Moving home from NYC...bank accounts etc.
Jan 19th 2018, 12:17 am
#1
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Joined: Apr 2005
Posts: 120
Moving home from NYC...bank accounts etc.
Will be moving home from NYC in March. Can I keep my HSBC bank account in the US open? Am thinking about my taxes and where my refund will go etc. plus want to keep my credit card open for a couple of months, whilst I find my feet back in London.
Jan 19th 2018, 12:42 am
#2
Joined: Feb 2002
Posts: 6,848
Re: Moving home from NYC...bank accounts etc.
Yes of course. My spouse gave up his green card almost a decade ago when he went back to Singapore and then Switzerland on expat postings. He/we kept our checking account open with Chase as we still had our house in New Jersey and had to pay the mortgage and utility bills on it - (our son was living in the house).
My spouse transferred back to the office in Times Square about 18 months ago (he’s on an L1-A visa) and continues to use the same checking account.
Incidentally we have found that non-US banks and financial institutions really don’t like customers having any ties to the USA (eg. Citizens, green card holders, visa holders or a US residential address). When we were in Switzerland most of the Swiss banks and even the Postfinance post office bank no longer wanted to deal with anyone with US ties and stopped letting them opening new accounts, but would reluctantly open accounts in some cases if someone was on an expat posting for up to 5 years.
Right now we have had a letter from a financial company based in Singapore stating that they are closing down our share account because we are resident in the US and I remember that a few years ago the (UK) Post Office closed down an investment account (passbook) which I’d opened when my son was born, again because of US residency.
It’s all to do with FATCA (or something with similar initials) afaik; overseas financial institutions just don’t want the hassle of doing time-consuming and intensive reporting to the IRS and would prefer to lose the business by closing customers’ accounts.
My spouse transferred back to the office in Times Square about 18 months ago (he’s on an L1-A visa) and continues to use the same checking account.
Incidentally we have found that non-US banks and financial institutions really don’t like customers having any ties to the USA (eg. Citizens, green card holders, visa holders or a US residential address). When we were in Switzerland most of the Swiss banks and even the Postfinance post office bank no longer wanted to deal with anyone with US ties and stopped letting them opening new accounts, but would reluctantly open accounts in some cases if someone was on an expat posting for up to 5 years.
Right now we have had a letter from a financial company based in Singapore stating that they are closing down our share account because we are resident in the US and I remember that a few years ago the (UK) Post Office closed down an investment account (passbook) which I’d opened when my son was born, again because of US residency.
It’s all to do with FATCA (or something with similar initials) afaik; overseas financial institutions just don’t want the hassle of doing time-consuming and intensive reporting to the IRS and would prefer to lose the business by closing customers’ accounts.
Jan 19th 2018, 6:37 am
#3
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Joined: Dec 2013
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Posts: 1,931
Re: Moving home from NYC...bank accounts etc.
Yes of course. My spouse gave up his green card almost a decade ago when he went back to Singapore and then Switzerland on expat postings. He/we kept our checking account open with Chase as we still had our house in New Jersey and had to pay the mortgage and utility bills on it - (our son was living in the house).
My spouse transferred back to the office in Times Square about 18 months ago (he’s on an L1-A visa) and continues to use the same checking account.
Incidentally we have found that non-US banks and financial institutions really don’t like customers having any ties to the USA (eg. Citizens, green card holders, visa holders or a US residential address). When we were in Switzerland most of the Swiss banks and even the Postfinance post office bank no longer wanted to deal with anyone with US ties and stopped letting them opening new accounts, but would reluctantly open accounts in some cases if someone was on an expat posting for up to 5 years.
Right now we have had a letter from a financial company based in Singapore stating that they are closing down our share account because we are resident in the US and I remember that a few years ago the (UK) Post Office closed down an investment account (passbook) which I’d opened when my son was born, again because of US residency.
It’s all to do with FATCA (or something with similar initials) afaik; overseas financial institutions just don’t want the hassle of doing time-consuming and intensive reporting to the IRS and would prefer to lose the business by closing customers’ accounts.
My spouse transferred back to the office in Times Square about 18 months ago (he’s on an L1-A visa) and continues to use the same checking account.
Incidentally we have found that non-US banks and financial institutions really don’t like customers having any ties to the USA (eg. Citizens, green card holders, visa holders or a US residential address). When we were in Switzerland most of the Swiss banks and even the Postfinance post office bank no longer wanted to deal with anyone with US ties and stopped letting them opening new accounts, but would reluctantly open accounts in some cases if someone was on an expat posting for up to 5 years.
Right now we have had a letter from a financial company based in Singapore stating that they are closing down our share account because we are resident in the US and I remember that a few years ago the (UK) Post Office closed down an investment account (passbook) which I’d opened when my son was born, again because of US residency.
It’s all to do with FATCA (or something with similar initials) afaik; overseas financial institutions just don’t want the hassle of doing time-consuming and intensive reporting to the IRS and would prefer to lose the business by closing customers’ accounts.
Jan 19th 2018, 12:47 pm
#4
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Joined: Apr 2005
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Re: Moving home from NYC...bank accounts etc.
I have HSBC (premier) accounts open already in both the UK and the US, does that make a difference. I'm assuming there is no legal reason not to have them open in the US??
Jan 19th 2018, 1:26 pm
#5
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Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Re: Moving home from NYC...bank accounts etc.
I have HSBC (Premier) accounts in Canada, France and the UK. No problems.
Jan 19th 2018, 2:18 pm
#6
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Re: Moving home from NYC...bank accounts etc.
Both my son and I have HSBC accounts in the USA and UK. Works really well.
I also have maintained my US credit card with HSBC as it has no foreign transaction fees, useful for when we travel. (We also have a UK credit card but it does have foreign transaction fees)
I also have maintained my US credit card with HSBC as it has no foreign transaction fees, useful for when we travel. (We also have a UK credit card but it does have foreign transaction fees)
Jan 20th 2018, 9:05 pm
#7
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Re: Moving home from NYC...bank accounts etc.
for the HSBC USA account people, would you know if they can change my address to the UK, as I won't have an address here post end Feb...
Jan 20th 2018, 9:12 pm
#8
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Re: Moving home from NYC...bank accounts etc.
