Mecano

Hello everyone,
As part of homework before moving to the UK, I contacted my bank to see if money could be transferred easily to a UK account. I have posted this exchange since it should give all of you in the same boat an idea of the hurdles to jump regarding your money!
I am still pondering what the best solution is since you can’t open a bank account until you are settled in the UK, and once there issues below kick in…
TD bank gave me this response:
06/14/2011
5:47:04 PM
Sender Customer Care
Subject RE: International transfers
Message Dear Mr. Xxxxx
Thank you for contacting us in regards to transferring funds internationally.
You can have funds wired to your TD Bank account from another bank.
However you can only process wire transfers from a TD Bank account to another financial institution by visiting a TD Bank location. However, you may use your debit card to make ATM withdrawals overseas or bring your debit card to a bank and obtain to a cash advance in order to access funds.
If you have any further questions, please contact us via email or call 1-888-751-9000 to speak with a Customer Service Representative, 24 hours a day, 7 days a week.
Regards,
Jamice
TD Bank On-Line
E-mail Specialist

Your Reply:

Thank you for your response;
however, there is a limit on the amount of money available through an ATM. If large amounts are needed (such as paying rent, buying a car, etc.)Then obviously presenting myself to a local branch is not the best solution when you are 3500 miles away. I have heard of services such as Xwire etc that can do this, but it would seem rather cumbersome. Can't a permanent EFT service, such as online payments, be created between the two banks? I will be receiving funds in America and in Britain and would like to be able to meet my obligations at both ends with minimal hassle.
Perhaps other institutions are better suited for this purpose? If you believe this to be the case, I will be sad to leave you after all these years, but surely there must be a better solution in this global age?
I would appreciate your honest
06/14/2011
8:05:43 PM
Sender Customer Care
Subject re: RE: International transfers
Message
Dear Mr. Xxxx,
Thank you for contacting us today regarding transferring funds internationally.
We do apologize, as we do not offer the option to electronically transfer funds to another financial institution, domestic or internationally, via TD Bank Online.
Another option for access funds from your TD Bank while living abroad is via a cash advance using your TD Bank Visa Debit Card. Cash advances made outside the U.S. will be deducted from your primary checking account in U.S. dollars based on the currency exchange rate at the time the entry is processed.
There is a daily limit of $762.00 for ATM withdrawals and a daily limit of $5,000.00 for VISA check card purchases, $5,000.00 for cash advances and $2000.00 for Point of Sale transactions.
Delivering an exceptional experience is our number one priority at TD Bank. We do appreciate feedback such as yours in order to provide a comfortable banking experience for all of our customers.
If you have any further questions, please contact us via email or call 1-888-751-9000 to speak with a Customer Service Representative, 24 hours a day, 7 days a week.
Regards,
Sharon
TD Bank On-Line
E-mail Specialist

So ATM’s I was thinking about 10k so it would take weeks!!!

Any thoughts?

Pollyana

Where are you moving back from?

Companies like Tranzfers and Ozforez allow transfers of money from country to country purely via online banking, so I would suggest you open an account with online banking wherever you are now, and then when you get to the UK open an account and transfer the money into it.

For example to move money from Australia to the UK I transfer via the internet from my Aus account to the tranzfers Aus account. They move it to their UK account, and then to my UK account.

pennylessinindia

In India we can go into HSBC or other international banks they can write a GBP cheque in your name - subject to either holding an account with them or transferring money to then. Carry the cheque and deposit in the UK account once opened

Dashie

I know in Canada, for the other way around, you can just present a UK cheque, and they will pay it in to your bank account, usually a $5 fee, and 30 days to clear - why not ask your bank in the UK if they will let you pay in a foreign cheque? We've transferred money from our UK account that way, as well as paying in gifts from family.

If it works one way, I don't see why it can't work the other way too

And please let us know what they say!

