Moving Back to the UK - Practical Tips and Lessons Learned
Apr 17th 2012 | 4:31 am
#31
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Re: Moving Back to the UK - Practical Tips and Lessons Learned
That's very good to know, it's just what I've been wondering about, how much of a difference there really is. Thanks so much and I hope my questions didn't add any stress/anxiety to your own upcoming transfer..
Best wishes,
mick
Best wishes,
mick
Apr 17th 2012 | 6:53 am
#32
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From: Scotland, just!
Re: Moving Back to the UK - Practical Tips and Lessons Learned
You may already be aware of this, but HSBC do offer better FX rates on amount over $25000 Cdn (the amt may be $30000) it has been a while since I exchanged any money, but I did do the exchange at the branch and specifically asked for their improved rate.
Glad you, hubby and the cats made it home safely. I hope It will not be too much longer before I follow in your footsteps.
Apr 17th 2012 | 7:05 am
#33
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Re: Moving Back to the UK - Practical Tips and Lessons Learned
But I think the issue is not so much the bank charges but the spread that Cumbrian Lass mentioned - the range between the rate the banks buys and sells a currency. The spread determines the rate of the currency exchange and banks and exchange services all have their own spreads, and this varies.
Since the exchange rate is more significant for larger currency transfers, my understanding has been that the presence or absence of bank charges matters more with smaller transfers, but the spread matters more with larger transfers, where a small difference in the exchange rate can mean a significant difference in the amount received.
Unfortunately I'm too new at this to say anything more intelligent about it. From reading various threads I had the sense that the foreign currency exchange services offer lower spreads/better exchange rates than the banks but I don't know if this is true. To compare apples and apples you would need to contact one or two banks and exchange services and find out exactly how much you will end up receiving on a transfer of X dollars at the current rate, including any and all fees and also taking account of their exchange rate.
So I had been thinking: follow sallysimmons' great advice and open a HSBC account for ease of switching to a UK bank, but transfer larger funds between the US and UK accounts (even with the same bank) using an exchange service such as Moneycorp or XE. Please correct me anyone if I am misunderstanding this..
Best wishes,
mick
Since the exchange rate is more significant for larger currency transfers, my understanding has been that the presence or absence of bank charges matters more with smaller transfers, but the spread matters more with larger transfers, where a small difference in the exchange rate can mean a significant difference in the amount received.
Unfortunately I'm too new at this to say anything more intelligent about it. From reading various threads I had the sense that the foreign currency exchange services offer lower spreads/better exchange rates than the banks but I don't know if this is true. To compare apples and apples you would need to contact one or two banks and exchange services and find out exactly how much you will end up receiving on a transfer of X dollars at the current rate, including any and all fees and also taking account of their exchange rate.
So I had been thinking: follow sallysimmons' great advice and open a HSBC account for ease of switching to a UK bank, but transfer larger funds between the US and UK accounts (even with the same bank) using an exchange service such as Moneycorp or XE. Please correct me anyone if I am misunderstanding this..
Best wishes,
mick
You are right the exchange rate is a factor when dealing with large sums. I will have to cross this bridge when I come to it. For me, HSBC just makes things so much easier to handle transactions from Canada to the UK. My traditional Canadian bank was no help when I wanted to gain access to a GBP account, so HSBC was a real bonus for me.
I tried to open a bank acct in the UK, but couldn't as I am not yet a perm resident. They must have thought I was money laundering through the local council and Scottish Power. LOL! It makes life so much easier to be able to set up standing orders and being to write GBP cheques, when necessary.
Good luck.
Apr 17th 2012 | 7:12 am
#34
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Re: Moving Back to the UK - Practical Tips and Lessons Learned
Mick,
The other thing I meant to mention is that I am looking at keeping the CDN Portion of my HSBC acct open, so that when the time comes to receive my Cdn Pension it can be deposited into the CDN$$ acct and then I can transfer all or part to the GBP acct when exchange rates are favourable. However, I'll need a crystal ball so that I will really know the best way to handle my pension when it comes along.
