Foreign savings accounts do not always follow the formats that are common in the U.S.
Legends may differ in situations where the payee is a court-appointed guardian, conservator,
friend, or relative and may even vary from country to country.
The following is a list of countries and a brief description of the types of accounts
available which meet Social Security requirements as specified in GN 00603.010. If there is a question about whether a legend is acceptable in a country not listed,
and the question cannot be resolved by contact with the Foreign Service Post (FSP),
submit the question to the Office of International Programs (OIP).
Australia
The common legend is “(name of payee) as trustee for (name of beneficiary).”
Austria
The passbook will show “(name of beneficiary) represented by (name of representative payee).” The payee should provide the bank with a signature sample when the account is opened.
This will establish that only the payee is authorized to withdraw funds from the account.
This is necessary since, under Austrian law and banking regulations, anyone who presents
a passbook on a savings account may draw on that account.
Belgium
A payee must have a power of attorney 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 power of attorney
or court order attached. Upon request, however, specific instructions regarding the
beneficiary and the payee may be typed into the passbook.
Bulgaria
Bulgarian banking regulations do not provide for joint or trust accounts. Accounts
may show one name to reflect ownership of the funds. Therefore, accounts established
in the name of the beneficiary only are acceptable. If the account belongs to an incompetent
person for whom a legal guardian has not been appointed, the individual who cares
for them could withdraw funds if they have a specific power of attorney, a copy of
which is retained by the bank and FSP.
Cyprus
Standard practice is to show “(name of representative payee) for (name of beneficiary).”
Czechoslovakia
Surplus funds are always put into accounts established in the name of the beneficiary
only. The payee's name will not be shown.
Denmark
An account may be established in accordance with the legends shown in GN 00603.010. The FSP should be advised to make proper arrangements with the individual banks.
France
Same as GN 00603.010.
Greece
The common legend is “(name of representative payee) for (name of beneficiary).” When a court-appointed payee is involved, the legend would normally be “(name of beneficiary) by (name of representative payee).”
Hong Kong
Same as GN 00603.010, with variations such as “(name of payee) in trust for (name
of beneficiary) and (name of payee) for account of (name of
beneficiary).” A beneficiary may open an account in their own name and execute a power of attorney
to empower a payee to operate the account.
Iceland
Same as GN 00603.010.
Ireland
Same as GN 00603.010. The FSP should be advised to submit to the bank a formal request authorizing establishment
of the account for the beneficiary. In addition, certain banks normally establish
an account in the name of the representative payee without reference to the beneficiary.
The bank regards funds in such an account as property of the payee. Do not establish
an account in such a bank, but rather one which meets SSA requirements.
Israel
Same as GN 00603.010 or a separate account which is in the name of the beneficiary only, not the representative
payee.
Italy
Savings accounts are offered by both the Italian banking system and the Italian postal
system. Where the representative payee is the legal guardian, an account with either
system is acceptable as long as the existence of the legal guardianship is indicated
on the account and the passbook. This would be shown as “(name of legal representative tutore legale di (name of beneficiary).” Where the payee is not also the legal guardian, the proper account would be a Postal
Savings Account with Declared Representative — Desposito a Risparmio con Rappresentante
Dichiarato.
Japan
Neither joint nor multiple name accounts are accepted by Japanese banks. Establish
the account in the name of the beneficiary only.
Liechtenstein
Same as GN 00603.010.
Luxembourg
Each bank uses a different format. Often, no wording appears on the passbook that
indicates that the payee has only a fiduciary interest in the funds. If there is a
question as to whether the bank treats the funds as belonging to the beneficiary,
request clarification from the FSP.
Mexico
Same as GN 00603.010.
Netherlands
Same as GN 00603.010.
New Zealand
Same as GN 00603.010, but only when the beneficiary is a child. If the beneficiary is an adult, the bank
prefers that the owner of the funds (the beneficiary) issue a Letter of Authority
to cover operation of the account by the payee.
Norway
There is no standard wording preferred for accounts in Norway. Therefore, the payee
should be instructed to establish the account to reflect one of the acceptable legends
shown in GN 00603.010.
Philippines
Same as GN 00603.010.
Poland
The standard procedure is to establish the savings account in the name of the beneficiary
only. Individuals such as a representative payee who is authorized to sign for the
beneficiary are 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 the development when
a payee accounts for use of funds.
Portugal
Same as GN 00603.010, but only for beneficiaries who have been declared legally incompetent by the court.
Romania
Savings accounts should be established in the name of the beneficiary only. The name
of any other individual having the right to withdraw funds (e.g., representative payee)
should be shown in the section of the savings book which lists conditions for withdrawal
of funds.
Switzerland
Same as GN 00603.010.
Turkey
Most passbooks list the name of the beneficiary only. Some passbooks list the name
of the payee with the Turkish previx “Vasi” (guardian), but they do 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
Same as GN 00603.010, but “(name of representative payee) re (name of
beneficiary)” is also acceptable. It is recommended that at the time of the opening of an account
for a beneficiary, the payee should make it clear that they have only a fiduciary
interest in the funds. Some banks will require to see evidence of the appointment
of the payee (a letter from the FSP will suffice) or evidence of appointment as legal
guardian when a court appointment has been made.
West Germany
Many representative 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 representative payee; i.e., non-court-appointed,
there is no special legend. Therefore, request that a legend similar to those shown
in GN 00603.010 be used.
Yugoslavia
The FSP should be requested to advise the payee to establish accounts in the name
of the beneficiary with the representative payee having power of attorney. The payee
would be listed on the back page of the account book.