Britain’s National Savings & Investments has changed its rules and can now send payments to its users’ bank accounts abroad.
Previously, interest payments and Premium Bond prizes could be transferred only to a UK bank account or sent by cheque to a foreign postal address.
NS&I estimates that it has about 60,000 customers who live outside the UK. The new service could also benefit people who live in the UK but have another home abroad and want payments made to a foreign bank account.
Expats in Portugal will be able to receive direct payments. The initial 24 countries eligible cover much of Europe and also include Australia, Hong Kong, and Canada.
The service covers Direct Saver, Direct Isa, Income Bonds and Premium Bonds.
People interested in the service will need a UK postal address to be an NS&I customer.
NS&I will not charge a fee for the transaction, as most high street banks would. But it will levy a 2% margin on the exchange rate.
Premium Bond savers can now hold up to £40,000 as of 1 June 2014. It will rise again next year to £50,000.
