NS&I launches International Payments Service
NS&I has launched a new service for NS&I customers to enable them to have payments from NS&I made directly to an international bank account in their own name. The service is targeted at those NS&I customers who are resident in another country (for instance, ex-pats) or those who have a second home abroad.
At present, NS&I customers who live overseas (or have second homes overseas) can only have payments made directly to a UK bank account or have a paper warrant (like a cheque) in pounds sterling sent to them by post to their overseas address, which they typically then have to pay a fee to deposit in a foreign bank.
In setting the spread rate (or margin) for international payment services, NS&I has ensured that it offers a fair rate to customers while still ensuring NS&I competes fairly with other service providers in the market.
Julian Hynd, Retail Director, NS&I, said: “NS&I’s new International Payments Service will offer overseas customers greater flexibility in how they transact with us and we expect it will be a popular service”.
Notes to Editors
- NS&I’s International Payments Service will allow registered customers to make payments if they hold Premium Bonds, Direct Saver, Income Bonds and Direct ISA. The service will cover the following types of ‘payments out’: partial repays, Premium Bond prizes, monthly Income Bonds interest payments, and full closure of the account. Due to the unique tax position of ISAs, it is not possible to close an NS&I Direct ISA online
- Countries that customers can make transfers to include the 18 countries in the Eurozone within the Single Euro Payments Area (SEPA); Canada; Hong Kong; Singapore; Australia; New Zealand; and Israel – check our website for a full list
- Customers need to already be an NS&I customer and have registered to use our online and phone service. They then simply register for the international payment service through nsandi.com with their foreign bank account details. We then generate a pdf confirming their bank account details (typically takes 24 hours to do this), which the customer will need to print and post back to us along with their bank statement from their international account. During this process, we may ask individual customers and joint account holders eligible for the service, for evidence of identity. We then process the form and send the customer a secure message telling them that they can now link an NS&I product to their international bank account, ie to make that account their nominated account for the NS&I product
- Once the customer has done this, any withdrawals they make will be paid directly to their international account in the relevant currency. Customers should check the indicative exchange rates before they carry out the withdrawal. Any automated payments – for example Income Bonds interest payments or Premium Bonds prizes – will also be paid to the customer’s international account once they have made it their nominated account for their chosen NS&I product
- NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to over 25 million customers. All products offer 100% capital security because NS&I is backed by HM Treasury