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Frequently asked questions

Here's a list of the most common frequently asked questions for travelling.

General

Making a payment overseas

Receiving money from overseas

Foreign currency accounts

Travelling abroad

IBANs and BICs

European Union savings directive


General


Why do I need to let you know before I travel?

Before you go, please let us know your dates of travel, that way we'll be expecting to see foreign transactions on your account. If you don't let us know, there's a risk that we may stop unexpected overseas transactions as our fraud controls kick in. Please call our UK based telephone banking service on 08448 44 88 44^.

Can I buy foreign currency or travellers cheques from you?

You may wish to take traveller's cheques or foreign currency with you when you travel. If you have a Co-operative Bank current account you can purchase foreign currency and traveller's cheques free of charge in any of our branches or over the phone on 08448 44 88 44^.

If you use your credit card to purchase foreign currency or travellers cheques in the UK you will incur a cash fee. If you have a clear credit card, you will not be charged a cash fee.

Can I use my debit or credit card to withdraw cash overseas?

You can use your debit or credit card overseas to withdraw up to £250 in local currency at cash dispensers (ATMs) that display the Visa or PLUS logos, or over the counter at any bank that displays the Visa sign. Cash withdrawals are subject to a charge made up of a cash withdrawal fee and a non-sterling transaction fee. If you have a clear credit card, you will not be charged a cash withdrawal fee.

Depending on the amount you withdraw and how you plan to spend the money (e.g. in one lump sum or lots of small transactions) it may be more convenient or cost effective to pay direct by card.

How much cash can I withdraw overseas?

You can use your debit or credit card overseas to withdraw up to £250 in local currency at cash dispensers (ATMs) that display the Visa or PLUS logos, or over the counter at any bank that displays the Visa sign. Cash withdrawals are subject to a charge made up of a cash withdrawal fee and a non-sterling transaction fee.

Can I use my debit or credit card to pay for goods and services overseas?

Once you are abroad you can use your debit or credit card to pay for goods and services e.g. in shops and restaurants directly at the point of purchase, just as you would at home - this is fast and convenient and saves the need to carry large amounts of cash. You will be charged a non-sterling transaction fee for this service.

Should I take cash or use my credit/debit card?

Depending on how you plan to spend, it's worth considering whether you are better off paying by card or with cash.

If you're paying several larger amounts, it's likely to be more cost effective and safer to use your card. You need to weigh up the convenience and the charges that apply; either way it is important that you understand what the charges are so that you can make the best choice for you.

Although it's cheaper to pay for goods using your credit or debit card than withdrawing cash, there are times when only cash will do, such as at a market stall or bar. If you need cash in a hurry, using your Visa debit/credit card at a cash machine may be the most convenient option, but remember that it is cheaper to withdraw one large amount than many smaller ones.

Using your debit or credit card for purchases also provides you with additional benefits as you are provided with greater protection than paying with cash. The VISA purchase protection facility allows for refunds to be given to you in many circumstances if the goods prove to be faulty.

Will I need Travel Insurance?

When you purchase travel insurance it is useful to check that your bank cards and cash are covered to the right level for your needs.

What are your exchange rates?

Exchange rates between the pound and other currencies vary every day. For card transactions, we use the Visa Scheme exchange rate which can be found at the Visa website. For an up to date daily rate for currency purchases, please contact us on 08448 44 88 44^.

There is often a very wide difference between the exchange rates offered for buying or returning foreign currency - the buy back rate is never as good as the rate at which it is sold. Try not to obtain too much currency and then having to return as this could save you money.

Some shops, hotels etc in other countries may offer to undertake transactions in pounds for you. If they do so it will be at their exchange rate and may not be as good as the Visa Scheme Exchange Rate.

I have been offered the option of paying in pounds. Will I be charged for this?

Some retailers will give you the option of paying in pounds. This means they will do the currency conversion. If you choose to accept the conversion by the retailer we will not charge you the non-sterling transaction fee.

Some ATMs will also offer to convert the transaction into sterling for you at their exchange rate, if you accept this we will not charge you the non-sterling transaction fee but we will still apply the cash fee.

If you choose to accept the conversion by retailer or ATM, it will be done at their exchange rate and may not be as good as the Visa Scheme Exchange Rate.


Making a payment overseas


How do I send money abroad?

