andrewnovell

Hello,

I have around $45,000 in savings in a USA bank account. I am planning to move back permanently to the UK in the spring. I know I will be able to go on accessing my account from there with my Visa Cards, but what is the most cost effective way to move this to the UK? I will be making regular large transactions there to start with (for rent, shopping, etc.) and don't know if I should take a large sum with me somehow to cover my way until I am settled.

Also, another problem is that after 12 years of being away I don't have a bank there and it will take me a while to get one again I imagine. Is there some kind of simple bank account I can open there without too much hassle to get me going again and to hold my money?

I have explored the site, but can't find a clear thread for this topic. If I'm missing it perhaps you can just point me in the right direction. Cheers.

Pulaski

There are a myriad BE threads on on-line exchange/remittance companies. Search xe.com or worldfirst as they seem to get mentioned on most threads, however not all are licensed to operate in the US.

Xe.com belongs to Western Union and so is licensed in the US, but isn't the most competitively priced, though is still much better than using a bank.

Before you can use any on-line remitter you will need to register by providing the same sort of information you need to open a bank account - proof of name, address, date of birth, and an ID such as a DL or passport.

robin1234

The advice I always give when this question is asked is, open an offshore account in the Isle of Man. The reason is simple; UK banks are not too willing to open a new account for a non UK resident, especially if he's a U.S. Person. IoM offshore bank accounts, by contrast, are designed for this situation.

I have a current account with Lloyds in IoM that works exactly like a UK account. It has a ATM/debit card, cheque book, etc. I used it with no problem in UK to order furniture from IKEA, set up utilities, standing orders etc.

You apply online then have to mail them your proof of residence, identity and so forth. (Notarized photocopy of passport, U.S. Utility bill, etc.)

fulwood

Robin1234, I might be interested in IOM offshore accounts. Can you provide link or pm me? How much do you need to have in account? Would make my trip overseas bit easier me thinks..

fulwood

Oh gawd - just checked out how much you need to invest.. It's not for me. Would this be a good thing for someone to do if.. a Brit moves home for good and after age 60 has access to US retirement accounts? Transfer funds over there. Not talking social security.. Probably daft idea..

robin1234

No, this isn't an investment, just an ordinary bank account! I honestly don't know what the minimum initial deposit or the minimum balance you need to maintain in order to avoid a monthly fee. But I think it is relatively modest.

I still get my US Social Security deposited in my US bank account. But we do get a couple of pensions deposited in the IoM account.

robin1234

I believe you need to maintain a balance of 2,500 pounds at Lloyds Bank, IoM, sterling current account, in order to avoid a monthly fee. Lloyds is just an example, there are a few other banks there with current accounts. Most banks there just have savings accounts and such, or "private banking" type services..

celticgrid

Many of the banks are getting more restrictive. I have an account with a bank there which is part of the RBS Group, but a while ago they changed the rules and now no longer offer new current accounts to non-IOM residents. They appear quite happy that I am now US resident, but will no longer open up new accounts for US residents.

Perth

I am interested in this too. What banks will still allow you to open an account from the US? I think HSBC is one, but we don't have one in our area of Florida.

robin1234

Why does it need to be a bank that has a local presence where you currently live, though? In the case of Lloyds Bank International in the Isle of Man, for instance, you apply online, and then you send them notarized copies of certain documents related to your identity and residence (passport, U.S. Bank statement, utility bill etc.) When the account is set up, you fund it, and you have an operating bank account with a debit/ATM card, check book, online access, ability to pay bills online etc.

Perth

This sounds good robin. Will take a look. Thanks!

ottotheboar

I opened an HSBC account online in the USA. We live in Virginia and was given an account in Buffalo New York.

I think the nearest branch to us may be in DC.

Perth

That's good to know. I have heard good things about their premium account. Just need to look into it a little more.

Pulaski

Not sure why, people complain about the high fees and/or extraordinarily high minimum balance requirements. Also their customer service is notoriously bad. And they have closed or sold many of their branches in NY, which was the only state where they had much of a branch network anyway. I banked with HSBC when I was in NY, and wasn't impressed.

Perth

Oh, well thanks for that. What other options are there? Would robin's suggestion for Lloyds in the IOM be a better bet?