mickok

There have so many threads where people have recommended HSBC for managing transfers of funds between the US and UK, and for setting up a UK account in advance of the actual move. I'm sold, but when I spoke to their reps the focus was all on Premier accounts and for various reasons we're reluctant to commit to those requirements. Does anyone have any recommendations about a lower level account that we can set up on the US side, and that will still be sufficient to allow us to also create a UK account? Is a basic checking account with online access enough? Thanks so much!

lf1

When I first opened an account with HSBC it was just a Cdn funds acct and GBP funds acct (both in Canada). I don't recall if they would have opened an account for us in the UK if we had not gone the Premier route. They convinced us to do it, even although I explained that we wouldn't be maintaining there Min Acct Bal. I wasn't so much concerned with having a UK based bank account (at first) as I really just wanted to be able to start saving in Sterling.

I think I have heard others mention a Passport Acct. but I am not sure what the details of it are.

Do you want UK debit and credit cards, prior to landing? This was the big feature for us, as HSBC use your Cdn/US credit history to obtain your UK cards through the UK office. If you don't need these, then a basic account may be sufficient. We didn't have a UK credit rating, so doing that part whilst still in Canada was helpful.

Sorry, don't think I have answered your question, but hopefully someone more familiar with their accts will be along shortly. It was a few years ago when I opened my accts, so thing are a bit blurry now.

Johara75017

I had this dilemma when I first moved to the US. I opted for the Premium Account and found the following:
- once you have opened the account they don't hassle you to maintain the minimum balance
- it is really so easy to exchange funds between the US and UK bank accounts using their "Global View" facility
- you automatically get a US Visa credit card and debit card which can take you months otherwise as you would have to build up a credit history

My advice would be to go the Premier account route

carolinecutie

Isn't there an annual cost for the Premier Account? I have also researched HSBC and have been reluctant to go this route because of their requirements.

My husband will be receiving his pay check in US dollars, so we need the most efficient way to transfer money to the UK.

Johara75017

There is a minimum annual charge I believe but not enough to outweigh the benefits. I cant remember the exact charge. The Premier card worked for my spouse and I and transferring funds to and from the UK premier bank account was so easy

Celticspirit

I have just gone through this as I was in NYC last week for my daughter's wedding (we don't have an HSBC BANK in Dallas) and gave HSBC the info they asked for. Passport, tax return etc. if you have a premier account here or any country with them, when you open an account in any country, it doesn't have to fulfill premier requirements. No charge whatsoever with Premier to open another account.

carolinecutie

I don't have an account with them at all, but am wondering if it is worth opening one here in the US so that I can open a UK one as well.

Novocastrian

It's an option. I opened an HSBC Premier account in Canada so that I could open an account in France. The Canadian account gave me a no-fee Mastercard on the spot. (Which of course I cut up). But the Premier status is valid for any account you have with HSBC worldwide and transfers are easy online, as mentioned above.

I like tea

I opened a bank account with HSBC in Brisbane and also in the UK. The whole saga took 4 months to get everything set up mostly because I didn’t get the correct information from the bank in Brisbane.

To set up the bank account in Brisbane was very straight forward just like a normal bank account.

However, to set up the one in the UK was complicated. I had to produce passport, proof of address eg. bill with name & address on it, salary slip and $200 to open the bank account in the UK. This was to have a Premier account. I have since found out that to have this account you must put 500 pounds a month in and this will allow you to have a bank loan. However, if you do not put in this amount the account is still called Premier and you can still have a cheque book and debit card but are not eligible for a loan. Very confusing.

The other account you are eligible is called a Felxi Saver which requires no deposits a month and has interest of 0.05% ( I don’t think this account has debit card and cheque book you would have to ask). Not sure if you are eligible for any other accounts being an international customer.

In order to activate your account in the UK you need to set need internet and telephone banking ( which I didn’t realize). This took some time due to security issues. You have to ring up and they guide you through lots of questions that are than used as security eg mother’s maiden name, favorite food etc. They then send you a “Security Key’( which took 3 weeks to arrive) which you need for internet banking. It’s like a small computer where you have to press in digits.

As I said the whole saga took much longer than need be due to not getting the correct information at the Brisbane bank. So you need to ask the right questions and be prepared for a longer than normal setting up time.

Hope this helps

Celticspirit

YES:-)

Celticspirit

Don't know what happened with your story....for me in the USA, they have been more than helpful. Since I filled in the initial info.....in the past two weeks - handing it in person in NYC, ....the forms have changed for Northern Ireland. So start over for me. It's not the my fault nor my advisor. I think NI may have more than is share of money launderers??? Starting over :-(

HannahJ38

there are usually charges with premier accounts, due to the rewards and offers they provide you with, these vary from bank to bank, but each have them, ultimately depends on how much you're willing to pay a month, for the benefits you get back, some are usually really helpful, others not so much.

pondhopper2014

Could I just take out a money order in the amount of our savings (a few thousand pounds) and mail it to someone in the UK and pick it up when I get there and deposit it to open an account at a "normal" bank in the place where we'll be living? I'd obviously take some as cash so that when we get there we won't be destitute.

mickok

Just to update on our own decision. We were looking at HSBC but did not really want to do business with them. In the end we opened an offshore Isle of Man account with Lloyds, which gave us a sterling checkbook and debit card. We set up a wire transfer between that account and our credit union in the US, so that we had access to funds on arrival. Then when we moved to the UK, we opened a mainland Lloyds accounts and changed the wire transfer arrangement to that account, then closed our offshore account. It all worked very smoothly.