There are four ways to send money abroad; S.W.I.F.T., US Structured, SEPA and through Real Time Euro Payments. Please note that there may be a charge for these services.

Which payment method should I use?

If you are sending Euros abroad then you should do so through either a SEPA or Real Time Euro Payment. For urgent payments please request a Real Time Euro Payment as these will be completed same day albeit for a higher tariff. Should you wish to send funds in any other major currency, a S.W.I.F.T. or US Structured payment can be used. A US Structured payment is ideal for sending low value dollar amounts to the USA.

What currencies can I make a foreign payment in?

We only deal in all major commercial currencies. Theses include:

AUD (Australian Dollar), CAD (Canadian Dollar), DKK (Danish Kroner), EUR (Euro), HKD (Hong Kong Dollar), INR (Indian Rupee), JPY (Japanese Yen), NZD (New Zealand Dollar), NOK (Norwegian Krone), PLN (Polish Zloty), SGD (Singapore Dollar), ZAR (South African Rand), SEK (Swedish Kroner), CHF (Swiss Franc), USD (US Dollar)

If you would like a payment made in another currency other than that stated above, you can send the transfer in Sterling with the instruction for it to be remitted in the local currency. The beneficiary bank will then convert the payment according to its rate of exchange, before crediting the recipient’s account. We may also buy another currency if you need to make an alternative currency payment, however there will be additional charges for this on top of the usual agent’s fees.

How can I request a foreign payment?

You can request a foreign payment by calling our Customer Services Team on 08448 44 88 44^ for personal banking customers (24 hours a day, seven days a week) or 08448 448 446^ for business banking customers (8am - 8pm Monday to Friday and 9am - 12pm on Saturdays). Alternatively, you may also visit your local branch for advice on which payment service best suits your needs.

What happens if the payment details I supplied are incorrect?

Please try to ensure that all the details you provide are correct. In the event that details are incorrect, even for a slight error such as a spelling mistake on the account holder’s name, the beneficiary bank may reject the transfer and either contact us to inform us there is a discrepancy or return the transfer to us. We will then contact you to obtain the correct information which we will then pass on to the beneficiary bank or use to re-send the transfer. There are charges associated with amending an overseas payment, which can be found in our International Banking Tariff found below. The beneficiary bank may also make a charge.

How can I cancel a foreign payment?

Once your transfer has been sent we are unable to stop it. We cannot guarantee that funds can be recalled or payment instructions amended, as the beneficiary bank is not obliged to return the funds. If you would like to proceed with a cancellation or amendment, charges will be applied by us as well as any further charges from the beneficiary bank. If the transfer was sent in a foreign currency, you may be subject to an exchange rate loss if the payment is recalled and paid back into your account.

How are the Co-operatives Bank's exchange rates determined?

Our rates of exchange are set at 8:30am each day and will apply to all transfers below £20,000 made before the respective cut-off time for that day. They are based on current market rates and are comparable to those used by other banks and building societies within the UK. For transfers over £20,000, our dealers will negotiate the best possible rate for you at the time the payment is processed.

How can I find out your exchange rates?

Unfortunately we do not have the facility to display our exchange rates daily on the website. You can find out the exchange rate which will apply to your payment by calling our Foreign Services Team on 08457 55 8888^ (lines are open 8am to 4pm, Monday to Friday).

View our International Banking Tariff (PDF)

Please note, all foreign transactions are done at your own risk. We will do everything that we can to get the funds to the receiver with the information that you provide. The Co-operative Bank cannot be held responsible if the information you supply is insufficient or incorrect or if there is a delay caused by the foreign banks. When we process a foreign transaction, if all the information you have given us is correct your transfer will usually be received within 1 - 4 working days. However, funds may sometimes be delayed by the banking practices of other countries.

What is S.W.I.F.T.?

The Society for Worldwide Interbank Financial telecommunications (SWIFT) can be used to make an electronic payment of any amount in most currencies to almost anywhere in the world.

When should I use S.W.I.F.T.?

This payment process is best for urgent or high value transactions, as there is no limit on the amount that can be transferred.

How long will it take for a payment to be received?

Completion of a transfer will normally take between one to four working days.

What will I be charged for using this service?

Please see our International Banking Tariff (PDF) for charges related to this service

What information will I need to provide for a S.W.I.F.T. payment?

