Army Pay into Offshore account

#2
Basically, no. Unless you are posted over there for some reason.
 
#3
Of course you can slways set it up yourself via your own bank account but I guess you are trying to avoid fees and have the tax payer pay the fees on your behalf.
 
#6
Why would you want to do that?
Nosey ******.

Anyway, I can't see any reason why not, you can have several bank accounts which JPA will pay into (I have three) and once your clerk has set up the account details, you can allocate how you want the money split, and change it at will. All you need is a sort code and account number.
 
#8
Of course you can slways set it up yourself via your own bank account but I guess you are trying to avoid fees and have the tax payer pay the fees on your behalf.
Thanks for the reply BOAB, but what has the tax payer got to do with it? I simply wish to avoid being ripped off with an unfavourable exchange rate from a greedy bank.
 
#10
FH, As you may well know already (I suspect you do hence your enquiry) overseas bank transfers incur fees. If the MOD pays money into your overseas bank account it incurs the same fees. It is happy to do this if you need the service due to being posted in that overseas country but not if you are not. You mention exchange rates, why should the tax payer take the hit on that either? Do you honestly believe that the MOD is immune to the costs of transferring money to/from other currencies. Also, you should be aware that the official exchange rate offered by the MOD is sometimes in your favour, sometimes not, as it is not changed constantly unlike the commercial rate.
 
#12
Joe Private, F&H is on the right track, do you have a personal dislike for him. You clearly show that you have no knowlege of transferring money overseas. Bottom line is it incurs fees. Your 3 uk bank accounts are complete red herring (as would be your German bank account if you are serving over there).
 
#14
Joe Private, F&H is on the right track, do you have a personal dislike for him. You clearly show that you have no knowlege of transferring money overseas. Bottom line is it incurs fees. Your 3 uk bank accounts are complete red herring (as would be your German bank account if you are serving over there).
I have no beef with F&H apart from the feeling that he is a troll, sockpuppet, alternative account for some oxygen thief, or similar. Regarding transfer of money to a foreign account, I understood that the fees (and thus who pays them) depend on whether or not the money gets transferred as Sterling or local currency. I also think that you can't elect to have a portion paid in Sterling, and a portion in another currency. This would mean that the sum paid into the foreign account would be transferred in Sterling, after which any fees due would be deducted and an exchange rate applied, resulting in no extra cost to the taxpayer, and probably no gain to the individual. Pensions which are wholly paid in a foreign currency are, I believe, different. I am happy to be corrected, but only if I'm wrong.
 
#15
If you get paid in sterling and you make a transfer into say a dollar account it costs a transfer fee and it is likely you pay the despatching bank and the receiving bank. Its expensive.

If you pay from a sterling account (including from your sterling pay account) the bank will convert the money at whatever exchange rate it wants to as you have no control over when the exchange takes place. Remember that the forex market is 24/7/365, virtually.

The most economical way of doing this is to draw a cheque on your sterling account and pay that into a sterling account in your foreign bank. The time it takes to clear the cheque will be important but should be no more than 30days and these times are coming down.

Then you have to watch the rates to see when the best time to exchange is. The larger the sum you exchange the better the rate generally. You prearrange and agree the rate with your " overseas" bank and job done.

Most banks have offshore arrangements and can be dealt with either by phone or online from the UK.

Or you could use Paypal perhaps.
 
#17
Joe Private, F&H is on the right track, do you have a personal dislike for him. You clearly show that you have no knowlege of transferring money overseas. Bottom line is it incurs fees. Your 3 uk bank accounts are complete red herring (as would be your German bank account if you are serving over there).
Thank you for that comment. It just so happens that I have professional knowledge of examining Foriegn Payments made by MoD through the BofE
 
#18
Simples.


Set up a Citibank $AUS account in the UK, and have your salary paid in direct (it is not an offshore account). You can then transfer free of charge to a Citibank account in Aus itself.


I once did a similar thing with US currency.
 
#19
I have a portion of my wages paid into a US account, its paid in Sterling and I had no problems setting it up through my Chief Clerk. JPA took the sort code and account number with no problems.
My wife lives over there so maybe thats why JPA took it.
 
#20
Nosey ******.

Anyway, I can't see any reason why not, you can have several bank accounts which JPA will pay into (I have three) and once your clerk has set up the account details, you can allocate how you want the money split, and change it at will. All you need is a sort code and account number.
There is a difference between the format of UK sort codes and sort codes used in various other countries.
 

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