Moving back to the UK
Apr 1st 2019, 3:33 am
#1
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Joined: Apr 2019
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Moving back to the UK
I've been living in the USA for the last 27 years, I will be selling my house before I return. I'm a dual citizen UK/USA. I believe I can set up an international account through HSBC, One question I have though is regarding the timing of transferring my funds to the UK. Do I do it before I establish residency back in the UK? or does it matter at all?
I guess I'm just not sure of the tax implications when moving large sums of money from one country to another and whether it matters at all?
Would appreciate any advice I can get from people who have already experienced the same situation.
thanks
I guess I'm just not sure of the tax implications when moving large sums of money from one country to another and whether it matters at all?
Would appreciate any advice I can get from people who have already experienced the same situation.
thanks
Apr 1st 2019, 4:09 am
#2
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Joined: Dec 2017
Location: Scotland
Posts: 120
Re: Moving back to the UK
You won’t get taxed for moving money you already have in your bank account. Setting up an account from abroad is a pain in the rear end, but it can be done. With HSBC, I think it’s best to actually step into a physical branch to get things going, though. Barclays have an international account you can apply for via phone (call +44 1624 684316). One additional option is a TransferWise borderless account, into which you can deposit money and hold it in multiple currencies. You get proper account details for each currency, too, so your U.K. employer can deposit pay into your U.K. TransferWise account. Once you’re in the U.K., they will be able to send you a debit card, too. Here’s a link for that option: https://transferwise.com/help/articl...ccount-details
When you settle in the U.K., give Nationwide a go. I’m not sure if you can set up a new account from abroad, but they are very easy to deal with and people have had good luck with them when they’ve been new to the U.K. I kept my Nationwide account while in America, and they were totally fine with a foreign address, name changes, sending cards abroad, adding husband to account etc. Could give them a ring and see what they need to set an account up before you get there?
Lastly, see if your current American bank will accept a foreign address. If they do, and can make a note that from X date you’ll be in the U.K., well, that’ll make things much easier: you can use your card to pay for things, get set up and so forth and search for a U.K. bank at your leisure after you arrive on British soil.
When you settle in the U.K., give Nationwide a go. I’m not sure if you can set up a new account from abroad, but they are very easy to deal with and people have had good luck with them when they’ve been new to the U.K. I kept my Nationwide account while in America, and they were totally fine with a foreign address, name changes, sending cards abroad, adding husband to account etc. Could give them a ring and see what they need to set an account up before you get there?
Lastly, see if your current American bank will accept a foreign address. If they do, and can make a note that from X date you’ll be in the U.K., well, that’ll make things much easier: you can use your card to pay for things, get set up and so forth and search for a U.K. bank at your leisure after you arrive on British soil.
Apr 1st 2019, 2:18 pm
#3
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Re: Moving back to the UK
Thanks for all the information, I appreciate your response.
Apr 4th 2019, 8:47 pm
#4
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Re: Moving back to the UK
I used to work at HSBC and it is most definitely better to go into a branch.
Apr 5th 2019, 1:23 pm
#5
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Re: Moving back to the UK
FYI I have found Transferwise (mentioned above) and also Revolut to be useful cards/"banks" as they let you move and spend money between the US and UK at close to perfect rates and easily/quickly.
I get frustrated with the UK <-> US banking systems and these seem to solve a lot of problems.
I get frustrated with the UK <-> US banking systems and these seem to solve a lot of problems.
Apr 9th 2020, 2:56 pm
#6
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Re: Moving back to the UK
I agree with prairie winter above. We have moved tons of cash from the USA to the UK in order to buy a house, and I still user Transferwise regularly to transfer funds from our US pensions.
as mentioned above, HSBC will let you open a UK bank account from the USA but at some point you will need to go into a branch for a physical id check and signing of documents.
Very important to check if your US bank and US brokerage (IRAs etc) will allow you to manage your accounts from overseas with a UK address. Our US bank didn’t which is the point at which we opened an account with HSBC. Our son also did the same thing prior to moving back. He had a 401k through work so as soon as he quit he rolled his 401k over to an IRA in his existing brokerage account where he also has his Roth
Note that if you have ongoing income from the USA then HMRC allows you to treat your US income as co-terminus with the HMRC tax year. This is really convenient for me as our 1099s for pensions, withdrawals etc can be used as if they were April to April. We will start drawing our US SS payments next year and I understand they can be paid directly into our UK bank.
as mentioned above, HSBC will let you open a UK bank account from the USA but at some point you will need to go into a branch for a physical id check and signing of documents.