The minimum information required to make a S.W.IF.T. transfer is the currency you wish the payment to be made in, the beneficiary’s name and account number as well as the name and address of the receiving bank. In addition, please try to provide an IBAN and BIC code whenever possible. 

You will also need to agree to the declaration below:

Declaration
We may need to disclose limited information to third parties where reasonably necessary. This is for the purposes of the prevention and detection of crime, prosecution of offenders, for the purposes of national security or where required by law. This may mean that the information could be transferred to countries that do not provide the same level of data protection as the UK.

What is SEPA?

The Single Euro Payments Area (SEPA) is a uniform set of standards which have been implemented by most European banks since 2008. They are designed to enable you to make and receive card and electronic payments in Euros simply, cheaply and efficiently across Europe, regardless of their location.

What are the benefits of using SEPA?

Payments made through SEPA are more cost-effective than using S.W.I.F.T., as well as saving time and being as easy to use as making payments within your own country.

Who are the SEPA member states?

SEPA covers transactions between all 27 EU Member States, as well as Iceland, Lichtenstein, Norway and Switzerland. The scheme applies to payments in Euros, even if your account isn’t a Euro account.

How long will it take for a payment to be received?

Completion of a SEPA payment will be within two working days.

How much does a SEPA transfer cost?

SEPA payments are more cost effective than using S.W.I.F.T. Please by call our Foreign Services Team on 08457 588 888^ (lines are open 8am to 4pm, Monday to Friday) for charges related to this service. If the IBAN and BIC are correct, then there shouldn’t be any additional charges to the beneficiary. If incorrect, foreign banks are allowed to charge a repair fee.

What information will I need to provide for a SEPA payment?

Please provide us with the beneficiary’s name and account number as well as the name and address of the receiving bank. In addition, an IBAN and BIC code are mandatory in order to proceed with the payment.

You will also need to agree to the declaration below:

Declaration
We may need to disclose limited information to third parties where reasonably necessary. This is for the purposes of the prevention and detection of crime, prosecution of offenders, for the purposes of national security or where required by law. This may mean that the information could be transferred to countries that do not provide the same level of data protection as the UK.

What are the benefits of using US Structured payments?

This service is a more cost-effective way of sending US dollars to the United States, as well as having no limit on the amount you can send (subject to the funds being available in your account).

How long will it take for a payment to be received?

Completion of a US Structured payment will be within five working days. If your payment is urgent, please request it via S.W.I.F.T. payment.

How much does a US Structured transfer cost?

Please see our International Banking Tariff (PDF) for charges related to this service.

What information will I need to provide for a US Structured payment?

Please provide us with the beneficiary’s name and account number as well as the name and address of the receiving bank. In addition, a Fedwire / Routing / ABA code (9 digits) is needed as well as the BIC code for the receiving bank.

You will also need to agree to the declaration below:

Declaration
We may need to disclose limited information to third parties where reasonably necessary. This is for the purposes of the prevention and detection of crime, prosecution of offenders, for the purposes of national security or where required by law. This may mean that the information could be transferred to countries that do not provide the same level of data protection as the UK.

How long will it take for a payment to be received?

Real time Euro payments (TARGET) are completed on the same day. Payments can be made between 08:30am and 2:30pm and are settled on a real time basis which is irrevocable.

How much does a Real time Euro payment (TARGET) transfer cost?

Please see our International Banking Tariff (PDF) for charges related to this service.

What information will I need to provide for a Real time Euro payment (TARGET) payment?

Please provide us with the beneficiary’s name and account number as well as the name and address of the receiving bank. In addition, an IBAN and BIC code are mandatory in order to proceed with the payment. 

You will also need to agree to the declaration below:

Declaration
We may need to disclose limited information to third parties where reasonably necessary. This is for the purposes of the prevention and detection of crime, prosecution of offenders, for the purposes of national security or where required by law. This may mean that the information could be transferred to countries that do not provide the same level of data protection as the UK.


Receiving money from overseas


What is the easiest way to receive a payment from overseas?

The fastest and most secure way of transferring funds into your account is through an electronic transfer. In order to receive a payment, you will need to provide the sender with the following information:

  • Our name in full - The Co-operative Bank plc
  • Our S.W.I.F.T. address - CPBKGB22
  • Your account name, sort code and account number or IBAN

We will send you a letter confirming receipt of any payments made through our cross-border payments system, showing the amount received and any deductions made from the original amount requested.

