# Receiving dividends from UK without a UK bank account?



## Sandraw719 (Jul 19, 2013)

I tried to open a Lloyds International bank account but failed. 

My husband plan to transfer some UK shares to me, they are paper certificates and will generate a few thousand dividends per year. 

I know some share dealing companies in UK offer to send dividends abroad in euros. But how does it work? If Equiniti send me the dividends in euros to my spanish bank, will the spanish bank charge receiving fee?

What is the best way to receive any payment from UK ( EUROS) to Spain? Which Spanish bank is cheap? Spanish bank seems charge a stupid expensive fee for any service.


----------



## CapnBilly (Jun 7, 2011)

I recommend that you seek some professional advice before the transfer. There is no free transfer of capital between spouses in Spain, so if you are resident for tax purposes in Spain, then technically the transfer would be a gift, and subject to gift tax. The tax rates are the same as inheritance tax, but with no allowances. 

You are supposed to report the gift within 30 days.


----------



## Sandraw719 (Jul 19, 2013)

CapnBilly said:


> I recommend that you seek some professional advice before the transfer. There is no free transfer of capital between spouses in Spain, so if you are resident for tax purposes in Spain, then technically the transfer would be a gift, and subject to gift tax. The tax rates are the same as inheritance tax, but with no allowances.
> 
> You are supposed to report the gift within 30 days.


Thanks. That is not a problem. I will do what I have to do. It is not a lot of shares,won't attract too much tax. The problem is how to receive any income from UK without a UK bank account? I know plent of British citizens abroad are not allowed to open a UK bank account either,how do deal these problems?

Lloyds bank asked me send endless paperwork but finally refuse me. They seem only interest people who can deposit big amount of money like £100000 and use their foreign exchange service.


----------



## Chopera (Apr 22, 2013)

Maybe you can open a share dealing account in Spain (e.g. renta4) and transfer all the shares to that account? They should be able to handle the dividends as you request them to. You'd need to investigate the commissions, etc, as to which one suits you best of course.


----------



## lebesset (Dec 4, 2011)

just wait a little , from september it will stop being a problem to get a uk bank account ....HSBC and barclays will already do it 
of course this is because of pressure from the EU , another advantage people don't seem to know about


----------



## olivefarmer (Oct 16, 2012)

*NGO slams EU turkey migrants deal*

Great . Time for plan B

The Brief from Brussels: NGO slams EU’s Turkey deal | euronews, brussels bureau

And as I keep saying, This is the EU you want us to remain part of.


----------



## snikpoh (Nov 19, 2007)

lebesset said:


> just wait a little , from september it will stop being a problem to get a uk bank account ....HSBC and barclays will already do it
> of course this is because of pressure from the EU , another advantage people don't seem to know about


Nope - HSBC told me yesterday that you need to be resident in UK (as per my previous posts about this).


----------



## Chopera (Apr 22, 2013)

snikpoh said:


> Nope - HSBC told me yesterday that you need to be resident in UK (as per my previous posts about this).


Maybe they are waiting for the outcome of the referendum?

EC offers glimmer of hope for expats without bank accounts - Telegraph

Banks say ‘yes’ to UK accounts for EU residents | Olive Press News Spain


----------



## mrypg9 (Apr 26, 2008)

Sandraw719 said:


> Thanks. That is not a problem. I will do what I have to do. It is not a lot of shares,won't attract too much tax. The problem is how to receive any income from UK without a UK bank account? I know plent of British citizens abroad are not allowed to open a UK bank account either,how do deal these problems?
> 
> Lloyds bank asked me send endless paperwork but finally refuse me. They seem only interest people who can deposit big amount of money like £100000 and use their foreign exchange service.


I have a Lloyds Offshore account, one in euros and one in sterling. It is a simple matter to send monies from one account to another.
Yes, there is a lot of paperwork involved but the sum you need to deposit to open an account is £25k not £100k.

I also have a sterling account with my Spanish bank, Banco Sabadell.


----------



## Sandraw719 (Jul 19, 2013)

mrypg9 said:


> I have a Lloyds Offshore account, one in euros and one in sterling. It is a simple matter to send monies from one account to another.
> Yes, there is a lot of paperwork involved but the sum you need to deposit to open an account is £25k not £100k.
> 
> I also have a sterling account with my Spanish bank, Banco Sabadell.


My sabadell wont allow us to have a Sterling account.
Lloyds kept asking me how much money I can put in. I said I can put 25000 pounds no problem. Then they ask how wealth I am. I said I can put more than 80000 but wont keep all in the bank. I certainly keep 25000 but will use 55000 for other investment. They are not happy with this. I asked why they keep me put more and more money and wont give me any interest? They just refused me in the end. 

Anyway, I am going to try Barclays.


----------



## Sandraw719 (Jul 19, 2013)

mrypg9 said:


> I have a Lloyds Offshore account, one in euros and one in sterling. It is a simple matter to send monies from one account to another.
> Yes, there is a lot of paperwork involved but the sum you need to deposit to open an account is £25k not £100k.
> 
> I also have a sterling account with my Spanish bank, Banco Sabadell.


My sabadell wont allow us to have a Sterling account.
Lloyds kept asking me how much money I can put in. I said I can put 25000 pounds no problem. Then they ask how wealth I am.I mentioned everything and said I can put more than 80000 but wont keep all in the bank. I certainly keep 25000 but will use 55000 for other investment. They are not happy with this in the last minute. 

I image it is more difficult for me because I am not a EU citizen. 

I do not mind they reject me. But they should not waste so much time. They seem happy with what I told them at the beginning and promise they will set up my account in 7 days as long as I sent my ID docs and proof of address. Then they kept refused my documents and I have to do again and again. Finally they accept the documents but in the last minute, they refused me without giving a reason. They should not accept my application at the first place and do not waste 7 weeks to make a decision.

Anyway, I am going to try Barclays. We will open a joint account. I hope it will be easier.


----------



## Williams2 (Sep 15, 2013)

Sandraw719 said:


> I tried to open a Lloyds International bank account but failed.
> 
> My husband plan to transfer some UK shares to me, they are paper certificates and will generate a few thousand dividends per year.
> 
> ...


Yes - try waiting until September before trying again - when the long anticipated Basic Bank Accounts for non
British residents come into being.


----------

