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ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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I have an ira. I have dual citizenship with the U.K. I am moving

Customer Question

I have an ira. I have dual citizenship with the U.K. I am moving back to the uk permanently and will have no other assets in the U.S. Primerica is telling me that they cannot do a monthly international bank transfer using the IBAN, BIC and SWIFT international banking codes. They are telling me they have to issue me a paper check in U.S. Dollars which I will then have to deposit in my U.K. Bank account.! Is this correct? I find the whole thing unbelievable.
JA: The Accountant will know how to help. Anything else I can tell the Accountant before I connect you two?
Customer: No
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 10 months ago.
Category: Tax
Expert:  Lev replied 10 months ago.
There is nothing in the law that prevents international transfers.Most likely that is an internal policy of the financial institution.What you may do - transfer distributions to the US bank - and do international transfer from that bank account.
Customer: replied 10 months ago.
I will have NO bank account in the U.S. I will have NOTHING in the U.S. I will only have my IRA and eventually my Social Security.
Expert:  Lev replied 10 months ago.
You may easily open a bank account in the US - that should not be an issue,however if you want to avoid that - you may either accept there offer to mail you a paper check ORyou may want to communicate with a different company and transfer your IRA there... But if they are not doing international transfers - you may not force them.
Customer: replied 10 months ago.
You CANNOT have a U.S. Bank account if you don't have a U.S. Address. Even I know that! You have been no help whatsoever. Did you even read my question? Which companies have IRA's who would do an international wire transfer to a U.K. Bank account?
Expert:  Lev replied 10 months ago.
I fee that you perfectly know what to do...Hope someone else will be better help for your situation.
Expert:  ShawnA replied 10 months ago.
Hello. I'm so sorry about what happened. I will offer you a call and because of the previous issue I will lower the price from the normal $52 price.