Bluegrass Lass

We bank with US Bank. Just today, I went into our local branch and initiated a wire transfer to the new account with Lloyds TSB (that my husband opened up yesterday). I spoke with the Asst. Branch Mgr about being able to send a transfer from our US account to the UK account if we cannot come into the bank personally (if we are both overseas). He gave the same answer that typically you need to come in to the branch in person to do it. However, he went on to say that since we are in a special situation, we could simply send him an email and ask him to do a transfer without us having to be there in person.

Do you have any kind of relationship with anyone from a branch that you could set something like this up?

CaptainDave

I too have had a lot of negative info about transferring funds to uk.
I will be repatriating to Scotland from Australia ASAP and might be 6 months travelling around Scotland in a caravan searching for the right property. I contacted the Royal Bank of Scotland about opening an account to which I could transfer all the proceeds from selling my property and investment portfolio.
The initial response was:- The Australian Govt. passed the "Australian Corporation Act" in 2004 which restricts what financial institutions can do for customers who are physically resident in Australia. For existing customers out there we can only service existing accounts here but not open new ones. For new customers we can do nothing until they leave Australia. Once you are here there is no problem.
Further reponse was the suggestion:-Go to your Bank (in Australia) and change your address to that of a friend or relative in UK and ask your Bank to send a statement to you at that adress. You can then use this Bank statement as your sddress verification. You would then need to open the account while you are at this address as once you start travelling you will have "no fixed abode"
Now is all this palaver ridiculous or what!!?? I do have a cousin in UK but don't know if she would agree to the use of her address as "my fixed abode",
I wouldn't blame her if she didn't.
I intend to write to my state and federal ministers about this but won't be holding my breath for a satisfactory answer.

Is there anyone else out there with financial expertise who could offer a simpler solution.
Many thanks, Cap'n Dave

lil_ol_wine_drinker_me

try XE.com, we use this all the time & no problems with large amounts of cash & decent rates too

Pollyana

Leave your money in the Aussie bank when you leave. Make sure you have internet banking set up with it.
Open an account in Scotland with internet banking.
Register with www.Ozforex.com.au (or www.tranzfers.com for small amounts) and then transfer your money, via them and the internet to Scotland.

Easy and cheap and their customer service is very good, I've been using them for years. Your Scottish bank won't have any involvement as the funds while just arrive electronically once you give Ozforex the account details.

Celticprince_86

You might try opening a passport account with HSBC, that's what I'll be doing.

Mecano

Thank you all for your replies, several avenues to explore. It seems that I might need to leave 6 months earlier than planned which makes things even trickier! However; it does take me back to the UK sooner

DDL

Very satisfied xe.com customer here, as well. I have a US account and a UK account (which I easily opened online via Halifax). Absolutely no problems whatsoever in transferring money either direction. Takes a while to get xe.com set up - and each transfer (EFT) takes about a week to transpire, but as I said, no problems at all.

CaptainDave

G'Day everyone,
Thanks to everyone who posted on this subject with advice and info.
HOWEVER HOW'S THIS Through personal research I have found out that my Bank here in Australia OWN'S two banks in UK, one in Scotland, one in England. I have now been successful in opening an account there and between now and the sale of my property I can make periodic transfer of funds to maintain the account. Was interesting that when I phoned my Bank's head office the young woman had no idea about their ownership of these two UK Banks and just advised me to 'use my card' which of course would incur fees over there........pretty slack I thought but isn't that the same with people manning call centres.
Thanks again, regards, CaptainDave

Pollyana

Would be useful if you could share the names of the banks just in case anyone else is having trouble.

What fees are they charging per transfer?

CaptainDave

National Australia Bank (NAB) owns the Clydesdale Bank and the Yorkshire Bank.

Bluegrass Lass

My husband attempted to open an HSBC passport account while he was still here in the US. The website said he had to wait 14 days for an answer. In the meantime, he landed in Scotland, went directly to Lloyd's and they opened him a Premier current account right away. About a week after he arrived in Scotland, he got a letter here in the US rejecting his account application saying his credit score wasn't high enough. So who knows why he was good enough for Lloyd's, but not HSBC.