Can I pay a foreign cheque into my account?

Although we do not recommend that you receive paper-based payments from abroad, we can arrange to clear these on your behalf. Should you receive a cheque in a foreign currency, you can either hand it in or post it to your local branch and we will credit your account accordingly.

Please make sure the cheque is made payable to you, sign the back of the cheque and either:

  • Pay the cheque in at the branch of any Co-operative Bank or
  • Post it to your nearest branch together with a paying in slip

We will choose to process foreign cheques in one of two ways; negotiation with recourse or collection.

Negotiation with recourse
This is where we will credit your account on receipt of the cheque by our Overseas Financial Services team, before we actually receive the funds from the issuing bank. We will endeavour to credit your account within five working days and can only send a cheque for negotiation if it is issued in the same currency as the country that the cheque is drawn on.

Fees will be payable depending on the value of the cheque and you can view these in our International Banking Tariff below. If your cheque is returned unpaid, your account will be debited on the date of its return in addition to any other charges. The cheque will be returned to you with reasons and charges for non-payment.

Collection
Cheques which are high value, originate in high risk countries or are drawn in a currency different to that of the country it is drawn on will be sent for collection. Payment is credited to your nominated account after we have received the funds or are sure the cheque will be paid. How long this takes will depend on the country the payment is coming from and the foreign bank, however normal timescales are six to eight weeks.

Cheques sent for collection will also incur fees which can be found in the International banking Tariff below. Please note, the issuing bank may also charge for cashing the cheque and remitting the funds

Please note that we reserve the right to decide whether a cheque can be sent for negotiation or collection, and we can only negotiate a cheque if your account is being operated fully within the terms and conditions.


Foreign currency accounts


Can I open an account in a foreign currency?

In order to be eligible for a Foreign Currency account you need to have a Co-operative Bank Sterling current account.

If you already have a Co-operative Sterling account you can apply by downloading an application form below, and post to:

New Applications
The Co-operative Bank p.l.c
Overseas Financial Services
9 Prescot Street
London
E1 8BE

View our Foreign currency account application Form (PDF)

Alternatively you can call the Foreign Services Team on 08457 55 8888^ (lines are open 8am - 4pm Monday to Friday) and we will send you an application form in the post.

What currencies can I open a Foreign currency account in?

You can open an account in the following currencies:

AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
DKK Danish Krone
EUR Euro
HKD Hong Kong Dollar
JPY Japanese Yen
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krone
SGD Singapore Dollar
USD US Dollar
ZAR South African Rand

Are there different types of currency accounts?

We offer two different Foreign currency accounts; each designed to meet the individual needs of our customers:

Current account
Reliable and cost effective, our non-interest current account allows you to make and receive payments in foreign currency simply and safely in order to carry out all your day-to-day banking needs.

Deposit account
Our interest paying deposit account allows you to retain the flexibility of a current account, with the added benefit that you can accrue interest on most credit balances.

Facilities for current and deposit accounts:

  • Monthly statements
  • No minimum balance
  • Electronic transfer in branch or by phone
  • Transfer between currency and sterling account
  • Drafts can be issued
  • Cheques and foreign transfers can be paid into account
  • Credit interest paid on most currencies (deposit account only)

How do I find out which interest rate applies to my account?

Credit interest rates can vary from day to day. Full details of the interest rate which will apply to your account are provided before you open your account or are available on request from the Foreign Services Team.

What charges are there for currency accounts?

Charges for our Foreign currency accounts can be found below in the International Banking Tariff.

View our International Banking Tariff (PDF)
View our Foreign currency account Application Form (PDF)
View our Foreign currency account Terms and Conditions (PDF)

To apply or for more information on our foreign services call 08457 55 8888^ (Lines are open 8am – 4pm Monday to Friday) or email foreign.banking@co-operative.co.uk


Travelling abroad


Can I use my card abroad?

You can use your Visa debit or credit card to withdraw funds from any cash machine which displays the Link/Visa logo anywhere in the world. For details of ATM locations, please use the Cash Machine Locator. Your card can also be used to purchase goods at any outlet which carries the Visa logo.

Don't forget to let us know before you go to help reduce the risk of you being affected by our fraud prevention controls.

Is there a daily withdrawal limit when I use my card abroad?

You can use your Visa debit or credit card to withdraw £250 Sterling equivalent daily in the local currency.

