How do you get life savings from USA bank to the UK when you can't open a UK account?
#16
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Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Sorry, I think that might be good generic advice but IMO it is very bad specific advice under the current circumstances. ..... Generally, in the long term, holding dollar funds makes sense, but the likelihood is that the value of the pound will strengthen as the uncertainty of Brevity is eliminated, ..... so the number of pounds you get for your dollars will decline, perhaps quite sharply over the next 2-4 years. In other words, if your goal is to have most of your assets in pounds sterling within 5-10 years IMO there is unlikely to be a better time to make the conversion than within the next 18 months.
Not reallly!
Get your head on straight! As a holder of dollar assets who is planning an exchange to sterling assets, when the pound fell from $1.50 to $1.20 you were handed a 20% windfall - grab a load of that windfall ASAP before the pound recovers!
Not reallly!
Get your head on straight! As a holder of dollar assets who is planning an exchange to sterling assets, when the pound fell from $1.50 to $1.20 you were handed a 20% windfall - grab a load of that windfall ASAP before the pound recovers!
The value of the pound is likely going to be linked to the health of the UK economy/brexit. The trajectory of the UK economy is not going to be clear for many years. So there may be even better opportunities to get better exchange rates.
Your advice may be right or I may be right.
I am comfortable with my advice, unless you can predict the future.
#17
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
if it was my money and I was looking at a permanent move back to the UK I would move at least 50%-75% back to the UK now, not least because once you are back in the UK the $/£ rate has very little relevance to day-to-day life in the UK.
#18
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Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
40 years of history says that the average value of the pound is $1.60. You'd need a compelling argument to suggest that the pound has permanently lost 25% of its value, when most of the economic data points to an economy as strong or stronger than most countries in Europe.
if it was my money and I was looking at a permanent move back to the UK I would move at least 50%-75% back to the UK now, not least because once you are back in the UK the $/£ rate has very little relevance to day-to-day life in the UK.
if it was my money and I was looking at a permanent move back to the UK I would move at least 50%-75% back to the UK now, not least because once you are back in the UK the $/£ rate has very little relevance to day-to-day life in the UK.
For the last 40 years the UK was also in the EU, which it is leaving.
In the long run UK may prosper after the exit, but in the short run it may be a roller coaster ride for the economy and thus the exchange rate.
#19
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
40 years of history says that the average value of the pound is $1.60. You'd need a compelling argument to suggest that the pound has permanently lost 25% of its value, when most of the economic data points to an economy as strong or stronger than most countries in Europe.
if it was my money and I was looking at a permanent move back to the UK I would move at least 50%-75% back to the UK now, not least because once you are back in the UK the $/£ rate has very little relevance to day-to-day life in the UK.
if it was my money and I was looking at a permanent move back to the UK I would move at least 50%-75% back to the UK now, not least because once you are back in the UK the $/£ rate has very little relevance to day-to-day life in the UK.
Let the OP decide between our views since we are offering advice on limited information regarding the OP circumstances.
For the last 40 years the UK was also in the EU, which it is leaving.
In the long run UK may prosper after the exit, but in the short run it may be a roller coaster ride for the economy and thus the exchange rate.
For the last 40 years the UK was also in the EU, which it is leaving.
In the long run UK may prosper after the exit, but in the short run it may be a roller coaster ride for the economy and thus the exchange rate.
I transfered over $Cdn1m from Canada to the UK a couple of years ago. The exchanged rate was rubbish in July 2015 but I don't give a shit. I'm well enough of for my needs anyway.
#20
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Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
#21
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Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Will be moving back to the UK after 23 years in the USA.
How do you get your money from a US bank account into the UK, when you don't have a UK account and can not open one from the USA?
I am thinking of using a site like XE to transfer the money, but am worried about a catch22 situation (being in USA cant open uk account, being in UK dont have US address for my US bank account, etc).
How do you get your money from a US bank account into the UK, when you don't have a UK account and can not open one from the USA?
I am thinking of using a site like XE to transfer the money, but am worried about a catch22 situation (being in USA cant open uk account, being in UK dont have US address for my US bank account, etc).
HSBC and Barclays. I opened accounts with both whilst living in the USA and have since ditched HSBC in favor of Barclays. Opening an account with Barclays was relatively painless; application, supporting documentation, phone call interview and voila.
With HSBC, I had to open a US account first and then apply for an international account, supporting paperwork and a visit to an HSBC bank to have the paperwork validated. This part was a pain for me as There are no banks in Texas and I had to take time off work to fly to Washington DC. HSBC process took more than 8 weeks, whereas Barclays was less than a month and I had a debit card, credit card and could easily move money pay bills etc.
#22
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
There are two banks in the U.K., which shall open bank accounts for people living overseas;
HSBC and Barclays. I opened accounts with both whilst living in the USA and have since ditched HSBC in favor of Barclays. Opening an account with Barclays was relatively painless; application, supporting documentation, phone call interview and voila.
With HSBC, I had to open a US account first and then apply for an international account, supporting paperwork and a visit to an HSBC bank to have the paperwork validated. This part was a pain for me as There are no banks in Texas and I had to take time off work to fly to Washington DC. HSBC process took more than 8 weeks, whereas Barclays was less than a month and I had a debit card, credit card and could easily move money pay bills etc.
HSBC and Barclays. I opened accounts with both whilst living in the USA and have since ditched HSBC in favor of Barclays. Opening an account with Barclays was relatively painless; application, supporting documentation, phone call interview and voila.
With HSBC, I had to open a US account first and then apply for an international account, supporting paperwork and a visit to an HSBC bank to have the paperwork validated. This part was a pain for me as There are no banks in Texas and I had to take time off work to fly to Washington DC. HSBC process took more than 8 weeks, whereas Barclays was less than a month and I had a debit card, credit card and could easily move money pay bills etc.
#23
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Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
We used TorFX to transfer our money from Australia, and my husband opened a bank account with Lloyds after reading online they dealt with UK Expats returning home. We got a bank account with them no problem at all and have been out the country 15 years.
#24
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Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
40 years of history says that the average value of the pound is $1.60. You'd need a compelling argument to suggest that the pound has permanently lost 25% of its value, when most of the economic data points to an economy as strong or stronger than most countries in Europe.
It may fluctuate a bit but long term I see no reason for the trend not to continue.
#25
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
At the end of the war the £ was $3.50. Labour devalued and it became $2.80. Late 60s Wilson devalued and it became $2.40. Early 70s the £ was floated but it didn't float it slowly sank, $2.20, $1.60, $1.40, now it is $1.28.
It may fluctuate a bit but long term I see no reason for the trend not to continue.
It may fluctuate a bit but long term I see no reason for the trend not to continue.
#26
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Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Go look at a chart - the last 40 years have seen many ups and downs, but the best fit line is close to horizontal at around $1.60. And anyone who understands anything about either politics or economics can see that the uncertainty over Brevity has depressed sterling significantly below where it would otherwise be.
#27
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Why do you think what was happening in the immediate post-war period has anything relevance to what is happening today? The further back you go the less relevant the data and the £/$ rate has been $1.60+ within the past three years, and close to $2 within the past decade or so.
#28
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Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Why do you think what was happening in the immediate post-war period has anything relevance to what is happening today? The further back you go the less relevant the data and the £/$ rate has been $1.60+ within the past three years, and close to $2 within the past decade or so.
#29
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Exactly? So let's extrapolate that, and the $1.60 rate three years ago. So sterling is losing 40c every 3-5 years, which means in about 12 years from now the pound will have zero value.
#30
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Re: How do you get life savings from USA bank to the UK when you can't open a UK acco