Back already but need a new US$ account
#1
BE Enthusiast
Thread Starter
Joined: Oct 2011
Location: UK
Posts: 745
Back already but need a new US$ account
Hello,
I been back in UK for 6+ years.
I have to return to this community to ask a question.
I have been transferring investment funds, (IRA etc) from the US to the UK via XE.com using Direct Debit, which XE.com now do not do.
My US bank is a Credit Union and the only way to get funds transferred from them to a foreign account (which XE.com now is) is to Wire Transfer at $45 a pop.
Here is my question: Has anyone had recent experience of opening a US bank account, from the UK, which will allow electronic transfer of funds to a foreign bank? I have a Social Security Number.
I have looked back through previous posts, but they seem quite old and not specific to this need.
I am researching the banks that have presence in UK and US.
But I am casting the net wide here to find the best option that will work.
Thank you.
I been back in UK for 6+ years.
I have to return to this community to ask a question.
I have been transferring investment funds, (IRA etc) from the US to the UK via XE.com using Direct Debit, which XE.com now do not do.
My US bank is a Credit Union and the only way to get funds transferred from them to a foreign account (which XE.com now is) is to Wire Transfer at $45 a pop.
Here is my question: Has anyone had recent experience of opening a US bank account, from the UK, which will allow electronic transfer of funds to a foreign bank? I have a Social Security Number.
I have looked back through previous posts, but they seem quite old and not specific to this need.
I am researching the banks that have presence in UK and US.
But I am casting the net wide here to find the best option that will work.
Thank you.
#2
Re: Back already but need a new US$ account
As you have an SSN you should be able to open an account on-line and the required verifications to comply with the USA PATRIOT Act will be performed electronically, unless using a foreign address causes a problem.
I would want to know more about why xe.çom won't take a direct debit any longer, as they belong to Western Union .... Or is a problem with the credit union?
I would want to know more about why xe.çom won't take a direct debit any longer, as they belong to Western Union .... Or is a problem with the credit union?
#3
BE Enthusiast
Thread Starter
Joined: Oct 2011
Location: UK
Posts: 745
Re: Back already but need a new US$ account
As you have an SSN you should be able to open an account on-line and the required verifications to comply with the USA PATRIOT Act will be performed electronically, unless using a foreign address causes a problem.
I would want to know more about why xe.çom won't take a direct debit any longer, as they belong to Western Union .... Or is a problem with the credit union?
I would want to know more about why xe.çom won't take a direct debit any longer, as they belong to Western Union .... Or is a problem with the credit union?
But:
XE.com no longer trades through Western Union, but instead now with Euronet's HiFX and Ria. To pay money into XE.com I would have to send the $ payment to their UK bank whereas before, I had a Direct Debit set up with my Credit Union and I instructed XE to withdraw the $ funds. XE no longer will make Direct Debit withdrawals, I must send the money to XE. So XE in cancelling the previous arrangement have caused a problem.
When I ask my Credit Union to send $$ externally they will not do so Internationally, except by Wire which incurs a fee, as I said.
However, not being one to sit by, since I posted my Thread starter I have discovered a potential route with TransferWise.
TransferWise use a US based bank to receive $$ and it seems highly possible that I will be able to make the deposits into TransferWise from my Credit Union or direct from my IRA custodian.
Other input welcome.
#4
Re: Back already but need a new US$ account
Worldfirst should do this as well. Just check that they can do business in your state in the USA. We've used them for years without problems at all.
#5
BE Enthusiast
Thread Starter
Joined: Oct 2011
Location: UK
Posts: 745
Re: Back already but need a new US$ account
Similar, I found TransferWise are licensed in some states and not in others, which influences the amount that can be moved out of any particular state.
I have since used T'Wise and found them to be very good and they had no problem with receiving $$ from my Credit Union. I am back on stable ground again.
John
Last edited by J.JsOH; Dec 5th 2016 at 8:38 pm.