cyborg

I am moving back to the UK late Summer from the US after 15 years. Have no family back in the UK but home is home after a recent divorce here.

I will have approximately $90,000 so about 63k how should I do this for anyone else having gone through this themselves.

I thought about a check from the US bank and open a bank back in the UK once I touch down but they will need additional ID than a UK passport I am sure.

Is it possible while settling up here to open a UK saving account or bank here from the US before I leave.

I will have a little cash, maybe 1k for getting by until bank account is open but where do any of you advise cannot just simply withdrawn money and take 63k home with me from the US, if stopped they would think it was drug money ha ha Hoping its possible to open an account from here first.

Thanks

Martin

whistlestop01

I will be transferring money myself and am going to use Currency Broker, International Money Transfers – TorFX

My mother used them before so I know they are good.

cyborg

Okay but transfer where, how did you set up a bank or saving account from the US

christmasoompa

Why can't you just leave the money in your US bank account until you have set up a UK account and then transfer it over later?

cyborg

Because I want to just be done here and will need the money to use in England not have most of it or half tied up in the US and if anything goes wrong not have access to that amount.

Pulaski

An account with Lloyds Bank International in the Isle of Man, may be your best or indeed only choice (or another international bank in IoM or the Channel Islands). Lloyds in the IoM behaves like a regular British bank, with name recognition, but caters to overseas customers. IIRC the monthly service fee is £7.

christmasoompa

Ah, ok - you said in your initial post that you had enough cash 'for getting by until bank account is open'.

cyborg

Right, but without an address, having no real access to a bank i will only be able to stay in a hotel until i have access to my funds cannot just take the whole amount home in cash. I need a way to set up an account with only my British passport and social number i guess.

christmasoompa

As per your last thread and the advice you were given then, there isn't a way to do that unless you open an offshore account. Any 'normal' bank account will need proof of address etc.

Pulaski

Post #6, above.

cyborg

This is a pain in the ass trying to move back to the UK might just take my chances and take the whole damn lot in cash with me instead, have plenty of ready cash to rent that way instead of farting around with the idiots in the US and how slow they are here.

Pulaski

No! Do not do that. Never mind the risk of it being stolen, it will have to be declared on exiting the US AND on arrival in the UK, and under UK law it can be temporarily confiscated and you have to go to court to ask for it back. ..... An ex-cop, who worked at Heathrow, who posts on here has confirmed that this is a real risk and it can actually happen.

I have recommended twice that you open an account in the IoM, but you haven't acknowledged my posts. Is there some reason why you aren't willing to do that?

cyborg

Because I have no desire to pay tax on it here in the US have already lost a lot moving to the US (big mistake) and wish to just take my money from my account and move back to the UK without farting around paying anything here.

I will look into the IOM but I also do not know where as yet I will be living as I intend buying a kiosk or window cleaning business back in the UK as wages are crap in the UK these days.

Closer to the time you are right i might just be better transferring money from my account to the one on the IOM long as the government here doesn't have it hand in my pocket.

Pulaski

Neither holding money in a US account, nor withdrawing it, nor transferring out of the US (whether by some sort of electronic transfer, on a cheque, draft, or in cash), nor taking it to the IoM or the UK, nor depositing into a bank in the IoM or UK, nor holding it in a bank, causes the money to be taxed; NONE of those things cause a taxable event!

The only tax due is on interest earned, which these days is peanuts anyway.

cyborg

The IOM wants either a job generating 50k a year or more or a regular deposit with at least 25k investment I need quicker access to my money once I sat down. My plan is to rent a place if possible from here in the US or after I get back, rent a hotel for a month, rent a house close to the business paying 6 months up front in light of having been gone 15 years and no rental history and bobs your uncle.

I think i might just do the cash route you only have to show its not stolen and with a bank note confirming it came from my business account here in the US I should be fine.

I do not trust banks when dealing with this kind of stuff between countries and any hold they put on my money. When I get the green light, have business sold and money just intend to leave the US. Have a hospital bill for 36k they can stick up their ass.

England here I come 6 more months.