UK Savings account
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Does anyone know if I can open up a UK based savings account whilst being Resident in the US ?
I need to put money in there to sit for 6 months so I can apply for my wife's settlement and don't want a US based savings account.
I need to put money in there to sit for 6 months so I can apply for my wife's settlement and don't want a US based savings account.
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#2
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Recently, there have been a lot more posts that banks like HSBC are more flexible with overseas UK citizens, in fact you can open a current account.
Regardless, one thing I'd say is if you hit difficulties, open whatever account you can - the interest rates on savings accounts are so low at the moment that it almost doesn't matter which bank and what type of account.
If it's a large amount, remember that your money is only protected against bank failure to the tune of £85,000. If it's more than that, put it in separate banks that are in different families (for example, you wouldn't spread it across Halifax and BOS, because they are owned by the same banking company these days).
The protection is double for a joint account (but if your wife is not a UK citizen, I'm not sure whether you can open a joint account ...)
Last edited by dunroving; Feb 6th 2013 at 8:17 pm. Reason: More information
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#3
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Also note that in some circumstances (depending on your status in the USA) you may be required to file financial disclosure forms (FBAR and FATCA) if you have an overseas bank account with a certain amount of money (the minimum is over $10,000 USD at any time during the year). Failure to file these money laundering forms carries stiff penalties.
Opening an account can be tricky, but if you have a history of having an account in the UK you might start with that previous bank. It's probably one of our most often repeated suggestions ("don't close an account because it is a devil to reopen from overseas) but some folks have found a way.
Good luck.
Opening an account can be tricky, but if you have a history of having an account in the UK you might start with that previous bank. It's probably one of our most often repeated suggestions ("don't close an account because it is a devil to reopen from overseas) but some folks have found a way.
Good luck.
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Halifax are flexible with overseas residents but you have to be physically present in UK when you open it.
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Is it true that you can open an HSBC bank account in Australia (for AUD) then transfer that same account to the UK (for use with GBP)?
Or can you simply open a UK account with HSBC whilst you're in Australia, so that the account is ready to go when you arrive in the UK?
Or can you simply open a UK account with HSBC whilst you're in Australia, so that the account is ready to go when you arrive in the UK?
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Is it true that you can open an HSBC bank account in Australia (for AUD) then transfer that same account to the UK (for use with GBP)?
Or can you simply open a UK account with HSBC whilst you're in Australia, so that the account is ready to go when you arrive in the UK?
Or can you simply open a UK account with HSBC whilst you're in Australia, so that the account is ready to go when you arrive in the UK?
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Is it true that you can open an HSBC bank account in Australia (for AUD) then transfer that same account to the UK (for use with GBP)?
Or can you simply open a UK account with HSBC whilst you're in Australia, so that the account is ready to go when you arrive in the UK?
Or can you simply open a UK account with HSBC whilst you're in Australia, so that the account is ready to go when you arrive in the UK?
I carried the bank draft to England, and easily opened a savings account with Barclays. I still have an account in Oz, the interest rate is higher than in England, and gives me a safety net.
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I had considered doing this with HSBC in Adelaide, but the Commonwealth Bank offered me a good exchange rate if I used a bank draft. While checking on the phone with their currency department, the person helping me suddenly exclaimed that I had just made an additional $5000!
I carried the bank draft to England, and easily opened a savings account with Barclays. I still have an account in Oz, the interest rate is higher than in England, and gives me a safety net.
I carried the bank draft to England, and easily opened a savings account with Barclays. I still have an account in Oz, the interest rate is higher than in England, and gives me a safety net.
The Funding for Lending scheme once again means that the government helps banks and manages to screw the consumer in the process. At least there is a small amount of action now in terms of banks being more willing to lend to homebuyers.
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If you can show that the funds have been in your US account for a long period this will help the UKBA to establish that these are indeed your funds, you will of course have to pre arrange accommodation in the UK, so you could actually open the account in the UK and transfer these funds then, so 3 months in a US account and a further 3 months in a UK account should satisfy UKBA.
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#10
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If you can show that the funds have been in your US account for a long period this will help the UKBA to establish that these are indeed your funds, you will of course have to pre arrange accommodation in the UK, so you could actually open the account in the UK and transfer these funds then, so 3 months in a US account and a further 3 months in a UK account should satisfy UKBA.
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Correct me if I'm wrong, but I don't think you actually need to have the money in a UK account at all to qualify. You must simply have had the required amount in your bank account for a minimum of 6 months, and it must be "under your control." I think they also want some kind of paper trail to show where it came from, since they prohibit funds from a loan to be used. For example, from the sale of a house.
Your absolutely correct, though I was trying to emphasize the fact that it is not necessary to have you assets in the Uk to satisfy the spouse application.
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So, just to be clear, you would not need to transfer ANY of the 62K? Seems rather odd to me, but it matters not to us one way or the other. We have to live on something so it will eventually have to go there, even if it is in dribs and drabs. I imagine, though, that it still has to be liquid, so you could not leave it in some high yield investment here in the US. I was actually wondering how liquid it would have to be in the UK. I am doubting that you could use it to buy a house, for example.
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So, just to be clear, you would not need to transfer ANY of the 62K? Seems rather odd to me, but it matters not to us one way or the other. We have to live on something so it will eventually have to go there, even if it is in dribs and drabs. I imagine, though, that it still has to be liquid, so you could not leave it in some high yield investment here in the US. I was actually wondering how liquid it would have to be in the UK. I am doubting that you could use it to buy a house, for example.
Other assets could be shares, which could be generating an income stream, of course these assets would have to be proven and shown to be in your control, though you cannot say have you cash in a term deposit account, it needs to be accessible 24/7.
Owning a house in the UK or oversea,s could be used to generate a rental income, which could be added to you working income, but just owning a UK property for your own use will not exclude you from the financial requirements etc, odd as it may seem.
The end game for the government is to keep non EU migrants off of the welfare system and to ensure that all EU migrants get on the welfare system.
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Im told you can use oversea's assets, so cash in an oversea's account is an asset, though the bank has to be recognized by the UK banking system, though I would advise you get clarification on that point from UKBA.
Other assets could be shares, which could be generating an income stream, of course these assets would have to be proven and shown to be in your control, though you cannot say have you cash in a term deposit account, it needs to be accessible 24/7.
Owning a house in the UK or oversea,s could be used to generate a rental income, which could be added to you working income, but just owning a UK property for your own use will not exclude you from the financial requirements etc, odd as it may seem.
The end game for the government is to keep non EU migrants off of the welfare system and to ensure that all EU migrants get on the welfare system.
Other assets could be shares, which could be generating an income stream, of course these assets would have to be proven and shown to be in your control, though you cannot say have you cash in a term deposit account, it needs to be accessible 24/7.
Owning a house in the UK or oversea,s could be used to generate a rental income, which could be added to you working income, but just owning a UK property for your own use will not exclude you from the financial requirements etc, odd as it may seem.
The end game for the government is to keep non EU migrants off of the welfare system and to ensure that all EU migrants get on the welfare system.
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