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Assisting overseas clients

 

While we have always been a UK based savings provider, backed by HM Treasury, we also have customers with registered addresses in other countries.

Some of these may be existing clients of yours or you may have clients who are considering moving overseas, new clients who already live overseas or clients with homes in more than one country. This information may be of benefit to you and them. If your client moves overseas, they will need to tell us so that we can update their details.

International Payments Service

Our International Payments Service lets your clients withdraw money from their NS&I account and send the payment directly to international bank accounts in their own name. Once they have registered their international bank account with NS&I, they can make payments at any time through our secure online and phone service. We offer competitive exchange rates and won’t charge any fees.

In order to use the service clients will need:

  • At least one of the following NS&I accounts: Direct Saver, Direct ISA, Income Bonds or Premium Bonds.
  • An international bank account in the Single Euro Payments Area (see below link for the full list of countries this includes), Australia, New Zealand, Canada, Hong Kong, Singapore or Israel. The account must be in the investors own name or held jointly with someone else.
  • To be registered for NS&I’s online and phone service, because they will need to register their international bank account with us online.
  • A paper statement from their international bank account (we’ll ask them to send us this as evidence that the account is in their name).

For further information please visit:

nsandi.com/ips

General guidance

Please note that some NS&I products cannot be held in certain countries due to local restrictions and some may be liable for local tax. Your client must check the laws or restrictions of the country they're living in or moving to, but here is some general guidance.

Premium Bonds

A client living outside the UK should check whether local regulations permit them to hold Premium Bonds. For example, the US has strict gaming laws which may mean it isn’t possible or practical to hold Premium Bonds while living there. Where Bonds are permitted, your client will need to apply by post, and then after their holding has been set up they can then register for our online and phone service.

Once they are registered for this service they can manage their holding online and by phone, including cashing in Bonds and buying more. They can also select to receive prizes by BACS to a UK bank or building society account or an NS&I Direct Saver or Investment Account (with notification by email) and paperless documents. Bonds can only be purchased online or by phone using a personal debit card issued by a UK bank or building society.

Any prizes your client wins will be paid in Sterling.

Direct Saver

Your client needs to have a UK bank or building society account (or an NS&I Investment Account) that can receive BACS transfers. Interest is paid without the deduction of tax. However, the interest is subject to UK Income Tax so if your client is liable for UK Income Tax it will count towards their Personal Savings Allowance.

Find out more about tax and savings

Direct ISA

Your client should inform us if they cease to be resident in the UK for tax purposes. No further deposits can be made into the Direct ISA, unless it is an inherited allowance account, until the investor meets the UK residency qualification again. The interest is free from UK Income Tax so your clients who are liable for UK Income Tax don’t need to declare it to HM Revenue & Customs.

Income Bonds

To receive the income from their Income Bonds your client needs to have a UK bank or building society account (or an NS&I Direct Saver or Investment Account) that can receive BACS transfers. Interest is paid without the deduction of tax. However, the interest is subject to UK Income Tax so if your client is liable for UK Income Tax it will count toward their Personal Savings Allowance.

Find out more about tax and savings

Investment Account

Interest is added to the account without the deduction of tax. However, the interest is subject to UK Income Tax so If your client is liable for UK Income Tax it will count towards their Personal Savings Allowance.

Find out more about tax and savings

Guaranteed Growth Bonds

Your client needs to have a UK bank or building society account (or an NS&I Direct Saver or Investment Account) that can receive BACS transfers. The interest is paid without deduction of tax. However, the interest is subject to UK Income Tax so if your client is liable for UK Income Tax it will count towards their Personal Savings Allowance.

Find out more about tax and savings

Guaranteed Income Bonds

Your client needs to have a UK bank or building society account (or an NS&I Direct Saver or Investment Account) that can receive BACS transfers. The interest is paid without deduction of tax. However, the interest is subject to UK Income Tax so if your client is liable for UK Income Tax it will count towards their Personal Savings Allowance.

Find out more about tax and savings

Index-linked Savings Certificates / Fixed Interest Savings Certificates

The current Issues of these are only available to those with maturing investments in them. They are not on general sale.

Your client needs to have a UK bank or building society account (or an NS&I Direct Saver or Investment Account) that can receive BACS transfers. The interest is free from UK Income Tax so your clients who are liable for UK Income Tax don’t need to declare it to HM Revenue & Customs.

Junior ISA

If your client wants to open an account for a child under 18

If your client has parental responsibility for someone under 18 who is resident in the UK, your client can open a Junior ISA for them. The account will be in their name, but your client will be responsible for managing it. Your client must be at least 16 years old.

If you’re client is a UK Crown servant, your client can open a Junior ISA for a young person who lives outside the UK if the young person depends on your client for care.

If your client is 16 or 17

Your client can open a Junior ISA for themselves if they are resident in the UK, or a UK Crown servant, or married to or in a civil partnership with a UK Crown servant.

If your client’s parent or guardian has opened a Junior ISA for your client, your client can apply to manage the account themselves.

Common Reporting Standard

Your client should be aware of the Common Reporting Standard (CRS). This is a global standard for the automatic exchange of financial account information between governments around the world to help fight against tax evasion and protect the integrity of systems.

It requires all financial institutions, including NS&I, who operate in a CRS participating jurisdiction to gather certain customer information and report it to local tax authorities.

Find out more about the Common Reporting Standard

Resources

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