Will I be charged for using my card abroad?

Yes, there are charges for using your card abroad. The charge will depend on what type of card you have and how you use it.

Does the Co-operative Bank offer a travel money service?

If you’re travelling abroad, allow us to handle your travel money requirements for you. We can provide you with a choice of over 80 available currencies to take with a service which offers you:

  • Convenience – order your currency over the phone
  • Commission free sales
  • Competitive rates of exchange
  • Security - delivery is free to any branch of your choice or by Special Delivery to your home address free of charge for orders over £500, or £5 if less
  • Flexibility - order your travel money when you need it

How can I purchase travel money?

You can take advantage of our travel money service in a number of different ways:

By telephone - Call our Customer Services team on 08448 44 88 44^ (lines are open 24 hours a day, seven days a week) who will be able to help you with your travel money needs.

In branch - Just visit your local branch to order your currency direct from your Co-operative bank account.

Currency on-demand – If you need Euros and US Dollars in a hurry, we can help. Selected Co-operative Bank branches stock instantly available pre-pack amounts of €150, €300, €500 or $200, so you can buy your travel money whenever suits you best.

Can I deposit any left over foreign banknotes or travellers cheques back into my account?

Foreign banknotes can be paid back into your bank account by visiting your local branch. To deposit a traveller’s cheque into your account, you can either hand it in or post it to your local branch and we will credit your account accordingly.

Please sign and counter sign the travellers cheque and:

  • Pay the cheque in at the branch of any Co-operative Bank or
  • Post it to your nearest branch together with a paying in slip

IBANs and BICs


What is an IBAN?

An IBAN uses existing sort codes and account numbers, as well as a two-letter country code, check code and issuing code. This makes it easier to read and check. An example for The Co-operative Bank would be:

Country code Check number Issuing bank code Sort code & account number
GB 12 CPBK 12345612345678

What is a BIC?

The BIC is a standard identifier for banks internationally. It is issued by SWIFT and should be used on all international payments. The Co-operative Bank’s BIC is printed below:

The Co-operative Bank BIC: CPBKGB22

Where can I find my IBAN?

Your own IBAN can be found on your paper statements, online statements and recent items.

Can I check an IBAN?

It is important that you check the format of each IBAN before you send a payment. You can visit the Association for Payment Clearing Services (APACS) website or use the table at the end of this section to check if a format is correct. However, this check will not tell you if the account exists, merely that an IBAN is correctly configured.

Do I need to use my IBAN?

If you are making a payment in Euros to a qualifying European country (listed below), then you must use the beneficiary’s IBAN and BIC. Conversely, if you want to receive a payment then you must supply your IBAN and BIC. Under European Directive, payments which are made within the European Union to Euro accounts without a valid IBAN and BIC can be rejected and this could lead to additional costs as the payment will need to be processed manually.

The person I want to pay has not given me their IBAN and BIC, what should I do?

If you need to make a payment to any country which has adopted the IBAN, you must use the beneficiary’s IBAN and BIC code. They can find this on their statements. Failure to provide this information can result in your payment being rejected and subsequent charges will be imposed. If the beneficiary hasn’t provided their IBAN or BIC, you should ask for these details.

Which countries use IBANs?

The following table shows all countries that use IBANs:

