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Old Sep 27th 2017, 9:54 pm   #16
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Default Re: Managing US IRA from the UK

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Originally Posted by durham_lad View Post
While living in the UK I've been making partial withdrawals from my Roth and brokerage accounts plus doing IRA to Roth conversions from overseas. .
I hope you're doing the currency exchange using Transferwise at under 1%, rather than getting dinged 4% by the old Steam Age Banks.
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Old Sep 27th 2017, 10:00 pm   #17
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Default Re: Managing US IRA from the UK

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I hope you're doing the currency exchange using Transferwise at under 1%, rather than getting dinged 4% by the old Steam Age Banks.
Absolutely
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Old Sep 27th 2017, 10:14 pm   #18
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Default Re: Managing US IRA from the UK

Have you tried xendpay? They seem to give better rates than transferwise.
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Old Sep 27th 2017, 10:43 pm   #19
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Default Re: Managing US IRA from the UK

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Have you tried xendpay? They seem to give better rates than transferwise.
I have not tried them but will certainly look into it.
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Old Sep 28th 2017, 11:59 am   #20
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Default Re: Managing US IRA from the UK

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Originally Posted by mrken30 View Post
Have you tried xendpay? They seem to give better rates than transferwise.
Have you used them?

Do they actually do $ to £ transfers? They don't show that option in their conversion rate table.
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Old Sep 28th 2017, 12:41 pm   #21
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Default Re: Managing US IRA from the UK

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Originally Posted by mrken30 View Post
They may not allow partial draw downs on the account.
Vanguard have told me that there's no restriction on withdrawals and have even told me that non US citizens who invoke the treaty will get 0% withholding. US citizens will have to deal with the usual withholding rules and should file a W9.
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Old Sep 28th 2017, 2:43 pm   #22
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Default Re: Managing US IRA from the UK

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Originally Posted by MidAtlantic View Post
Have you used them?

Do they actually do $ to £ transfers? They don't show that option in their conversion rate table.
I have only done £ to $ transfers, I guess it was a bit of an assumption that they may do both directions.

I just looked, $1000 = £743.14

Change the country at the top from UK to US.
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Old Sep 28th 2017, 4:53 pm   #23
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Default Re: Managing US IRA from the UK

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Originally Posted by mrken30 View Post
I have only done £ to $ transfers, I guess it was a bit of an assumption that they may do both directions.

I just looked, $1000 = £743.14

Change the country at the top from UK to US.
For some reason I don't have the choice of US!
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Old Sep 28th 2017, 5:07 pm   #24
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Default Re: Managing US IRA from the UK

On occasions like this I employ the rule of 3! Call Vanguard 3 times and select the best answer. It would seem creating a US address is fairly simple:
https://www.google.com/search?q=mail...hrome&ie=UTF-8

And sometimes oversharing your plans, intentions etc is not for the best. The least Vanguard knows the better when trying to accomplish something. Please note I am not advocating economy of truth to the point of dishonesty. I am suggesting that 'oversharing' information can sometimes be more detrimental than good. It's like when you go to the DMV or DVLA you do not volunteer any information other than that asked for right!
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Old Sep 28th 2017, 5:19 pm   #25
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Default Re: Managing US IRA from the UK

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Originally Posted by CaptainPea View Post
To make it clear we are currently resident in the USA and are trying to open a new US IRA account before we leave. We would then immediately, i.e while we are still in the US, roll my wife's IRAs into that. All because the local bank that currently hold the IRAs will not allow us to have a UK address.

Vanguard said they will not allow us to open an account in the US while we are still here, move to the UK and then manage it from the UK. This seems contrary to the experience here - although I note the rules may have changed in July. However maybe we got a misinformed advisor.

After a few hours on the phone to HSBC USA:
We cannot set up a managed IRA account with HSBC.
HSBC are unsure if we can set up a new US checking account and then subsequently open a self-managed IRA account; and still manage it from the UK in the future. The problem there is that they know that someone with an existing account could have a self-managed account and be in the UK (as some of you maybe do). But they just don't know if the July ruling changes that for accounts set up now.They are looking into that.

It has been just another day on the phone to banks!

And still confused.

Thank you for your support.
This illustrates my point why would you volunteer this information. Likely things would have gone much smoother from the outset if you had just asked to open an account.
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Old Sep 28th 2017, 5:24 pm   #26
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Default Re: Managing US IRA from the UK

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Originally Posted by vikingsail View Post
This illustrates my point why would you volunteer this information. Likely things would have gone much smoother from the outset if you had just asked to open an account.
That is the approach this poster took, but it did not help. Unfortunately they did not choose Vanguard.

Frozen 401k/IRA
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Old Sep 28th 2017, 8:45 pm   #27
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Default Re: Managing US IRA from the UK

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Originally Posted by mrken30 View Post
That is the approach this poster took, but it did not help. Unfortunately they did not choose Vanguard.

Frozen 401k/IRA
Fair enough, I remember that thread. I think for me the difference is if I understand correctly what was said. This poster is still living in the US with a US address and can legitimately open a US based account. Whatever transpires subsequently should be addressed then (no pun intended). Not when endeavoring to open the account. I think that just confuses the official who then defaults to No... you see this all the time in many arenas. I understand the original intention was laudable but its just a different approach I am advocating. Imho, experienced officialdom of all kinds public and private veers away from making decisions, particularly where there is uncertainty. The UK best expresses this in this skit:

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Old Sep 28th 2017, 9:35 pm   #28
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Default Re: Managing US IRA from the UK

I think that choosing Vanguard is a smart move. At the very least they allow you to buy on the LSE.

I am not sure what would stop you managing your account online. It may not be 100% , I have no idea. But if you did not say anything, there is no reason they would stop your online access.
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Old Sep 29th 2017, 2:43 am   #29
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Default Re: Managing US IRA from the UK

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..... I am not sure what would stop you managing your account online. It may not be 100% , I have no idea. But if you did not say anything, there is no reason they would stop your online access.
It is perfectly possible for them to track the IP address of where you are logging on, and I believe it is already fairly common for financial institutions to do so, so they can check for people accessing their services from Iran, contrary to OFAC sanctions. If they have an objection to accounts being "managed" from outside the US then it is only a small step for them to track the IP addesses used to log into their system. ...... To be clear, I have never heard of IP tracking being used to identity and close a non-US managed account, but it is possible.
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Old Sep 29th 2017, 5:17 am   #30
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Default Re: Managing US IRA from the UK

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Originally Posted by Pulaski View Post
It is perfectly possible for them to track the IP address of where you are logging on, and I believe it is already fairly common for financial institutions to do so, so they can check for people accessing their services from Iran, contrary to OFAC sanctions. If they have an objection to accounts being "managed" from outside the US then it is only a small step for them to track the IP addesses used to log into their system. ...... To be clear, I have never heard of IP tracking being used to identity and close a non-US managed account, but it is possible.
They do indeed track your IP address. When I had a Fidelity account and logged on from overseas I would get an informational screen listing the restrictions I may face managing my account from overseas. (I forget the details as I only really was checking the balances and was not making withdrawals or anything).

Last year I noticed that my Vanguard app on my iPhone had taken to always have me enter my password instead accepting my fingerprint like it used to. After much time dealing with the support line I was put in contact with a more knowledgeable technical person who told me that it was because I was accessing it overseas. Even using VPN to connect to the USA to try and fool the app did not work.
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