Relocating from Australia to Scotland can be tricky if banking regulations trip you up
Q. Both my wife and I have Australian-British dual citizenship. After living for the last 30 years in Australia we would like to retire in Scotland.
We have some money in a British bank because my wife once worked in Edinburgh, but the bank refuses to allow us to put joint names on the account because even though I am a British citizen I am not currently resident.
Are there any banks that would allow us to set up a joint account and transfer the proceeds from selling our Australian house into Britain in joint names?
Bill Wood, Australia
Richard Musty, international director, Lloyds Bank (international.lloydsbank.com)
In order to open a UK bank account with a high street branch, you will need to be resident in the UK, and I suspect this may be why the bank cannot make your account joint. They will allow you to maintain your existing arrangements, but you will be unable to add to these.
My advice would be to talk to the international division of your bank who will have more experience in expats’ needs and have accounts and services designed to help clients living overseas.
The other members of our expert panel are:
Adam Thompson, tax manager, The Fry Group (thefrygroup.co.uk)
Justin Harris, managing director of Chase Belgrave (chasebelgrave.com)
Jason Porter, director, Blevins Franks (blevinsfranks.com)
Howard Bilton, chairman, The Sovereign Group (www.sovereigngroup.com)
Daniel Abrahams, CEO, CurrencyTransfer, an independent foreign exchange marketplace (currencytransfer.com)
Lindsay Kinnealy, legal director, international property department, Slater & Gordon (slatergordon.co.uk)