aklor

hi everyone, I have a question regarding money. I notice there is a similar thread lurking about, titled 'Moving Money from UK to US'.....but I think my question is slightly different. (I may be wrong though)

I had my K1 Visa approved last month. I'm flying over to the US next week. I want to know what the best way is of accessing money from my UK bank account when I get there.

My account is with HSBC, it is a current account. If I use random ATM machines to withdraw money, I will be charged a fee each time by my HSBC right?

Dan725

You probably will be charged a fee (possibly not if you can find a local HSBC ATM). But yes, without sending money across via XE.com or similar, using your card is the most convenient way until you get a local account established. If you take out pretty big chunks of money each time ($300-$400, say), the impact of the fee will be less.

Rev

I can tell you that I use my HSBC credit/debit card at local stores and restaurants all the time with no problems. Never tried cashback through. Best to open a new account when you get to the US, bring money over with you and deposit it. If your account is active and recieving funding then use your debit card to purchase *and with the exchange rate you'll be laughing*

dunroving

I don't think so.

£1 will buy you about $1.45 these days, whereas less than 2 years ago, it would buy you $1.80-$2.00.

WARPed

If you have time, set up a Nationwide Flex Account and put the money in it. You can use the debit card here with no charges (from nationwide, you will still pay an ATM charge of about $2 that everyone has to pay if the ATM isn't with their bank) and get close to the bank exchange rate.

fsm

Also make sure your bank knows that you will be using the card over here, or they may stop it.

Rev

Point take, for me it's better because I have to send money back to pay off an old loan, I took the gamble the rates would drop and left the loan where it was, rather than go up and it's been paying me back ever since. I used to wire back money through Washington Mutual which became Chase which was free. Next month I may have to pay for my first wire in 3 years

Damo2010

You can bring $10,000 cash into the country with you, risky I know carrying that amount, but could save you issues with card exchanges. The rates are not too bad through cards, but not as good as TORfx or the other exchange folk - normally about 1-1.5 cents below the central bank rates advertised online etc (not your tourist rate, quite a bit higher!!). The minimum amount you can exchange from sterling to dollars is 5,000 pounds.

My advice, bring over $'s what you would need to survive a month or so. You will not be able to open a bank account until you have your social security number and just by the way (normally takes 2-3 weeks after arrival). Your UK credit rating will not exist over here - i.e. to get a US credit card, you will have to go for a pre-paid one for the first 5-6 months to build your credit status! Also speak to your HSBC bank - they may be able to set you one up over here for when you arrive and you can transfer cash straight away into that one and you would have no issue!

Good luck!

ian-mstm

With respect, you can bring ANY amount of cash into the US. However, if you bring in $10,000 or more you must declare the amount.

Ian

Damo2010

Correct, but you would avoid customs and excise issues, hence the limit I suggested.

ian-mstm

Fair enough... but I'm not sure what issues you're talking about. There's no taxes... nothing to pay, and the form is fairly straight forward.

Ian

Damo2010

If you carry cash, a Customs and Border Protection official may assume you are doing something illegal. This may cause problems as you pass through Immigration and Customs. Additional problems may arise later if and when you deposit that cash into a U.S. bank account. Large sums of cash deposited into a bank account are reported to the IRS.

ian-mstm

That's why you complete form 4790.


There is no Immigration and Customs. What used to be two separate agencies is now all part of CBP.


Yes - as part of the RICO laws on money laundering.

I understand your caution, but I think you're trying to make an issue out of something that really isn't one.

Ian

dunroving

Well, you learn something new every day. How long since they made the change?

ian-mstm

The CBP was formed in 2003... so, 7 years.

Ian