AliQ Posted April 25, 2021 Share Posted April 25, 2021 Can you please tell me why retirement income stream payments can not be paid into UK bank accounts ? When I come to draw my super, I'll be back in the UK. Thank you. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted April 25, 2021 Share Posted April 25, 2021 (edited) Hi AliQ I have never actually looked into whether they can or can't previously so do not have an immediate answer for you I am afraid. Have you asked your Superannuation provider? Regards Andy Edited April 25, 2021 by Andrew from Vista Financial Quote Link to comment Share on other sites More sharing options...
AliQ Posted April 25, 2021 Author Share Posted April 25, 2021 7 minutes ago, Andrew from Vista Financial said: Hi AliQ I have never actually looked into whether they can or can't previously so do not have an immediate answer for you I am afraid. Have you asked your Superannuation provider? Regards Andy Hi Andy, Thank you, yes I have. They say it's " the legal rules " and all payments have to go into an Australian bank account. Just seems very odd to me when GOV pensions can be paid into any bank account in the world ! Would love to know the reason why, does not make sense to me. 1 Quote Link to comment Share on other sites More sharing options...
Ken Posted April 25, 2021 Share Posted April 25, 2021 10 minutes ago, AliQ said: Can you please tell me why retirement income stream payments can not be paid into UK bank accounts ? When I come to draw my super, I'll be back in the UK. Thank you. I suspect it all comes down to cost and convenience of the Super fund. Sending payments to international bank accounts takes the Super fund more time and effort even if the bank fees are passed on to you. If you have a Debit Card account with Wise they'll give you your own BSB and sort code just like any bank account which you can have the Super fund pay to and you can convert to pounds and transfer to your UK bank account. When you come to draw your super there'll probably be other providers to choose from that'll do the same. 1 Quote Link to comment Share on other sites More sharing options...
AliQ Posted April 25, 2021 Author Share Posted April 25, 2021 11 minutes ago, Ken said: I suspect it all comes down to cost and convenience of the Super fund. Sending payments to international bank accounts takes the Super fund more time and effort even if the bank fees are passed on to you. If you have a Debit Card account with Wise they'll give you your own BSB and sort code just like any bank account which you can have the Super fund pay to and you can convert to pounds and transfer to your UK bank account. When you come to draw your super there'll probably be other providers to choose from that'll do the same. Many thanks Ken. I did not know that a service like that existed, I'll read up about this. 1 Quote Link to comment Share on other sites More sharing options...
Wanderer Returns Posted April 25, 2021 Share Posted April 25, 2021 1 hour ago, AliQ said: Can you please tell me why retirement income stream payments can not be paid into UK bank accounts ? When I come to draw my super, I'll be back in the UK. Thank you. Hi @AliQ, I'm surprised as you've only just returned to Australia. I hope all is well? I'm sure you're aware that if you can hang on until you're 60 you can get all you super tax-free, whereas if you return to the UK then I think it will be taxable over there. Quote Link to comment Share on other sites More sharing options...
AliQ Posted April 25, 2021 Author Share Posted April 25, 2021 11 minutes ago, Wanderer Returns said: Hi @AliQ, I'm surprised as you've only just returned to Australia. I hope all is well? I'm sure you're aware that if you can hang on until you're 60 you can get all you super tax-free, whereas if you return to the UK then I think it will be taxable over there. Hi WW, thank you for your reply and hope all well with you. I don't want to get involved into living in Australia V living in UK discussions on this forum, they never end well ! 1 Quote Link to comment Share on other sites More sharing options...
Wanderer Returns Posted April 25, 2021 Share Posted April 25, 2021 4 hours ago, AliQ said: Hi WW, thank you for your reply and hope all well with you. I don't want to get involved into living in Australia V living in UK discussions on this forum, they never end well ! Well I can read between the lines. Such a shame after all that effort, but I totally understand. In an ideal world I'd love to spend 4 months in Derbyshire and 8 months on the Sunshine Coast, but my finances were never been in that league - and now there's the pandemic to contend with! 1 Quote Link to comment Share on other sites More sharing options...
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