Overseas Account Closures
In an increasingly mobile world, it is no longer an unusual case for Irish residents to find themselves, whether through work or property ownership, with a bank account abroad.
The account might have proved troublesome for the account holder to close, or it might have been forgotten entirely, and so it becomes an asset (and a potential problem) for the estate.
As many people have discovered to their cost, it can be a lengthy and time consuming process to fulfil foreign banks’ requirements to close the accounts of deceased persons who are not nationals of the country concerned.
Even getting a date of death balance to accurately report the value of the asset can take a long time. The bank’s exact instructions can be hard to pin down as they can vary with each account; and Irish residents may have to clear a number of obstacles before the account can be closed, such as arranging for official translations of estate documents, dealing with bank officials in different departments, or attendance at consular offices.
Delays, culture and language clashes, and the banks’ own increasingly stringent privacy and security policies, can all prove extremely frustrating issues for executors.
Finders International can help you with the work of closing accounts in a variety of overseas jurisdictions. Please contact us for a free quotation tailored to your needs.