Be on the lookout for an important letter from your UK bank regarding a change to the BIC, IBAN, and SWIFT BIC(BIC8) codes for payments made from outside the UK to your UK account. These are the codes someone outside the UK needs in order to find your account for a direct deposit.
This results from the "ring-fencing" due to new UK banking rules.
This will apply to payments from US sources (or elsewhere outside the UK) paid directly to your UK account. For example, US Social Security or disability benefits, pensions from US sources, perhaps any standing orders for Transferwise, etc. (I don't know about this- I never use them), or even a direct deposit into your account from a family member in the US, Europe, or elsewhere outside the UK.
You may need to advise anyone making payments from outside the UK of the new codes.
The letter I have received does not specify any particular required date by which to make the changes, and states the bank will attempt to make sure payments made under the old codes find your account. But, there are no guarantees. The onus is on you to make sure the sender has the correct code by contacting the sender yourself.
If in doubt whether this applies to you and your bank, contact the bank for more information.
