If your client wishes to make contributions to their SIPP in a foreign currency, a separate account at the Bank of Scotland must be opened for each different currency that the investor wishes to contribute in. An account opening charge is made for each account opened.

We currently only accept foreign currency contributions in U.S. Dollars and Euros.

The account must be at the Bank of Scotland and the currency code must match the currency in which the contribution is to be made.

Before we can accept a contribution in a foreign currency we will undertake the following steps:

• It must be confirmed by the investor that they are happy with the fees that will be charged in respect of a foreign currency contribution.
• You or your client will need to contact us each time a foreign currency contribution will be made, confirm the value and the date that the contribution is expected so that we can post the contribution and request any appropriate tax relief.
• We will need to provide you or your client with the bank details of the account to which the foreign currency contribution should be made.
• The tax relief will be claimed in Pounds Sterling by us.
• The exchange rate used to calculate the tax relief will be that at the date that the contribution is received.

Fees
Contributions made in a foreign currency incur additional fees:

• A £75 charge is made for each foreign currency account that must be created at the Bank of Scotland.
• A £100 charge is made for each contribution that is received in a foreign currency.

Payment methods
All contributions in a foreign currency must be received by bank transfer.
We cannot accept foreign currency contributions by cheque, if a cheque is received it will be returned.

Regular contributions
Regular contributions in a foreign currency are not currently available.

Foreign currency contributions are attributed a sterling value at the day the contribution is received, this value will be used to test the contribution against the annual allowance and taxable earnings should the contribution source be personal.

Standard contribution rules apply. Please see contributions.

If a contribution is received before the 6th of a particular month, then the tax reclaim will be received on or around the 21st of the following month. However, if a contribution is received after the 6th of a particular month, then the tax reclaim will then be received on or around the 21st of the month after that.