Banking
Hi there - I'm very new to all this so please excuse any stupid questions I may ask! I'm wondering if it's worth using a foreign exchange company or just deal with the banking myself? In a nutshell, I will be joining my husband in US within 5 months - he has been working for a company over here which has now become permanent. We wish to rent in the US and keep our property in the UK to rent out to cover the mortgage ( we do not want to commit to a permanent move yet!). We do not have any large amounts of money to transfer and just wish to be able to move money across from US to UK to pay mortgage and any other costs.
So I am unsure as to whether using a financial company is the best thing for what seems to be small dealings. Does anyone know of a bank we could use that would be available in both countries? Is HSBC a good bet as a so-called international bank? Any advice would be appreciated - Many thanks D.C |
Re: Banking
My first bit of advice is KEEP A UK bank account. They are basically impossible to open once you leave the country and having one will be very helpful not only for the mortgage but also for 'little things' here and there.
Now, as for which one to use, I'm afraid I'm going to have to let others chime in. HSBC and Citibank have branches in both countries, though technically I'm not sure if they are the same legal entity in both (i.e. Citibank PLC UK vs. Citibank Inc USA). This can lead to some odd behavior in which they don't necessarily treat a bank in one country as being the same as their bank and thus you have some fees to pay for transfers, etc. I think HSBC is better but not sure of all the details. |
Re: Banking
Originally Posted by penguinsix
(Post 7267074)
My first bit of advice is KEEP A UK bank account. They are basically impossible to open once you leave the country and having one will be very helpful not only for the mortgage but also for 'little things' here and there.
Now, as for which one to use, I'm afraid I'm going to have to let others chime in. HSBC and Citibank have branches in both countries, though technically I'm not sure if they are the same legal entity in both (i.e. Citibank PLC UK vs. Citibank Inc USA). This can lead to some odd behavior in which they don't necessarily treat a bank in one country as being the same as their bank and thus you have some fees to pay for transfers, etc. I think HSBC is better but not sure of all the details. |
Re: Banking
If you're happy with your current UK bank account, and it has internet banking, I'd stick with it.
On the US end, I'd go for a bank that has plenty of branches and good free ATM coverage where you'll be living. Then use a service like XETrade (or the other one that everyone on here recommends - UKForex?) to shift money from one place to the other. You get a better exchange rate than most banks will give, you can see exactly what the rate will be, it's dead easy, and almost as quick as a within-the-UK transfer. I'm not sure that any advantages that an international bank could offer would outway the disadvantages of possible limited branch coverage etc. As penguinsix says, to some extent it's more of a branding exercise than truly international banking anyway... |
Re: Banking
Originally Posted by penguinsix
(Post 7267074)
My first bit of advice is KEEP A UK bank account. They are basically impossible to open once you leave the country and having one will be very helpful not only for the mortgage but also for 'little things' here and there.
Now, as for which one to use, I'm afraid I'm going to have to let others chime in. HSBC and Citibank have branches in both countries, though technically I'm not sure if they are the same legal entity in both (i.e. Citibank PLC UK vs. Citibank Inc USA). This can lead to some odd behavior in which they don't necessarily treat a bank in one country as being the same as their bank and thus you have some fees to pay for transfers, etc. I think HSBC is better but not sure of all the details. |
Re: Banking
XE trade are superb - definitely open an account with them.
|
Re: Banking
Originally Posted by rew1000
(Post 7267216)
If you're happy with your current UK bank account, and it has internet banking, I'd stick with it.
On the US end, I'd go for a bank that has plenty of branches and good free ATM coverage where you'll be living. Then use a service like XETrade (or the other one that everyone on here recommends - UKForex?) to shift money from one place to the other. You get a better exchange rate than most banks will give, you can see exactly what the rate will be, it's dead easy, and almost as quick as a within-the-UK transfer. I'm not sure that any advantages that an international bank could offer would outway the disadvantages of possible limited branch coverage etc. As penguinsix says, to some extent it's more of a branding exercise than truly international banking anyway... |
Re: Banking
Keep you UK bank account - honestly do not close it. It's a nightmare if you do and go back.
Go into your bank (a big branch - not some dinky village one) - many of them can "convert" your account to their US counterpart if they have one. HSBC is pretty good with that though I'm not too sure about the rest. Don't phone them - go see somebody. If they can your problem is solved. If not- go open an HSBC account and have it converted over. |
Re: Banking
Originally Posted by cranston
(Post 7267293)
XE trade are superb - definitely open an account with them.
|
Re: Banking
It is a lot to ddeal with
HSBC really did come through for us - I went into a branch near where I was looking to rent and explained what I was looking for and as a premier customer they really rolled out the red carpet for us. I couldn't recommend them more highly - however this may just be the branch I was lucky enough to stumble upon... Good luck! |
Re: Banking
Originally Posted by Swisstony
(Post 7267492)
It is a lot to ddeal with
HSBC really did come through for us - I went into a branch near where I was looking to rent and explained what I was looking for and as a premier customer they really rolled out the red carpet for us. I couldn't recommend them more highly - however this may just be the branch I was lucky enough to stumble upon... Good luck! |
Re: Banking
consider opening a UK Amex account if you dont have one already.
When you get to the US you can transfer the account over which will help building your US credit score. |
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