I had hoped that by using Triodos UK as my GBP account provider in the UK, I would not be affected by the withdrawal of my ability to retain a UK account as a resident in the EU - Triodos are after all a Dutch owned bank.
However, Triodos have written to me advising me that they will be closing my account. This presents me with a problem as I have a number of GBP pension payments being paid into that account. I do not want to have the GBP payments directed to my euro denominated account, as I am concerned that my bank will both charge a FX fee and may not give me as good a rate as I currently get - I currently use Wise for my FX transactions.
So I was delighted to find that my Wise GBP account (opened automatically as part of their overall package) has a UK Sort Code and a unique account number, so I asked my main pension provider to accept that as the nominated bank account to which my monthly payment was to be paid. However, my SIPP platform provider (II) have advised me that, as my proposed recipient is not a “licensed” bank, they will not accept my instruction.
I then opened a GBP account with another fintech, but it seems as if II will be unable to make my payment to that account as it has a Lithuanian IBAN and their systems (or policies) will not accommodate such a payment.
Any suggestions on this would be gratefully received.