Country Length Example
Andorra 24 AD12 0001 2030 2003 5910 0100
Austria 20 AT61 1904 3002 3457 3201
Belgium 16 BE68 5390 0754 7034
Bosnia and Herzegovina 20 BA39 1290 0794 0102 8494
Bulgaria 22 BG80 BNBG 9661 1020 3456 78
Croatia 21 HR12 1001 0051 8630 0016 0
Cyprus 28 CY17 0020 0128 0000 0012 0052 7600
Czech Republic 24 CZ65 0800 0000 1920 0014 5399
Denmark 18 DK50 0040 0440 1162 43
Estonia 20 EE38 2200 2210 2014 5685
Finland 18 FI21 1234 5600 0007 85
France 27 FR14 2004 1010 0505 0001 3M02 606
Germany 22 DE89 3704 0044 0532 0130 00
Gibraltar 23 GI75 NWBK 0000 0000 7099 453
Greece 27 GR16 0110 1250 0000 0001 2300 695
Hungary 28 HU42 1177 3016 1111 1018 0000 0000
Iceland 26 IS14 0159 2600 7654 5510 7303 39
Ireland 22 IE29 AIBK 9311 5212 3456 78
Israel 23 IL62 0108 0000 0009 9999 999
Italy 27 IT60 X054 2811 1010 0000 0123 456
Latvia 21 LV80 BANK 0000 4351 9500 1
Liechtenstein 21 LI21 0881 0000 2324 013A A
Lithuania 20 LT12 1000 0111 0100 1000
Luxembourg 20 LU28 0019 4006 4475 0000
Macedonia 19 MK07 3000 0000 0042 425
Malta 31 MT84 MALT 0110 0001 2345 MTLC AST0 01S
Mauritius 30 MU17 BOMM 0101 1010 3030 0200 000M UR
Monaco 27 MC11 1273 9000 7000 1111 1000 h79
Montenegro 22 ME25 5050 0001 2345 6789 51
Netherlands 18 NL91 ABNA 0417 1643 00
Norway 15 NO93 8601 1117 947
Poland 28 PL27 1140 2004 0000 3002 0135 5387
Portugal 25 PT50 0002 0123 1234 5678 9015 4
Romania 24 RO49 AAAA 1B31 0075 9384 0000
San Marino 27 SM86 U032 2509 8000 0000 0270 100
Serbia 22 RS35 2600 0560 1001 6113 79
Slovak Republic 24 SK31 1200 0000 1987 4263 7541
Slovenia 19 SI56 1910 0000 0123 438
Spain 24 ES91 2100 0418 4502 0005 1332
Sweden 24 SE35 5000 0000 0549 1000 0003
Switzerland 21 CH93 0076 2011 6238 5295 7
Turkey 26 TR33 0006 1005 1978 6457 8413 26
Tunisia 24 TN59 1420 7207 1007 0712 9648
United Kingdom 22 GB29 NWBK 6016 1331 9268 19

The following countries use the same IBAN format as France (ie 27 characters beginning FR):

French Guinea, French Polynesia, French Southern Territories, Guadeloupe, Martinique, Mayotte, New Caledonia, Reunion, Saint Pierre et Miquelon, Wallis and Futuna Islands.

Please also note that many African states have adopted the IBAN format. For assistance on the formatting of these payments, please call 08457 55 8888^.


European Union savings directive


What is the Euroean Union Savings Directive?

The European Union Savings Directive (EUSD) is an agreement between the Member States of the European Union (EU) to share information about customers who earn savings income in one EU Member State but live in another. It aims to ensure that individuals pay the correct amount of tax on cross-border income from savings and help reduce tax evasion. Some non-EU countries have voluntarily put into place the same measures – these include Jersey, Guernsey and the Isle of Man.

Who is affected by the directive?

The directive will generally apply if you live in an EUSD affected country and benefit from savings income paid in another country covered by the EUSD.

You could be affected if you:

  • Are an EU resident receiving savings income outside your resident country
  • Hold a passport/identity card issued by an EU Member State
  • Receive credit interest payments into an account you hold with any financial institution, not just the Co-operative Bank

Which countries are covered by the directive?

If you currently live in or hold a passport/identity card issued by one of the countries listed in the table below, then you may fall under the directive.

Andorra Germany Montserrat
Anguilla Greece Netherlands
Aruba Guernsey Netherland Antilles
Austria Hungary Poland
Belgium Ireland Portugal
British Virgin Islands Isle of Man Romania
Bulgaria Italy San Marino
Cayman Islands Jersey Switzerland
Cyprus Latvia Slovakia
Czech Republic Lichtenstein Slovenia
Denmark Lithuania Spain
Estonia Luxembourg Sweden
Finland Malta Turks and Caicos islands
France Monaco United Kingdom

What is Savings income?

Savings income as defined by the directive means:

  • Interest earned on bank deposits, such as savings accounts
  • Interest from certain bonds and proceeds on their sale or redemption
  • Income from certain types of investment funds

How will my information be shared and do I need to provide any additional details myself?

If you hold an account with us and are resident in one of the countries above, we send our local tax authority information about your identity and residence, the amount of savings income earned and the period it relates to. This information is then forwarded to the tax authority of the country where you are a resident and may be compared by them with your tax records. If you have recently moved overseas and the information we hold indicates that you fall within the directive, we may contact you to provide us with additional information. This may include your town and country of birth or your Tax Identification number.