Cambridgeman

Hello everyone, I am not having any luck using the search function so I thought I try here. Does anyone have any information/experience in opening a bank account in the UK from the USA? I want to have one ready before I go back.
Any tips is appreciated.
Thank you

dfjordan

I may be wrong, but from what I understand, banks outside the US dont allow US residents to open accounts because of the drastic reporting requirements of the US govt. The best thing to do is wait until you are a UK resident.

robin1234

One good option is to open an offshore account on the Isle of Man. A number of major banks operate there, including Lloyds and Nationwide. The process is fairly simple and straightforward for a US resident, you simply submit the application for an account and then generally mail in notarized copies of various documents the bank will specify to comply with regulations. Passport, utility bills etc.

If interest bearing, you will receive the interest gross if you live in the US, so you merely pay US income tax on it in the normal way, and file FBAR and form 8938 etc. if appropriate.

When in the UK, an IoM current account can be used just like a regular UK account, cheques, debit card, electronic payments etc. Presumably at the point of becoming a British resident, you would then me liable for British tax on any interest paid on an account...

lf1

Try HSBC. I opened accts in Canada & the UK in a Cdn branch. Still using those accts several years later and it makes transferring money very simple. At least one other, former poster, did the same thing in the US and was very happy with the result.

Perth

Do you know if you can only open an account with them if they have a branch in your area? There are some in Florida but not anywhere near us.

MrMuffin

Previously someone on here had a link to Barclays to open an account from overseas before you move back to the UK. I found the posting recently but the link didn't work any longer. If you do an internet search for "Barclays moving to the UK" you should find a page where they offer a phone number or an online application.

Back in July I did this and was successful. I already have an address in the UK and used that. I had to photograph or scan my passport and send that for preliminary ID and basically the account opening process was able to be started. I received an email confirming the steps I had gone through. Here's the wording from the email:

M****, thank you for choosing Barclays. Your application has been received.

Thank you for completing an online application for a UK bank account with Barclays. We have received your application and successfully completed our initial identification checks. When you arrive in the UK you can complete your application and open a UK bank account with Barclays by visiting one of our branches.


What happens next?
Step 1 - Arrange your branch visit

We look forward to meeting you in person when you arrive in the UK. If you haven't done so already, please give us a call on +44 191 541 2008* to arrange a visit to one of our UK branches.

Step 2 - Don't forget to bring your documentation

When you visit the branch, please ensure that you bring the originals of the documentation you uploaded during the online application.

Step 3 - Visit us in one of our UK branches

Once your application has been completed in our branch we will be able to give you your account number and other details, and we will be able to issue your debit card and Personal Identification Number (PIN) - depending on the branch, we may be able to provide these immediately.

Your online banking access details will follow in the post to your UK address shortly after that.

When you leave the branch you will then be able to use your UK bank account from Barclays - for example, you may want contact your employer to arrange for any salaries to be paid into your account, instruct your overseas bank to make transfers into your UK current account or set up direct debits and standing orders to help you with regular payments.

We look forward to welcoming you to Barclays and to helping you make the most of your UK bank account.


Your Barclays Team

The website also allowed me to book an appointment at a Branch of my choosing to complete the application. I did this and received an email confirming the appointment.

Then during a trip to the UK I went to the Branch for my appointment, showed my ID again and was able to finish opening the account. I received my checkbook and cashpoint card etc. shortly afterwards. I have made some deposits since and have been receiving statements. Once we all arrive together in January the bank manager told me to visit the bank with my wife and they will add her to the account so that she can receive her salary from her UK based company without any hiccups.

I hope this helps. Cheers, M

MrMuffin

Here's the other thread I followed originally...

http://britishexpats.com/forum/movin...ccount-839057/

kateg60

Does anyone know if opening a US Barclays account will help with opening an account in the UK?

https://www.banking.barclaysus.com/o...p&pkw=barclays

lf1

I'm not sure as I was fortunate to have a branch locally. Having said that, I did manage to open an online account from the comfort of my office chair. Maybe this link will help.

International Banking: Opening an Account | HSBC

Perth

Thanks, will try this - once I sign up for next year's Obamacare health plan, which was a nightmare last year <Sigh> I miss the ease of the NHS.

BristolUK

I believe there will be fees associated with an offshore account that one may not incur with a run of the mill current account.

Many also have a minimum deposit requirement, although that might mean no fees

robin1234

I've actually had five offshore accounts in the IoM over the years (as a result of a couple of banks going belly up after the financial crisis.) There have been absolutely no fees associated with any of them. Yes, there are minimum balance requirements to keep the no fee status, but not particularly high. Interest earned is modest, but I think that is true of UK accounts too.

The important thing is, with my current account, it is operated exactly like a UK current account so would work well if I became a UK resident.

Perth

As you are also in the US, would you recommend that we open an offshore account as opposed to say an HSBC one here? And which bank in particular?

ottotheboar

We live in Virginia when I opened an account with HSBC and they allocated me a branch in Buffalo New York. They have no branches in our area.

Perth

Interesting. Thank you.