aes1

Just a general question to all those going back without bank accounts. How are you planning on surviving financially those first few weeks? By that I mean, how/when are you converting your dollars and/or other foreign currency into pounds sterling? Before you leave or not? I go back and forth on that, the best way to not lose out too much with the exchange rate, not carry too much cash, ATM fees, etc. Am I right in thinking the maximum amount you can take into Europe is 10,000 Euros, I forget the amount in $ and £. When I flew to Germany last May I arrived on a bank holiday, ATMs were closed, I had to pay a week's hotel rental in cash and lost out changing my money at Thomas Cooks in Düsseldorf airport. Then I didn't have any coins for the train and there were only ticket machines that accepted notes but gave no change!!! What a mess! So much for German efficiency!! I quickly remembered all my German swear words!

Beedubya

I had and still have my Aussie bank account with a Visa debit/credit card facility. I used that until I was able to open my UK account (now that WAS a pain!!)

Can't you still keep your American one open until you open your UK account then just transfer as necessary.

aes1

Possibly, but that's not what I was asking. Is it better to have some cash or travellers cheques in £ before entering the country, or just rely on ATMs which only allow you so much per day, and then charge a fee, plus exchange rate loss each time you use them. This is not the same as just going on a two week holiday abroad. More money is required for rental, deposits, phone, transportation, food, etc.

Mummy in the foothills

Does anywhere even take even take travelers checks anymore?
I'd probably take a stash of cash, split into smaller amounts in my bags incase anything gets lost.
I still have a UK bank and I'm now grateful I never closed it.
I lost out last summer using my ATM and CC only to be dinged on fees they never charged on previous trips.

Easterndawn

You might have a problem exchanging travellers cheques as they seem to have lost their appeal to the everyday traveller and I have found that many places will not accept them here.

J.J

Personally, for immediate money on arrival I would carry a small amount cash but would worry about losing large cash so would use ATM's and accept the fee hit, be sure to use a ATM that is "in network" (interlink, Plus, Star - logos on back of ATM card).
Travel Checks are still used and are available from American Automobile Association (and prob other places but AAA is one that I know). . maybe there is a fee to buy or maybe only cost is the rate you get when you use $$ checks abroad. Presumably would be a fee or built into rate if you buy in foreign currency. I wonder if Travel Checks can be deposited in a UK bank to open an account ??
I have read on blogs elsewhere that HSBC in UK accepts $$ cheques - but I guess an account is necessary. Would be a prospect worth looking into.
Do you have time to open an off shore branch of a High Street bank for safe transfer ?
** In my experience, distance from airport influences exchange office rates, i.e. less pounds for your $$ in an airport, a better deal in a High Street Travel Agency e.g. Thomas Cook

Beedubya

You will probably find that the rental place will not take large amounts of cash. My estate agent would only take cheques which seem to be very popular over here in comparison to Australia.

aes1

I am reading through everyone's comments, thank you, keep them coming, but I am still undecided. I need cash for six months rent because I am going to Malta for six months, after my initial stay in England. The landlords like cash, also for utilities in their name. So I actually need Euros. That's my problem, I don't want to convert money into and from two currencies. So I am thinking of taking travellers' cheques in Euros from here, to then exchange in a bank in Malta. I have no Euro account. Don't have enough money to open an offshore account - they have such a high balance, plus so many fees and charges for transactions.

IME

Hi

It's nice to know that there are others out there who face the same problems we do with should we or shouldn't we move back to the UK. Kids all grown now and living in different countries. My husbands two are still in the UK, my son and his family in Australia, my sister in New Orleans with her two boys. Just lost our sweet Old English Sheepdog last week, had her for 11 years, that was heartbreaking, she was 13 and at the end of her days, so of course we miss her, it is so sad. We are on our own here with no family around for any emotional support. So here we sit wondering if we should or should not move or still be here 10 years from now wishing we had of but then it's too late. We can't move to Australia as we don't pass that Balance of Family Test where you have to have half your children living there permanently before they let you in. Or we can buy a business in New Zealand where they give you 27 months to make it work, and if it doesn't then they do send you back home, but if it did work you can get residency and then move to Australia after that, but it takes an awful lot of money, and at our age you wonder if it is wise or not. I think that deep inside I have always been more British really. I would miss the Colorado blue skies and almost daily sunshine but not the icy roads, and freezing cold weather. Where we live is absolutely gorgeous, everything is close, the weather is fantastic, we own our nice town house, don't have a problem. Health care is terribly expensive though, we have no friends we see regularly as people here pretty much keep to themselves. I can't imagine one of us being here on our own some nursing home without one relative to ever have a cup of tea with. I know that after all these years of living here it will be a great big adjutment. We wouldn't buy right away, we would have to rent. But when it comes down to the brass tacks I do think that we have to want to go because we want to go and not what anyone else in your family wants. I have been researching rental places around Chester, found some great ones, but I think we have to be there in order to do that. We have thought that maybe we should just close up our house for a few months and try it out and if by chance it did not work then we could come back. At that point we would have to either rent it or sell it. If we do try this it will be in May of this year. I guess we would have to just fly over, rent a car, book a hotel for a few days, and find our way to renting a place and buying some little car to drive. And just taking our suitcases with us and look at it as a great big adventure. Anyway, must get going now, but would be very interested to know how you have settled and also if that is an OES on the photograph. Please feel free to e-mail me at [email protected] if you like.

Take care,
IME

Easterndawn

yeh have noticed that here also, people seem to get nervous when you offer to pay large amounts of cash, has something to do with money laundering is what someone told me

aes1

Apparently not the case in Malta, they want cash there!

Beedubya

When I worked in The Lakes, we used to have a special pen to check if a note was a forgery and had to use it on every note that was £20.00 or a higher denomination. So not sure if it's money laundering or forgery but the Brits don't like cash LOL!!

Auld Yin

Probably because tax evasion is a national sport.

Elvira

It is?

How is this possible, seeing that the vast majority of people's wages are taxed via their tax code and all bank interest is taxed at source?

Mallory

I've always heard that Malta was a tax haven, unless things have changed.