07, 2019 7:55 am
by Jim B
I usually use Transferwise to send money to our account in Cyprus from the UK, recently I tried to send money from another Cypriot account to our daughters bank account and was blocked as Transferwise said I was only allowed to register one bank account per person.

Re: Bank accounts and transfers to UK.

Posted: Fri Jun 07, 2019 8:28 am
by manxie
Some info on sepa when transfering eur from Cyprus to currency fare to change to sterling

Re: Bank accounts and transfers to UK.

Posted: Fri Jun 07, 2019 12:29 pm
by Kili01
I managed to transfer funds to my NatWest bank account in the UK a few months ago on selling my house here.I used Currency Direct for this. It was a very complex procedure, mainly because of all the banks anti money laundering legislation. If you have an off shore a/c with them, say in the Channel Islands it may be a slightly different procedure to the mainland branches. I place great value in speaking to them beforehand and finding out their requirements, also doing the same with your Cyprus Bank if the money is from your account.
I also used my solicitor who helped sort out the forms required, the documentary evidence required and she liaised with Currency Direct during the transaction,
Currency Direct who have a local office were also really helpful. The whole thing was very complex but it did go through with no hitches.
Good luck and don’t give up!

Dee

Re: Bank accounts and transfers to UK.

Posted: Fri Jun 07, 2019 3:40 pm
by Lincoln
I found that out of all the systems, that "Currency Fair" were and are the best. They only charge £3.00 per transaction. We are with Natwest and have no trouble at all.

Re: Bank accounts and transfers to UK.

Posted: Sat Jun 08, 2019 9:16 pm
by Kili01
Yes, me too,. But you have to get everything right with the banks, it was the first time that I had done this kind of transaction. I find that using a currency exchange co with a Paphos office has helped me considerably as I still have difficulties simetimes using my Windows computer for on line banking,.

Dee