Foreign savings accounts do not always use account titles that are common in the United States. Account legends vary by country. This subsection provides information to assist technicians with ensuring foreign bank accounts are titling in accordance with our rules and to protect beneficiaries.
If you have a question about an account legend in a country that is not listed, first contact the Foreign Service Post (FSP). If the FSP cannot resolve the issue, submit the question to the Centralized Workload Support (CWS) via their control box at ^CentProc Earnings CWS
Controls.
The following is a list of foreign countries and a brief description of the types of accounts available which meet account titling requirements as specified in GN 00603.021 or are approved exceptions.
Australia
The standard account legend is: (name of payee) as trustee for (name of beneficiary).
Austria
The passbook will show: (name of beneficiary) represented by (name of payee).
When opening the account, the payee must provide the bank with a signature sample. This ensures that only the payee is authorized to withdraw funds.
Belgium
A payee must have a power of attorney (POA) executed by the beneficiary or be appointed by court order if they wish to open a savings account in the name of the beneficiary. The account would show only the beneficiary's name with a copy of the POA or court order attached. Upon request, the bank may also include information about the beneficiary and payee in the passbook.
Bulgaria
Bulgarian banking regulations do not allow joint or trust accounts. Accounts may show only one owner. Accounts established in the beneficiary's name only are acceptable.
If the beneficiary is legally incompetent and does not have a court-appointed guardian, the person providing care may withdraw funds with a POA. The bank and the FSP must retain a copy of the POA document.
Cyprus
The standard account legend is: (name of payee) for (name of
beneficiary).
Czech Republic (Czechia)
Establish surplus funds in an account titled only in the beneficiary's name. Do not include the payee's name on the account.
Denmark
An account may be established using one of the acceptable legends in GN 00603.021. The FSP should coordinate with the bank to ensure the account is titled correctly.
France
Follow the account requirements in GN 00603.021.
Germany
Many payees in Germany will be court-appointed guardians with passbooks showing the legend: (name of guardian) Pflegschaftskonto (in trust for) (name of beneficiary). For a private individual or institutional payee, i.e., non-court-appointed, there is no special legend, so you must request that a legend similar to those shown be used, see GN
00603.021.
Greece
The standard account legend is: (name of payee) for (name of
beneficiary). If the payee is court appointed, the legend is generally: (name
of beneficiary) by (name of payee).
Hong Kong (Hong Kong SAR, China)
Follow the account title requirements in GN 00603.021. Acceptable variations include: (name of payee) in trust for (name of beneficiary) and (name of payee) for account of (name of beneficiary).
A beneficiary may also establish an account in their own name and authorize the payee to manage the account through a POA.
Iceland
Follow the account title requirements in GN 00603.021.
Ireland
Follow the account title requirements in GN 00603.021.
The FSP should submit a formal request to the bank authorizing establishment of the account for the beneficiary. Do not use a bank that establishes the account only in the payee's name without identifying the beneficiary. In those cases, the bank considers the funds to belong to the payee rather than the beneficiary.
Israel
Follow the account title requirements in GN 00603.021.
An account title only in the beneficiary's name is also acceptable.
Italy
Both Italian banks and the Italian postal system offer savings accounts.
If the payee is the legal guardian, an account with either system is acceptable when the legal guardianships appears on both the account and the passbook. The legends should read: (name of legal representative) tutore legale di (name of
beneficiary).
If the payee is not the legal guardian, establish a Postal Savings Account with Declared Representative (Deposito a Risparmio con Rappresentamante Dichiarato).
Japan
Japanese banks do not allow joint or multiple-owner accounts. Establish the account in the beneficiary's name only.
Liechtenstein
Follow the account title requirements in GN 00603.021.
Luxembourg
Each bank uses a different format. Some passbooks do not indicate that the payee has only a fiduciary interest in the funds. If there are any questions about ownership of the funds, contact the FSP to clarify.
Mexico
A payee may be able to establish a properly titled account in accordance with GN 00603.021 when there is an existing fiduciary relationship between the payee and the beneficiary, such as a POA executed by the beneficiary, an appointment by court order, or the payee is the parent of a minor child. In other situations, advise the payee to inquire directly with the bank about options for establishing a fiduciary account for the beneficiary. In the event that an account cannot be established that meets the requirements of GN 00603.021, consider titling the account as: (name of payee): 100%, beneficiary: (name of
Beneficiary).
Netherlands
Follow the account title requirements in GN 00603.021.
New Zealand
Follow the account title requirements when the beneficiary is a child, see GN
00603.021 .
For an adult beneficiary, banks generally require the beneficiary to provide a Letter of Authority allowing the payee to manage the account.
Norway
Norwegian banks do not use a standard account legend. Instruct the payee to establish the account using one of the acceptable legends in GN 00603.021.
Philippines
Follow the account title requirements in GN 00603.021.
Poland
The standard procedure is to establish the account in the beneficiary's name only. The payee or other authorized signer is listed in the back of the passbook. The FSP normally forwards a copy of the book and the authorization page to INTPSC as a part of accounting.
Portugal
Follow the account title requirements when beneficiaries have been declared legally incompetent by the court, see GN
00603.021.
Romania
Establish the savings account in the beneficiary's name only.
List any individual who is authorized to withdraw funds, such as a payee, in the section of the savings book that lists conditions for withdrawal of funds.
Slovakia
The standard procedure is to establish the account in the beneficiary's name only. The payee's name will not be shown.
Switzerland
Follow the account title requirements in GN 00603.021.
Turkey
Most passbooks list the name of the beneficiary only. Some passbooks list the name of the payee with the Turkish term "Vasi" (guardian), but this designation does not have access to the account. Federal benefit checks are delivered personally by the FSP staff and passbooks are examined at that time.
United Kingdom
Follow the account title requirements in GN 00603.021. The following legend is also acceptable: (name of payee) re (name of
beneficiary).
When opening the account, the payee should explain to the bank that they have only a fiduciary interest in the funds. Some banks require evidence of a payee's appointment. A letter from the FSP is sufficient. If the payee is court appointed, the bank may require proof of the court appointment.