The other thing I meant to mention is that I am looking at keeping the CDN Portion of my HSBC acct open, so that when the time comes to receive my Cdn Pension it can be deposited into the CDN$$ acct and then I can transfer all or part to the GBP acct when exchange rates are favourable. However, I'll need a crystal ball so that I will really know the best way to handle my pension when it comes along.
Apr 17th 2012 | 9:17 am
#35
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Re: Moving Back to the UK - Practical Tips and Lessons Learned
Mick,
The other thing I meant to mention is that I am looking at keeping the CDN Portion of my HSBC acct open, so that when the time comes to receive my Cdn Pension it can be deposited into the CDN$$ acct and then I can transfer all or part to the GBP acct when exchange rates are favourable. However, I'll need a crystal ball so that I will really know the best way to handle my pension when it comes along.
The other thing I meant to mention is that I am looking at keeping the CDN Portion of my HSBC acct open, so that when the time comes to receive my Cdn Pension it can be deposited into the CDN$$ acct and then I can transfer all or part to the GBP acct when exchange rates are favourable. However, I'll need a crystal ball so that I will really know the best way to handle my pension when it comes along.
I hope your own move goes very smoothly! We're aiming at the end of the year, or possibly early 2013.
Apr 17th 2012 | 9:29 am
#36
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From: Scotland, just!
Re: Moving Back to the UK - Practical Tips and Lessons Learned
Thanks for all the information! We've decided to open a HSBC account soon so we'll be have some track record with them when we make the move. And thanks for the suggestion to keep the account open. I'm in the same situation with pension and social security coming up next year and so I'd like to have as many options as possible until I learn the ropes.
I hope your own move goes very smoothly! We're aiming at the end of the year, or possibly early 2013.
I hope your own move goes very smoothly! We're aiming at the end of the year, or possibly early 2013.
The other benefit we also got was UK credit card so we can start building a credit rating in the UK. The Canadian branch confirmed our credit rating to the UK branch and then the UK branch issued both debit and credit cards for us. It is my understanding that UK banks will not accept your Cdn/US credit rating.
We are hoping to move this year. As soon as the house is sold, we are off.
Apr 17th 2012 | 9:31 am
#37
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Re: Moving Back to the UK - Practical Tips and Lessons Learned
Just noticed that Sally already mentioned this in her original post. Oops!
Apr 17th 2012 | 9:42 am
#38
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Re: Moving Back to the UK - Practical Tips and Lessons Learned
Insurance
Along the same lines as having your credit rating from abroad recognized, many posters have experienced problems with having their insurance claims history recognized.
I am planning to have my broker/insurer provide me with a claims history on both my auto and property insurance. Also, I will be obtaining our driving records from the Govt to show our individual accident/infraction record. It may not help, but I will likely use a broker to place the insurance.
Along the same lines as having your credit rating from abroad recognized, many posters have experienced problems with having their insurance claims history recognized.
I am planning to have my broker/insurer provide me with a claims history on both my auto and property insurance. Also, I will be obtaining our driving records from the Govt to show our individual accident/infraction record. It may not help, but I will likely use a broker to place the insurance.
Apr 17th 2012 | 12:39 pm
#39
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From: Okotoks AB
Re: Moving Back to the UK - Practical Tips and Lessons Learned
just set up my canadian HSBC account. It was so easy and they where so helpful, i would highly recommend doing this for anyone returning to the uk.
Apr 18th 2012 | 1:49 pm
#40
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Re: Moving Back to the UK - Practical Tips and Lessons Learned
Just went in to see HSBC and they were SOOOOO confusing!!! It didn't help that the person I spoke to had a very strong accent. They claimed that I could only set up a UK account after opening a US account IF I opened one of their "Premiere" accounts which means I either have to have $100,000 in my account every month or pay $50 a month.
Sally didn't u just open a basic account?
They also said my credit rating would mean nothing in the UK. I'm super confused......
Sally didn't u just open a basic account?
They also said my credit rating would mean nothing in the UK. I'm super confused......
