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Back already but need a new US$ account

Back already but need a new US$ account

Old Nov 11th 2016, 4:03 pm
  #1  
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Default Back already but need a new US$ account

Hello,
I been back in UK for 6+ years.
I have to return to this community to ask a question.

I have been transferring investment funds, (IRA etc) from the US to the UK via XE.com using Direct Debit, which XE.com now do not do.
My US bank is a Credit Union and the only way to get funds transferred from them to a foreign account (which XE.com now is) is to Wire Transfer at $45 a pop.

Here is my question: Has anyone had recent experience of opening a US bank account, from the UK, which will allow electronic transfer of funds to a foreign bank? I have a Social Security Number.

I have looked back through previous posts, but they seem quite old and not specific to this need.
I am researching the banks that have presence in UK and US.
But I am casting the net wide here to find the best option that will work.

Thank you.
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Old Nov 11th 2016, 4:31 pm
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Default Re: Back already but need a new US$ account

As you have an SSN you should be able to open an account on-line and the required verifications to comply with the USA PATRIOT Act will be performed electronically, unless using a foreign address causes a problem.

I would want to know more about why xe.çom won't take a direct debit any longer, as they belong to Western Union .... Or is a problem with the credit union?
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Old Nov 11th 2016, 6:47 pm
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Default Re: Back already but need a new US$ account

Originally Posted by Pulaski View Post
As you have an SSN you should be able to open an account on-line and the required verifications to comply with the USA PATRIOT Act will be performed electronically, unless using a foreign address causes a problem.

I would want to know more about why xe.çom won't take a direct debit any longer, as they belong to Western Union .... Or is a problem with the credit union?
Pulaski, thank you for your reply, although your question is taking my original enquiry off track,
But:
XE.com no longer trades through Western Union, but instead now with Euronet's HiFX and Ria. To pay money into XE.com I would have to send the $ payment to their UK bank whereas before, I had a Direct Debit set up with my Credit Union and I instructed XE to withdraw the $ funds. XE no longer will make Direct Debit withdrawals, I must send the money to XE. So XE in cancelling the previous arrangement have caused a problem.
When I ask my Credit Union to send $$ externally they will not do so Internationally, except by Wire which incurs a fee, as I said.

However, not being one to sit by, since I posted my Thread starter I have discovered a potential route with TransferWise.
TransferWise use a US based bank to receive $$ and it seems highly possible that I will be able to make the deposits into TransferWise from my Credit Union or direct from my IRA custodian.

Other input welcome.
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Old Dec 4th 2016, 8:15 pm
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Default Re: Back already but need a new US$ account

Worldfirst should do this as well. Just check that they can do business in your state in the USA. We've used them for years without problems at all.
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Old Dec 5th 2016, 8:36 pm
  #5  
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Default Re: Back already but need a new US$ account

Originally Posted by petitefrancaise View Post
Worldfirst should do this as well. Just check that they can do business in your state in the USA. We've used them for years without problems at all.
Thanks.
Similar, I found TransferWise are licensed in some states and not in others, which influences the amount that can be moved out of any particular state.
I have since used T'Wise and found them to be very good and they had no problem with receiving $$ from my Credit Union. I am back on stable ground again.
John

Last edited by J.JsOH; Dec 5th 2016 at 8:38 pm.
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