EliDaBulldog

I am scheduled to fly to London on June 30. I could not get a flight earlier!
I want to transfer a few hundred thousand dollars into the UK, asap. I'm probably going to use wise.com. However I don't have a UK address or a bank account in the UK at this time. Is there any way I can open a UK bank account online, while I'm still in the US?
I tried Natwest mobile app but it won't accept my US phone number.
I want to transfer the money quickly as the FX rate is very favorable to the dollar right now.

In the wise app I see that I can open a multi currency account, would this be the same as having a UK account?

Helen1964

Hi
As you’ll see from numerous earlier threads on this subject, it’s pretty much impossible these days to open a UK bank account before moving back. You’ll need to provide proof of ID and also residence (eg utility bill).

I’m a big fan of Wise but it’s not actually a bank or building society so deposits are not protected by the UK government compensation scheme. For that reason I wouldn’t put very large sums in the Wise borderless account.
I would leave your money in your US account in dollars until you manage to open a fully fledged UK bank account.
I wouldn’t worry too much about the exchange rate - I doubt sterling will appreciate massively against the US dollar over the next few weeks.

Lion in Winter

The Wise accounts behave "as if" they were bank accounts, but they are not. I am currently moving back to the UK, and my UK employer is paying me into a Wise account as a temp measure - it has all the right codes etc for that. You can hold a Wise account in several currencies, but each one is a separate bucket.

AFAIK the pound is predicted to continue to fall against the dollar for quite some time, so I suspect no rush at all.

EliDaBulldog

Helen1964 and Lion in Winter Thank you for your responses! I tried just a $100 transfer with Wise from my US debit card to my Wise GBP account and it has not gone thrrough due to some verification issue. I guess I will just have to stay patient and wait until I get to the UK.

Pulaski

British banks are often reluctant to open accounts for some one resident in the US, or tied to the US by citizenship or permanent residence, even if the would-be account holder is standing in a branch in the UK at the time. This is due to the US IRS tax and balance reporting requirements, and the potential penalties to the bank for failing to do so.

You might have more luck with an "off-shore bank", in the Channel Islands or Isle of Man, as they cater to an international clientele, and typically wouldn't expect to see customers face-to-face, but the account charges are likely to be higher.

Also, as noted by Helen above, Wise is not a bank, and therefore is not covered by the UK's deposit protection scheme which covers all banks/ GBP accounts held in the UK. So hypothetically, if Wise were to fail your account balance would be at greater risk that if your account balance was held in a bank in the UK.

Lion in Winter

My Wise account is currently connected to my US checking account, which of course has a different number than the bank card so that might be your issue if you have done the same. They are pretty responsive if you message/email them. They will tell you what the problem is.

robin1234

Yes, an offshore account, Isle of Man for instance, is a possibility. I’m not sure how account charges run these days, but typically, there are no charges so long as a minimum balance is maintained. I’ve had various accounts in Isle of Man banks going back many years, and never paid a penny in charges.

Practical problem is they’ll take weeks or months to set up, since you’ll be mailing documents back and forth to them. If you’re traveling to UK end of June, you’ll be in England before your offshore bank account is fully operational..

Johnboyuk

You can open a HSBC International Account from the USA. The HSBC actually gave me a better rate than Wise as you can negotiate with them if you have large amounts.

Offshore Bank Accounts - HSBC Expat

Fredbargate

I have a Natwest International account in Gibraltar and now also need an account in UK

I approached Natwest International about opening a UK Natwest account

Simply answer cannot be done

EliDaBulldog

I have had my US accounts with Chase bank for over 12 years now. This week I went into branch and met with one of their bankers. They upgraded my accounts to "Chase private client" and now I can start a money transfer by calling on the phone from anywhere, US or UK. So my plan is to get to the UK in July, open a bank account and then call Chase to start the transfer. Plus with "Chase Private client" account, I will not be charged any fees for the wire transfer and they will get executed within 24 hours.
When I compare the FX rate Chase is offering VS Wise, Chase is lower by a penny or so. I will lose about 3-4k in the total FX conversion, by NOT using Wise. But I am ok with this small loss. I would rather use a well established bank and let a few dollars go.

Pulaski

If you're a Chase private client customer, and are transferring big bucks, you should speak to someone at Chase before committing to the transfer to ensure that you're getting the best "deal desk rate" (use those words).

Also be sure to alert the bank in the UK that you will be wiring funds into the new account, and tell them where the funds are coming from (bank) and how you came by the money (sale of home, sale of investments, etc.), and try, so far as you can, to make sure that the bank documents what you tell them, so that if anyone at the bank questions why a new customer has wired a substantial some into a new account, that the answers are already there, in your e-file at the bank.

EliDaBulldog

Pulaski - Thanks for the tips. I did ask about the dealer desk rate during my conversations and they did not really say it was thing or what it was? I have the closing documents from my rental property sales with me in a folder. I will be bringing that with me to the UK, when I open a bank account and I will let them know about the large transfer.

Pulaski

They should know what that means, as I have used it myself, and also had multiple positive reports from both sides of the Atlantic, as well as in Canada and Australia, of people asking for a dealing desk rate, so perhaps you were dealing with a green horn. .... Anyway, it just means the foreign exchange transaction is handled by one of the FX dealers (those guys, or nearby, that you often see in the background during the financial/ markets news on TV), and it should be closer to the mid rate that the "standard" rates that are programmed into the web site, but is only available for large sums - usually starting at $50k-$100k and up.
That sounds perfect - I'd take copies of key documents to give them too.