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UK/USA bank account?

UK/USA bank account?

Old Jul 26th 2014, 4:34 pm
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Default UK/USA bank account?

Hi,
I've been lurking for a while, and have plucked up the courage to write my first post! My husband and I are relocating from the UK to Florida with our children (his company is transferring him), and we have been advised to open an HSBC account in the US to make transferring our money back and forth easier. Except we don't have enough in savings to meet their eligibility criteria! Can anyone recommend any other banks that do the same thing?

Thanks
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Old Jul 26th 2014, 7:25 pm
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Default Re: UK/USA bank account?

Hello. There aren't any HSBC in Florida that I have seen.

Any bank can be used to transfer money back and forth. Big ones here are bank of america, wells Fargo, SunTrust.
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Old Jul 27th 2014, 3:09 am
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Default Re: UK/USA bank account?

One thing to note with HSBC Premier is the "minimum" is the "account relationship balance" not necessarily just the cash in your checking account. You can include IRAs, 401ks, and other financial things to get up to the $100,000 minimum (not sure about mortgages but maybe). If you reach Premier status in the US you are automatically given that status in the UK as well.

Once you have HSBC Premier on both sides (US & UK) you can transfer back and forth with ease and for free.
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Old Jul 27th 2014, 4:01 am
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Default Re: UK/USA bank account?

HSBC is confined almost entirely to New York. Branches in other states are like hens teeth, and in any case its reputation in the US is dire. It has had all sorts of regulatory problems, has been selling off branches, and is generally on the back foot.

Don't waste your time trying to find a transatlantic bank (BTW Citibank is not much better than HSBC), just open with any convenient bank and use xe.com, xoom.com, worldfirst, or another on-line remitter to move money back and forth.

I use Wells Fargo, and of the large banks they have by far the best reputation and have branches on just about every street corner in Florida.
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Old Jul 27th 2014, 4:23 pm
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Default Re: UK/USA bank account?

Thanks for your replies
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Old Jul 27th 2014, 5:49 pm
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Default Re: UK/USA bank account?

Here you go - food for thought:

Seems HSBC, Wells Fargo and B of A are at the very bottom of their lists.

Don't know what bias, if any, their ratings might reflect:

American Banker s 2013 Survey of Bank Reputations - American Banker Magazine Article

also:
It's Official: Bank of America Has the Worst Reputation in the Banking Industry (BAC)

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Old Jul 27th 2014, 6:09 pm
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Default Re: UK/USA bank account?

Originally Posted by MMcD
Here you go - food for thought:

Seems HSBC, Wells Fargo and B of A are at the very bottom of their lists.

Don't know what bias, if any, their ratings might reflect: ....
The first link is an abstract survey on perception of brands, which has very little relevance to the customer experience. Wells Fargo, and Wachovia before it, has won the annual customer satisfaction survey ranking an number of times, in fact IIRC more years than not over the past 10-12 years.
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Old Jul 27th 2014, 6:25 pm
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Default Re: UK/USA bank account?

We have used SunTrust bank since we bought our place several years ago and always found them very helpful. There are loads of branches in Florida too so easy to go in and pay in or withdraw money. Mind you with the good old US drive thru ATMs you don't even need to go in ) Good luck in Florida, I'm sure you'll love it. We are on the look out for an E2 business to buy there at the moment!
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Old Jul 27th 2014, 9:29 pm
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Default Re: UK/USA bank account?

Thanks everyone, really helpful. Not sure which bank we're going to go with yet. We're moving in approx 8 weeks and still have so much to sort out. I'm sure I'll be posting lots to ask for advice!
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Old Jul 27th 2014, 10:50 pm
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Default Re: UK/USA bank account?

Having just moved a few weeks ago - had the same thoughts towards HSBC. Went in on my first day and walked out within 5 minutes..Absolute weapons..

Have opened this Schwabb account - Online Checking Account | High Yield Checking | Schwab Bank

No minimum balance, unlimited withdraws from any ATM globally and they refund the charges, online banking, no charges. Very good all round.

Whatever bank you go with, best advice is on day 1, apply for your social security number as some say you need it to apply, others don't but so much hangs on it...

Hope this helps
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Old Aug 5th 2014, 9:24 pm
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Default Re: UK/USA bank account?

To the OP! We're currently living in the EU, with HSBC premier accounts in the UK (where we lived before) and will be moving to the US in a month or two.

What message did you get from HSBC in the UK? We've contacted them and they say if we want to open an account in the US, it will take a few trips to a branch in the UK. How easy or not easy have you been advised it would be?

We just want to use them to transfer our funds over.

Will be getting a local bank once we settle in to MA.
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Old Aug 5th 2014, 11:22 pm
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Default Re: UK/USA bank account?

Originally Posted by TransnationalElite
To the OP! We're currently living in the EU, with HSBC premier accounts in the UK (where we lived before) and will be moving to the US in a month or two.

What message did you get from HSBC in the UK? We've contacted them and they say if we want to open an account in the US, it will take a few trips to a branch in the UK. How easy or not easy have you been advised it would be?

We just want to use them to transfer our funds over.

Will be getting a local bank once we settle in to MA.
When HSBC were in Boston, they were a bag of wank tbh.

If you're transferring money, set up a xe account or similar...there are millions of banks around MA, it won't be a problem transferring the money, even in a podunk credit union.
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Old Aug 5th 2014, 11:32 pm
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Default Re: UK/USA bank account?

Originally Posted by Pulaski
HSBC is confined almost entirely to New York. Branches in other states are like hens teeth,
Er, no: Locate a branch or ATM | HSBC

I wouldn't use them because I think they're crap, but they do have branches in various parts of the US.
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Old Aug 5th 2014, 11:44 pm
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Default Re: UK/USA bank account?

Anyway this thread was very timely as I've decided Bank of America should be renamed "Bank of Some America".

I have just been told by a customer service rep that I should have gotten an e-mail circa 2008 explaining that there was a policy of "reducing" the number of branches and ATMs "near" me. Bearing in mind the nearest branch was in Bonner's Ferry (400 miles away) and now it's in Coeur D'Alene and apparently the only reason those are still open is because Bank of America (Washington) Inc. refuses to go along with directives from the mothership to close those branches too.

Have a look at this map: Bank of America - No cookies

How many branches and ATMs are there? There is ONE ATM in Utah, and three in Colorado - and those are all going to be removed.

So there I was on vacation in Vermont, thinking to myself, "hmm... at least I'll be able to get some money from an ATM", banged in Vermont on that location map and

I mean look at the map, something like 19 States have little or no presence, Ohio has 2 ATMs!

Now you may think, okay, they just haven't expanded there - actually no, there used to be ATMs and branches in nearly every State, including Great Falls, MT, Billings, MT, Idaho Falls, several in Salt Lake City and Denver and various other places I've been.

This is the second largest retail bank in the US, supposedly.
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Old Aug 5th 2014, 11:48 pm
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Default Re: UK/USA bank account?

Originally Posted by Pulaski
I use Wells Fargo, and of the large banks they have by far the best reputation and have branches on just about every street corner in Florida.
No they don't and they also have crappy products I found, ditto for US Bank.

It's gotten to a point now where I can get better service while in the US from a Canadian bank using a USD account.

In fact I would strongly suggest that approach, stick to Canadian banks, e.g. TD Bank and BMO Harris (to the OP - both of those are found in abundance in Florida).

Another sign imo that the US is going down the pan.

Last edited by Steve_; Aug 5th 2014 at 11:55 pm.
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