Just FYI, if you open an account with HSBC here in the US, they will open a UK account for you before you even arrive. And if you use HSBC credit cards over here, you build up a credit history that travels with you. This can be very useful as getting credit in a foreign country is well nigh impossible (car loans etc.) We're currently in the process of transferring all our US banking to HSBC so that we can easily make the transfer to England.

Sadly there are no HSBC banks in my area

I believe you can get a HSBC online account.
We have a HSBC CC so it's good to know the credit history for that goes with us, we've had it for 20 years

Really? An online account? Ok I'm going to look into it. Thanks

just did a quick look at google and it seems that you can do an online account. Didn't get further than this page: http://tiny.cc/m83qr

Would have to begin to fill out the application at the bottom of the page. Thanks for the tip Mummy in the foothills

Strictly, I don't think there is a mechanism for transfer of credit scores. Of course, a bank can use it's internal network to allow for credit transfer, but it wouldn't extend beyond that bank, i.e. you wouldn't have a credit score in the UK when you arrived. Honestly, I think these services are less valuable than they might appear. It's straightforward to open an account shortly after arrival and you're not then restricted by banks that provide such a service (HSBC, Citibank etc.). There is some merit in terms of simpler access to a CC on arrival (to build up a score), but it should also be possible to acquire a secured credit card to do this. Choice of bank is an important decision.

that's true that it doesn't extend beyond that bank, but having made several international moves, and struggled with the basics such as renting a place to live and buying a car, I'm just not willing to do it again without some kind of credit. For example, having a UK bank that can vouch for my credit will help with UK landlords - especially as I am self-employed which is red flag to landlords in itself. I will also have access to a mortgage right away should I need one, and to a car loan, again should I need one. (I still remember trawling around Canadian car dealers trying to find someone who would let me buy a car when I first arrived. Nightmare!)

I will have enough to manage when i get back home, so the idea that I won't have to worry about setting up a bank account,and getting debit and credit cards is a relief.

The other benefit to me with HSBC is that I will be able to transfer money between the two countries without incurring transaction fees. Since much of my income comes from the US, this is a huge plus.

Everyone needs to investigate for themselves, but for me the benefits of HSBC far outweigh the benefits of having a choice of banks when I get to the UK (since they're all pretty much the same anyway) so I threw it out there in case it is helpful to anyone else.

It's not always that straightforward when you haven't had a presence in the country for a number of years, banks are being so picky these days. Quite often they want prove of address/proof of employment etc etc. Then you get the chicken and egg scenario ...which comes first the house (proof of address) or the bank account? Sometimes you can't get one without the other.

HSBC even made it difficult to finalize an international student account that was opened online. All my son was supposed to do was turn up at the local UK branch with his proof of ID (passport etc) and yet they still uhhmed and ahhhed because he had nothing with his UK permanent address on. I might add they weren't offering him a cheque book or anything like that. It was a basic account with nothing but a debit card so he could get cash out of the ATM.

In the end the Santander account worked out well for him as he was already in their system.

Sometimes I really do feel it's who you get to sit down with at the bank when you try and open the account. There have been different experiences shared on the Moving Back to the UK forum with regard to banking. Some have found it an easier process, whilst others have had difficulty.

I opened an HSBC account online quite straightforward. We have no HSBC banks here in Southern VA my account is in Buffalo NY, no idea why that was where they put me. I use it for transfers from my UK account, the exchange rate is not usually that good.

Indeed, there are benefits to having it sorted in advance. As you say, it's a personal choice.

Just an FYI: I'm not sure what sort of spread HSBC are charging you on the interbank rate but, in general, that will far outweigh any transaction fee saved for moderate to large transfers when compared to a dedicated FX company. Worth checking.

Yes, I think that's true. I've moved between countries quite a few times and had varying experiences but, ultimately, never had a significant problem getting a bank account. Certainly, it's important to satisfy the basic requirements of residency in the UK and, for the purposes of credit, to get on the electoral roll. In general, my experience has been much better, from start to finish, with smaller banks/building societies than the international banks like HSBC and Citibank. From personal experience, I'd say the premier accounts of the big banks are roughly on a par with the standard service of some of the established building societies. YMMV, of course.

Shirl,just to update you with our progress,we were able to have our Northern Rock,called Virgin money now I think,activated and we transferred Australia dollars via forex from our Aus bank today,It should take 3 days to clear but we managed to get today's rate ..so very pleased.Natwest wouldn't reopen my account until I go in person.

Hi Sally,

Can I just ask you about being self employed. Are you going to be working for US companies in the UK and therefore getting paid in $?
I ask as my husband has managed to get his employers to agree to him working for them or going self employed but working for them in the UK. He can do this using his laptop. He will be paid in NZ $.
We are finding it hard to get info on tax implications etc.

We have found HSBC great and are glad we set it up. Like you say its so simple to transfer your money between accounts from anywhere.

Cheers Carole

Great thanks, will be great when it is all sorted!

I can give you an example. I'll be working in the UK for my own Ltd company from April this year, invoicing a US company (in USD). I'll be resident in the UK on arrival. Due to the offset in the US and UK tax years, I'll also file US taxes for 2012, but I'm moving back after April 5th to simplify my UK tax position. I will have the option of filing in the US for 2012 as a US resident for tax purposes (via the substantial presence test). In that case, I'll take the Foreign Earned Income Exclusion (up to $95K) to avoid further US tax on my UK earnings during the rest of 2012 (the UK and USA have a double-tax treaty). I would also have the option of filing as dual status in the US for 2012 (there are pluses and minuses to that).

In short, you'll be liable for tax where you're resident for tax purposes but, for countries covered by a double-tax treaty (such as UK-NZ), you generally won't pay more than the higher of the marginal rates between the countries. In other words, you'll get a credit on your UK tax return for any NZ tax removed at source.

It's potentially extremely complicated, though, when you get to the details, so you'll need an international tax lawyer/accountant, particularly if your husband plans to be a director of a Ltd. in the UK. For example, if I earned dividends from my UK Ltd., they would not be covered by the FEIE when filing in the US. There are different rules about tax-friendly vehicles too (such as ISAs in the UK, which are taxed by the IRS).