Apr 18th 2012 | 8:54 pm
#41
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From: Egypt
Re: Moving Back to the UK - Practical Tips and Lessons Learned
Thanks for all of the tips Sally
I have a question about HSBC too...... I already have an account in the UK: I opened it years ago before I moved here in order to make it easier to access my money, but just never got around to using it. Although I still receive statements it has zero balance. DH has accounts with HSBC here. In order to transfer money from one account to the other and not incur charges, do the accounts have to be in the same name? Or doesn't it matter?
I guess I could always open one here, but it would be easier not to have to bother!
Thanks folks.
I have a question about HSBC too...... I already have an account in the UK: I opened it years ago before I moved here in order to make it easier to access my money, but just never got around to using it. Although I still receive statements it has zero balance. DH has accounts with HSBC here. In order to transfer money from one account to the other and not incur charges, do the accounts have to be in the same name? Or doesn't it matter?
I guess I could always open one here, but it would be easier not to have to bother!
Thanks folks.
Apr 23rd 2012 | 11:53 pm
#42
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From: Used to be New York, now North Yorkshire
Re: Moving Back to the UK - Practical Tips and Lessons Learned
I think they'd have to be in the same name.
Apr 24th 2012 | 12:48 am
#43
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Re: Moving Back to the UK - Practical Tips and Lessons Learned
re. the internet, I'd definitely recommend having a look at o2. We've been with them for a couple of years now, no problems, customer service excellent. We have out broadband, line rental and land line calls with them and get free anytime calls to other land lines bundled in. It was quite a cheap deal when I signed up, not sure how it is now but well worth a look.
I can't stand BT because I had an absolutely awful customer service experience with them 2 years ago. Reduced me to tears on more than one occasion... a company like that doesn't deserve my money!!
I can't stand BT because I had an absolutely awful customer service experience with them 2 years ago. Reduced me to tears on more than one occasion... a company like that doesn't deserve my money!!
Apr 24th 2012 | 2:11 pm
#44
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From: HOME!!!!!!
Re: Moving Back to the UK - Practical Tips and Lessons Learned
Sallysimmons did you open an account through their "international banking" department? It seems the people who work at HSBC in Los Angeles have no clue what I'm talking about re: British accounts and it's all getting very confusing and annoying!!
Any advice would be greatly appreciated! By the way congrats on being back home. How does it feel?!?!
Any advice would be greatly appreciated!
By the way congrats on being back home. How does it feel?!?!
Apr 24th 2012 | 7:09 pm
#45
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Finally Home!
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From: Used to be New York, now North Yorkshire
Re: Moving Back to the UK - Practical Tips and Lessons Learned
We first opened a US account and then when that was up and running, we called the international banking number and asked about help in setting up a UK account. They were very good. It took a few weeks because there are security checks on the UK end, but they kept us informed.
I wouldn't bother talking to branch people - just get in touch by phone with the international team. It is such a benefit to arrive with working debit and credit cards.
As far as being back, I'm only in my second week but I love it. Everything about it. It's been stressful and busy but I'm home and I feel like I'm really living for the first time in years. Everyone has been super-friendly (being biased, I'd say they always are in Yorkshire) and it's so nice to do things like buy a car or deal with estate agents without getting the American 'sell job.' I'm very lucky to be in a beautiful part of the country and I'm making the most of it. Eating too much cake and chocolate though - must stop the daily custard tart habit!!
I wouldn't bother talking to branch people - just get in touch by phone with the international team. It is such a benefit to arrive with working debit and credit cards.
As far as being back, I'm only in my second week but I love it. Everything about it. It's been stressful and busy but I'm home and I feel like I'm really living for the first time in years. Everyone has been super-friendly (being biased, I'd say they always are in Yorkshire) and it's so nice to do things like buy a car or deal with estate agents without getting the American 'sell job.' I'm very lucky to be in a beautiful part of the country and I'm making the most of it. Eating too much cake and chocolate though - must stop the daily custard tart habit!!
