llanfachreth

Hello

We are going to validate our visa in a few weeks and thought of opening up an account before we get there.

Does anybody know which bank is best for our situation as we may not make a move out there for quite a while so would need a bank who do not charge an annual fee for the account, however also one which does not charge for ATM withdrawals etc?

Cheers

NigelWaring

This question pops up almost every week, perhaps a sticky is needed. The general opinion seems to be that they are all robbers and will charge for as much as they can. My answer is that I use an industry related Credit Union and do not pay any charges but still have access to the ATM network for free, get a low rate credit card but can also use the same as a debit card direct to my account. Try a search for Credit Unions in both the area where you arrive and the industry that you will join. Some Credit Unions do have charges but they tend to be much less than the banks, their mortgage and personal loan rates are generally a lot lower.

llanfachreth

Thanks Nigel

Swerv-o

You may also want to look at an HSBC Online Savings Account on your validation trip - there is no monthly fee, and you can access your accounts at any time using internet banking. You get unlimited free HSBC ATM withdrawals, and 5 free other bank ATM withdrawals per month.

There is an initial opening balance of $2000, but as soon as it is opened, you can withdraw it and maintain the account with minimum funds. I found that HSBC were excellent for maintaining an account while I was still in the UK, as they offer a dedicated Email query facility from within the account, which makes it easy to get things sorted without having to call them.

When you get here permanently, and get jobs sorted out, I would then look at the Citiplus account from Citibank - They do charge a monthly fee, but this is waived if you have your salary paid directly into the account. The beauty of this account is that they don't charge for ATM withdrawals from other bank's ATMs, which you will soon see is a very good thing. All other Citibank transaction services are free as well (except bank cheques, which are $8 per draw, or $15 if needed within 24hrs), plus the ability to pay money in at the post office. I have just taken out my mortgage with them, and couldn't praise them enough.

Those are my recommendations anyway,


S

llanfachreth

That's great thanks, do you know if you can open the account from the UK and validate when out there?
Thanks

Swerv-o

You can open the HSBC one from the UK, and there is no need to validate it, as they perform the 100 point ID check in a UK branch, so the account is up and running from day 1. They do now charge 100UKP to do this though, so it's probably better to wait and do it when you actually go on the trip.

I Don't know about Citibank - They do seem to offer a load of international banking options, but I have never investigated them as I started the account after I had been here for over 18 months.


S