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Foreign currency contributions
Please note: foreign currency contributions are only accepted within the MasterSIPP and the Suffolk Life SIPP.
If your client wishes to make contributions to their SIPP in a foreign currency, a separate account at Barclays 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 Barclays 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:
Contributions made in a foreign currency incur additional fees for each contribution received, please refer to the relevant Schedule of Fees in our literature library for further information.
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 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.