Child Trust Funds

[Mel J]

Just wondering if there was a outcome on this? I am about to try help my daughter who just turned 18 gain access to her funds. If we create a wise account for her, then we should be able to transfer to that? It creates a Uk sort code and account number.

[calNgary]

14 hours ago, Mel J said:

Just wondering if there was a outcome on this? I am about to try help my daughter who just turned 18 gain access to her funds. If we create a wise account for her, then we should be able to transfer to that? It creates a Uk sort code and account number.

I think it depends on the UK company the funds are with. My daughter processed her over the phone and had it paid to her Aussie bank account. No UK account required.

                              Cal x

[Simb]

On 14/05/2024 at 21:20, Mel J said:

Just wondering if there was a outcome on this? I am about to try help my daughter who just turned 18 gain access to her funds. If we create a wise account for her, then we should be able to transfer to that? It creates a Uk sort code and account number.

We are in Aus and our Son's CTF is with HSBC in the UK, he can't transfer it to a UK Bank account without proof of address (residence in UK). HSBC want some certified documents sent via post along with a BIC and IBAN before they transfer the funds to his Great Southern Bank account in Aus, unfortunately Australian accounts don't use them. Currently getting hand-balled back and forth between the two banks trying to resolve it. Will update if successful.

[Tulip1]

5 hours ago, Simb said:

We are in Aus and our Son's CTF is with HSBC in the UK, he can't transfer it to a UK Bank account without proof of address (residence in UK). HSBC want some certified documents sent via post along with a BIC and IBAN before they transfer the funds to his Great Southern Bank account in Aus, unfortunately Australian accounts don't use them. Currently getting hand-balled back and forth between the two banks trying to resolve it. Will update if successful.

Australia doesn’t have IBAN’s.  Send them your son’s bank code and account number.   

Edited July 8 by Tulip1

[Ken]

13 hours ago, Simb said:

We are in Aus and our Son's CTF is with HSBC in the UK, he can't transfer it to a UK Bank account without proof of address (residence in UK). HSBC want some certified documents sent via post along with a BIC and IBAN before they transfer the funds to his Great Southern Bank account in Aus, unfortunately Australian accounts don't use them. Currently getting hand-balled back and forth between the two banks trying to resolve it. Will update if successful.

Have him open an account with Wise using his proof of his Australian address. He can then get a UK bank account number and sort code from them. I don't know if they provide a BIC and IBAN for UK bank accounts but possibly that too, but I assume a UK bank account and sort code will be sufficient for HSBC. Once in his Wise account he can convert the funds into AUD (Wise's exchange rates are the most competitive around) and then send to his Great Southern Bank account (Wise's fee for the transfer is $0.57).