Credit Card Question
 

Hi,
I've been told by my bank, that once I change my address, my bank will close my account and a P.O. Box is not good enough.
I've been told by my credit card companies that without a US Bank, they will close my credit cards and only allow payments.
I hear that it can take months to get accepted for new credit cards in the UK, as the US and UK Credit reporting systems are not the same.

What solutions have you found to this problem?

We are a family who prefers using credit cards for security purposes, over debit cards.
Thank you!

Re: Credit Card Question
 

First, I will point out that my solution was NOT the most efficient.... So, while I was still in the US I opened an HSBC Expat Premier account (GBP 75,000 minimum balance - ouch) and I used that to pay UK-based contractors and bills for a few months, all while I was still in the US. Then when I got here I opened a checking account with HSBC UK - easy to do because I already had the Premier account with HSBC Expat so they had already verified my ID etc. Then I easily got my credit card through my HSBC UK account. I did say it wasn't the most efficient way. I did try to get an Amex account in the UK on the back of my 20+ year Amex history in the US but they were not happy with my lack of UK income and nor would they consider my US history - guess I messed up the process somehow.

Once you get a UK address and a bank account here, you might take a look at recommendations for individuals trying to (re)build their credit (use your search engine of choice, or websites like money savings expert.) You'll be offered ridiculously high %APRs but if you're paying the balance in full each month it shouldn't be an issue. You might also find that your spending limit is lower than you are used to, because of your lack of credit history. Something to consider if you're using it for 'everything'.

I should also add that my US bank (Bank of America) doesn't seem to care that I now have a UK address. I'd called them several times in the year before I moved, just to make sure that it wasn't going to be an issue, and I continue to actively use the account with my US brokerage, IRS etc. The most useful piece of advice that I got from one of the bank reps that I talked to was to set up a yubikey as additional security on my account so that I was not dependent on the bank sending one-time pass codes via text (in case I gave up my US mobile number - whole separate discussion) and that worked really well.

Re: Credit Card Question
 

We moved back to England in 2016, our son in 2017 and our daughter in 2022 and what we did was open a US bank account that does support an overseas address. For us and our son it was HSBC US but our daughter kept her Chase US account. As mentioned above other US banks support overseas addresses. Big brokerages like Vanguard also support overseas customers with no US address or US phone number. In all cases the bank or brokerage accounts must be opened while still resident in the USA. I still have private pensions being paid directly to my US bank and if that becomes an issue then I also have a Wise USD account which I would use. In fact I have my Wise USD “bank” account linked to my Vanguard retirement account, distributions are paid directly to my Wise account, and it takes less than a minute using the Wise app to transfer the funds to my UK bank account.

My daughter also opened a Wise GBP account (with UK bank sort code and account number) and got a Wise debit card so that on arrival in England she had easy access to withdraw money and pay bills. She also opened a UK bank account after arriving and then started the process of applying for a credit card. Until she got a UK credit card she either used her Wise debit card or her US credit card. I still have a US credit card and have it in my Apple iPhone wallet and pay by phone with it a lot of the time as the exchange rate is good and no additional fees.