dunroving

I wasn't sure whether this was best posted in the US or MBTTUK forums.

I currently have about $5k in a couple of bank accounts in the US. The only use I ever make of these accounts is to occasionally use the credit card or debit card to make a payment or draw cash during visits back to the US (I attend conferences once or twice a year). This saves the international use fees and usually weak exchange rates when making small purchases with a UK card.

My "tidy" gene says I should just close these accounts and be done with it. However, I know in the opposite diirection, the #1 piece of advice for Brits heading to the US is "Don't close your UK bank account".

I'm wondering whether there is any good reason to maintain these accounts, other than the convenience issues mentioned above? I will continue to attend conferences every year, but the likelihood of returning to the US in the near future looks pretty low, based on the success of recent attempts.

Giantaxe

Another reason for keeping a US bank account is if you expect future payments (e.g. from a retirement account etc) in dollars. Personally, I think the reasons you've already listed are enough to keep the account open unless it's costing you $$ to keep it open.

dunroving

Thanks, I didn't think about that - I have 10 years' contributions to a TIAA-CREF retirement fund so that's pretty relevant. I have a UK-based $US account - probably should contact TIAA-CREF to ask about international transfer charges.

The slightly complicating issue is that the US bank is a small one so unlike a national like Bank of America, etc., they aren't too good when it comes to international transfers and the like (I have Web access to the accounts and can do things like internal transfers, but beyond that it almost needs a one-hour, in-person meeting to explain things to them). When I lived there, all my international transfers were routed by the bank through Wachovia because they couldn't make international transfers themselves for some reason, and I had to go into the branch to set it up.

avanutria

I kept my US bank accounts while I lived in the UK for five years, though I was always planning to return, unlike your plans.

They were very useful for occasional trips, online purchases (both regular stores and ebay/paypal) and depositing the odd birthday check from a relative.

Some banks can't cope with overseas members. HSBC decided to start deducting funds from my account because I wasn't using it, but I caught them, complained and they refunded the charges. Then I changed banks. Wells Fargo seemed unable to grasp the fact that my mailing address was overseas and I was unable to pop into a branch and pick up deposit slips...it took me ages to get them to mail me the information I needed. Bank of America was decent and I had no complaints with them as an overseas customer, though now that I am in the US I have moved to a smaller, local branch.

I recommend that you keep at least one account open, and if necessary make it a new Bank of America account, if you are worried about not being able to get the service you need from a smaller one. As long as you have a US mailing address and a reasonable banking history you should be able to open a new BoA account before you leave. If you have already left, you may be able to use someone else's address - I originally set up my BoA account from within the UK, using my brother's US address.

I don't know your citizenship status. If your bank account(s) are interest earning and you are required to file US taxes, don't forget to include the interest information each year.

Bob

If you have plans to return, even if they are small, keep the accounts going, unless it costs you money to do so.

Who knows how much ball ache it'll be to open an account in the future if you do get the chance to move back etc.

GoldCoastMag

We use Xe to transfer our funds from the US, and so far so good. We havent hit any snags. We also use it for any purchases or expenses that arise there.

I think if you are able to manage the account online (ours emails us with any transaction) so that you can check if there are unwanted withdrawals. I think it would be preferable to keep it open.