tim131

My Fiancee and I would like to open a joint bank account, but dont really know how. She lives in the USA, and I live in the UK. I am visiting soon, could I get my name added to hers then?

How do long distance couples manage their money?

Many thanks,

Tim

civilservant

Totally depends on the banks policy, however you do not need a SSN to open a bank account, as long as it is non-interest bearing.

To be honest I doubt most long distance couples co-mingle, due to the fees involved in constantly transferring/exchanging money. For my own part, I send the wife a fixed amount each month to cover the rent via Paypal, paying the associated fees which usually work out at around $15.

ian-mstm

Why on earth?

Ian

tim131

To manage our finances, to save together, will also look better in the eyes of an immigration officer.

ian-mstm

It won't make any difference whatsoever to an immigration officer - since there is no requirement to have a joint account. There are better ways to demonstrate a commingling of finances, if that's your concern. My wife and I have been married over 15 years now and I've gone through the entire fiancé process... and we have never had a joint bank account.

Ian

tim131

Thanks mate, but aye we are just wanting a joint one for the practicalities, as when I move over we plan to have a joint one, its just something we want. I currently send her a few bob each month, but its going into an account in just her name, we would both prefer my name on it, as it is our money, not hers you know?

Fair enough I know some couples prefer to keep their finances separate, but we wanna keep ours together.

Cheers

civilservant

There are other implications - the 'few bob' that you have sent her has presumably been declared as income on her tax return?

You also need to consider the ramifications of having a joint savings account if you were to part while you are still in the UK with no access to said account, if could be cleaned out and you would have zero comeback.

Personally, I don't think this is a great idea while you are in the UK still bu hey, what do I know.

tim131

I've only started sending as of late, but yes she will declare these to the governments, not a problem with that at all.

I understand your concern with regards to should anything happen between us, I would have no come back - not to tempt fate, but I don't think it would ever get to that, even if we did by some shock decide to end it - but hey the hell knows, I am willing to take that gamble I guess - she is in the process of getting stuff ready for our life together, and I feel it is only fair I contribute, especially when I earn more, and all expenses are in the states where she is.

Thats why I want it to be joint, so it's less hassle when I get over - and we both feel more comfortable, as its "our" money

md95065

Why exactly do you thing that it should have been declared as "income" when it almost certainly was not income?

Pulaski

+1 It is commingled money of a couple, apparently used for joint expenses and purchases. I can't see any way that this would be assessed for income tax.

penguinbar

It's not considered income.

civilservant

Interesting, because our tax lawyer was of the opposite opinion, and it was declared.

Speedwell

My husband's here for good now as of a few days ago, but we had joint account that we established when he visited in November. We simply walked into the bank (a large national one) and talked to the bank manager and clerk. They were both immigrants and had brought their spouses over, as it happens, so they were both thoroughly familiar with and sympathetic to our situation.

The accounts (checking and savings) were set up as joint with me (the USC) as the primary accountholder, and him as the secondary accountholder. He used his passport as ID (I don't remember whether it was his UK or Irish passport but that's not important). It was noted in our files that my husband was a UK resident--we had no trouble at all when he used his debit card there for various fees and expenses; we did have to call and verify a few transactions when he traveled from Northern Ireland to London for the interview and again when he paid the immigrant fee online, but that was just Wells Fargo being Wells Fargo.

There was no need for or call for any US tax implications since the accounts were not interest-bearing. I'm at a complete loss to figure what part of the accounts could be defined as income... in any case, the tax accountant who did our joint US tax filing while my husband was still in the UK understood the regulations (this is Houston, where there are tons of people with overseas spouses) and specifically mentioned that it was not applicable to taxes, whether or not my husband was considered a US resident for tax purposes (which we had chosen to elect).

jeffreyhy

The devil is often in the details. Don't know yours, don't know his.

Perhaps you were paying for services rendered?

Regards, JEff