Very important to check if your US bank and US brokerage (IRAs etc) will allow you to manage your accounts from overseas with a UK address. Our US bank didn’t which is the point at which we opened an account with HSBC. Our son also did the same thing prior to moving back. He had a 401k through work so as soon as he quit he rolled his 401k over to an IRA in his existing brokerage account where he also has his Roth
Note that if you have ongoing income from the USA then HMRC allows you to treat your US income as co-terminus with the HMRC tax year. This is really convenient for me as our 1099s for pensions, withdrawals etc can be used as if they were April to April. We will start drawing our US SS payments next year and I understand they can be paid directly into our UK bank.
Last edited by durham_lad; Apr 9th 2020 at 3:01 pm.
Apr 9th 2020, 3:47 pm
#7
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Re: Moving back to the UK
I agree with prairie winter above. We have moved tons of cash from the USA to the UK in order to buy a house, and I still user Transferwise regularly to transfer funds from our US pensions.
as mentioned above, HSBC will let you open a UK bank account from the USA but at some point you will need to go into a branch for a physical id check and signing of documents.
Very important to check if your US bank and US brokerage (IRAs etc) will allow you to manage your accounts from overseas with a UK address. Our US bank didn’t which is the point at which we opened an account with HSBC. Our son also did the same thing prior to moving back. He had a 401k through work so as soon as he quit he rolled his 401k over to an IRA in his existing brokerage account where he also has his Roth
Note that if you have ongoing income from the USA then HMRC allows you to treat your US income as co-terminus with the HMRC tax year. This is really convenient for me as our 1099s for pensions, withdrawals etc can be used as if they were April to April. We will start drawing our US SS payments next year and I understand they can be paid directly into our UK bank.
as mentioned above, HSBC will let you open a UK bank account from the USA but at some point you will need to go into a branch for a physical id check and signing of documents.
Very important to check if your US bank and US brokerage (IRAs etc) will allow you to manage your accounts from overseas with a UK address. Our US bank didn’t which is the point at which we opened an account with HSBC. Our son also did the same thing prior to moving back. He had a 401k through work so as soon as he quit he rolled his 401k over to an IRA in his existing brokerage account where he also has his Roth
Note that if you have ongoing income from the USA then HMRC allows you to treat your US income as co-terminus with the HMRC tax year. This is really convenient for me as our 1099s for pensions, withdrawals etc can be used as if they were April to April. We will start drawing our US SS payments next year and I understand they can be paid directly into our UK bank.
Apr 9th 2020, 6:54 pm
#9
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Joined: Apr 2019
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Re: Moving back to the UK
I really appreciate the input, it's clearly taking me time to execute
my plan to move back, but as I mentioned yesterday in my other post I'm now on track for April 2021. 
I've thought about using Tansferwise, but do they offer the same insurance that a bank wire transfer would come with? and how do you get the money from the card they put it on into your Uk bank account? they don't seem to have customer service phone number either which really concerns me.
I looked into brokerage firms that offer international service so I can manage from the UK, I see that Interactive Brokers offers that and I'm following up with them right now, do you happen to know any others?
I'll have to look up the co-terminus thing with the taxes, I'm sure that's convenient and makes things much easier to manage.
Thanks again durham lad for all the great information.
my plan to move back, but as I mentioned yesterday in my other post I'm now on track for April 2021. I've thought about using Tansferwise, but do they offer the same insurance that a bank wire transfer would come with? and how do you get the money from the card they put it on into your Uk bank account? they don't seem to have customer service phone number either which really concerns me.
I looked into brokerage firms that offer international service so I can manage from the UK, I see that Interactive Brokers offers that and I'm following up with them right now, do you happen to know any others?
I'll have to look up the co-terminus thing with the taxes, I'm sure that's convenient and makes things much easier to manage.
Thanks again durham lad for all the great information.
Apr 9th 2020, 7:44 pm
#10
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Re: Moving back to the UK
I use Transferwise like any other Forex company (I used to use XE.com). I initiate a transfer and they provide a reference number which I use when I wire the money to their account from my US bank. I have free wire transfers with my US bank so a domestic wire is cheaper for me than ACH, and the money is in my UK bank the same day. ACH takes a business day to transfer.
Both my wife and I use Vanguard for our brokerage account, but I’m sure that there are others that support overseas customers. We have our US bank (HSBC) linked to our Vanguard accounts. We also have our UK accounts with HSBC and moving money between them is almost instantaneous but their fees are consistently much higher than Transferwise.
Both my wife and I use Vanguard for our brokerage account, but I’m sure that there are others that support overseas customers. We have our US bank (HSBC) linked to our Vanguard accounts. We also have our UK accounts with HSBC and moving money between them is almost instantaneous but their fees are consistently much higher than Transferwise.
Last edited by durham_lad; Apr 9th 2020 at 7:48 pm.
Apr 10th 2020, 12:33 pm
#11
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Joined: Apr 2019
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Re: Moving back to the UK
Great information, thanks. I'll be following up with those companies.
