How do you get life savings from USA bank to the UK when you can't open a UK account?
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). |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Open an account when you get there, then transfer money into it. It shouldn't be that big a deal and I think you are worrying about nothing. I hear that generally banks will open accounts quite easily for "returning customers" even if you closed your account 20 or thirty years ago, so if you had an account previously with a British Bank, that would be a good place to start.
I don't believe US banks generally have the same hang-up about customers with a UK address as some British banks seem to have about customers with an address in the US. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Can you not take an international bank draft from the US and deposit it into your UK bank account once it has been set up.
To open UK bank account easily, have a UK address, two forms of ID (passport, drivers licence). Alternatively you can transfer money from your US bank account to UK account, electronically. Go to your US bank tell them that you will be transferring funds from your account to a UK bank. Then get swift code for your US bank and any other information your US bank gives you for international electronic money transfer. To the UK bank provide all the information that your US bank gave you for the money transfer. If you have a HSBC account in the US (which is not possible across the US, since their network is limited in the states) then life is 100% easier. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
We opened an HSBC Premier account in the US online with no problems. We were given a dedicated banker with whom we could discuss or needs. As soon as we arrived in the UK we were able to open a UK account with HSBC and transfer funds without fees. All our accounts are now linked. Easiest thing we've had to do so far, to be honest.
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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
Originally Posted by Perth
(Post 12281974)
We opened an HSBC Premier account in the US online with no problems. We were given a dedicated banker with whom we could discuss or needs. As soon as we arrived in the UK we were able to open a UK account with HSBC and transfer funds without fees. All our accounts are now linked. Easiest thing we've had to do so far, to be honest.
Hopefully when he gets here in September he will be able to open a UK HSBC account easily enough. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Originally Posted by Perth
(Post 12281974)
We opened an HSBC Premier account in the US online with no problems. We were given a dedicated banker with whom we could discuss or needs. As soon as we arrived in the UK we were able to open a UK account with HSBC and transfer funds without fees. All our accounts are now linked. Easiest thing we've had to do so far, to be honest.
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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
Originally Posted by durham_lad
(Post 12282312)
Hopefully when he gets here in September he will be able to open a UK HSBC account easily enough. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Originally Posted by Novocastrian
(Post 12282355)
He can do it before he arrives, using his US address, if he wants to. Tell him to instruct his Premier relationship manager to expedite it.
I told him not to worry about and that he can do it from here. He can use his HSBC credit card to spend money and he can use Transferwise to send money to our account which we can either give him as cash or buy stuff for him. He should only take a few weeks at most to get his account set up after he arrives. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
HSBC expat account can be opened in Jersey from most countries, which is equivalent to a HSBC UK account, if this helps anybody.
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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
Thanks everyone. It's nice to have people answer the actual question asked with useful information.
Both "international bank draft" and "HSBC Premier account" are viable options. I was looking at opening a sterling account with Llyods bank (Jersey/Isle of Man), but that is not allowed for US residents at this time. A follow up question for those that have used HSBC Premier account: Are the HSBC USD to GBP exchange rates good/bad/ok? I assume people would compare rates before exchanging large amounts. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Originally Posted by austin_d_powers
(Post 12282640)
Thanks everyone. It's nice to have people answer the actual question asked with useful information.
Both "international bank draft" and "HSBC Premier account" are viable options. I was looking at opening a sterling account with Llyods bank (Jersey/Isle of Man), but that is not allowed for US residents at this time. A follow up question for those that have used HSBC Premier account: Are the HSBC USD to GBP exchange rates good/bad/ok? I assume people would compare rates before exchanging large amounts. You can transfer between USD to Pounds accounts online when the exchange rate is good. Dont exchange large number of dollars to pounds in one go. Only the amount you need for a year. Keep most of your money in USD because its stable global currency. The pound value is going to fluctuate in exchange rate as brexite progresses. As far as HSBC exchange rate is concerned they are competitive. When you get to UK mainland open HSBC account and you can transfer pounds online from HSBC Expat Jersey to HSBC UK mainland. HSBC in UK do no have USD accounts or they are very difficult to open. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Originally Posted by geoff52
(Post 12282674)
HSBC jersey has multicurrency accounts (premier). Open USD and Pounds accounts.
You can transfer between USD to Pounds accounts online when the exchange rate is good. Dont exchange large number of dollars to pounds in one go. Only the amount you need for a year. Keep most of your money in USD because its stable global currency. The pound value is going to fluctuate in exchange rate as brexite progresses. As far as HSBC exchange rate is concerned they are competitive. When you get to UK mainland open HSBC account and you can transfer pounds online from HSBC Expat Jersey to HSBC UK mainland. HSBC in UK do no have USD accounts or they are very difficult to open. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Originally Posted by geoff52
(Post 12282674)
HSBC jersey has multicurrency accounts (premier). Open USD and Pounds accounts.
You can transfer between USD to Pounds accounts online when the exchange rate is good. Dont exchange large number of dollars to pounds in one go. Only the amount you need for a year. Keep most of your money in USD because its stable global currency. The pound value is going to fluctuate in exchange rate as brexite progresses. .....
Originally Posted by austin_d_powers
(Post 12282715)
.... Great reply. ....
I did not even consider keeping USD. And the brexit thing makes sense. The exchange rate when I left the UK was around 1.5 now it is fluctuating in the 1.2 - 1.3. I am in the middle of selling my house in the USA, so my mind is occupied with that. This thread has been very useful to me. Thanks. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Originally Posted by durham_lad
(Post 12282379)
He has tried that but has to go in to sign some documents and be interviewed, which is what we had to do here in England to open our HSBC US account. Problem is they've told him that would have to be in LA, since they can't do it close to where he lives. He lives close to Houston and told me that initially that he was going to have to go downtown to do this. He is visiting his sister in Santa Monica in August which is why they said LA but then they told him it would take two trips downtown.
I told him not to worry about and that he can do it from here. He can use his HSBC credit card to spend money and he can use Transferwise to send money to our account which we can either give him as cash or buy stuff for him. He should only take a few weeks at most to get his account set up after he arrives. |
Re: How do you get life savings from USA bank to the UK when you can't open a UK acco
Originally Posted by austin_d_powers
(Post 12282640)
Thanks everyone. It's nice to have people answer the actual question asked with useful information.
Both "international bank draft" and "HSBC Premier account" are viable options. I was looking at opening a sterling account with Llyods bank (Jersey/Isle of Man), but that is not allowed for US residents at this time. A follow up question for those that have used HSBC Premier account: Are the HSBC USD to GBP exchange rates good/bad/ok? I assume people would compare rates before exchanging large amounts. An advantage of doing HSBC is that the money is exchanged and in your account the same day. |
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