Banking

Old Sep 1st 2017, 4:21 pm
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Default Banking

Hi all,

I'm a newbie, but have stalked for a while 🙈
This may sound a little odd but I have had so many different opinions I'm a bit lost.we will be moving over next year, hopefully to Ocala Florida( ocala yet to be set in stone )
Anyway...
I have been told that being a HSBC Customer in tge UK that I would just visit a branch there explain and hey presto sorted, however it can't be so simple right? Then someone else mentions using moneycorp and transfer funds to a bank account that is opened once we get sorted. That's the gist of it all, anyone shed any light on this? What's the best and least stressful way ? TIA

Last edited by GeogieB; Sep 1st 2017 at 4:22 pm. Reason: Spelling
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Old Sep 1st 2017, 4:29 pm
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Default Re: Banking

Pretty sure there are no branches of hsbc anywhere near ocala.
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Old Sep 1st 2017, 4:45 pm
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Default Re: Banking

Opening a bank account in the USA is very simple. You shouldn't have any problem doing so once you get here.

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Old Sep 1st 2017, 4:49 pm
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Default Re: Banking

Originally Posted by GeogieB View Post
I have been told that being a HSBC Customer in tge UK that I would just visit a branch there explain and hey presto sorted, however it can't be so simple right?
It's easy to open a simple checking account in the US. Most banks will be happy to do so if you have $100+ to deposit.

Your nearest HSBC branch is ~200 miles away and most reports I've read suggest that HSBC's service is pretty dreadful. I wouldn't bother with HSBC at least as far as banking is concerned. On the other hand, if HSBC US can help you secure a credit card, that might be worth pursuing.

As far as transferring money from the UK to the USA is concerned... the big banks charge ripoff fees. There are much cheaper services. I was not impressed with MoneyCorp but I have used OFX and TransferWise.

Currently, TransferWise seems to be the favorite among forum members.
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Old Sep 1st 2017, 5:15 pm
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Default Re: Banking

If you are living in Florida, I think it's fair to say that whatever your banking needs are, HSBC is highly unlikely to be the answer! ..... With the possible exception, as Rich noted, of getting you a credit card.

If you need full banking services and across the US, then you answer is one of three banks: Bank of America, Chase, or Wells Fargo.

If you only need banking in Florida and nearby states then a regional bank, such as Sun Trust, or BB&T will probably work well for you.

If you just need a local bank then there are probably several local community banks in the area you are moving to, as well as credit onions, which provide all the banking services some people need, but can be a bit basic if you are used to a high street bank in the UK.
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Old Sep 1st 2017, 5:27 pm
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Originally Posted by Pulaski View Post
If you just need a local bank then there are probably several local community banks in the area you are moving to, as well as credit onions...
Well, that brought tears to my eyes
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Old Sep 1st 2017, 5:29 pm
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Default Re: Banking

If you don't need brick and mortar you can just go on-line with someone like Ally.

It baffles me why so many are concerned about having a nearby branch.
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Old Sep 1st 2017, 5:40 pm
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Default Re: Banking

Originally Posted by MidAtlantic View Post
If you don't need brick and mortar you can just go on-line with someone like Ally.

It baffles me why so many are concerned about having a nearby branch.
Branches and ATMs usually go hand in hand, at very least in the same town. If there is no branch presence then there are no ATMS and depending on who you bank with you expose yourself to being screwed over by both the owner of the ATM and your own bank if you make a a cash withdrawal outside your bank's ATM network.

Why people need so much cash is another good question!
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Old Sep 1st 2017, 5:56 pm
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Default Re: Banking

Originally Posted by Pulaski View Post
Branches and ATMs usually go hand in hand, at very least in the same town. If there is no branch presence then there are no ATMS and depending on who you bank with you expose yourself to being screwed over by both the owner of the ATM and your own bank if you make a a cash withdrawal outside your bank's ATM network.

Why people need so much cash is another good question!
With Citibank there is an ATM in almost every 7-11 store. These tend to be more common than B&M bank branches. Ally I think reimburses any ATM fees.
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Old Sep 1st 2017, 7:29 pm
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Default Re: Banking

Originally Posted by mrken30 View Post
With Citibank there is an ATM in almost every 7-11 store. These tend to be more common than B&M bank branches. Ally I think reimburses any ATM fees.
7/11 Stores aren't as common as you might think - I don't think there were any in NC until a few years ago, now I know of ONE. But in any case they aren't usually in the downtown area of cities where restaurants, theatres, and museums are.
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Old Sep 1st 2017, 8:13 pm
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Default Re: Banking

Originally Posted by Pulaski View Post
Why people need so much cash is another good question!
People still use cash?
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Old Sep 1st 2017, 8:20 pm
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Originally Posted by PetrifiedExPat View Post
People still use cash?
Yes, and checks.
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Old Sep 1st 2017, 8:52 pm
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Originally Posted by MidAtlantic View Post
Yes, and checks.
I always laugh when the check book comes out
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Old Sep 1st 2017, 9:46 pm
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Originally Posted by PetrifiedExPat View Post
I always laugh when the check book comes out
I don't laugh, especially when they start fumbling around for a pen and take 10 minutes to complete the transaction. In the meanwhile the line has grown 10 fold.
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Old Sep 2nd 2017, 3:48 am
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Default Re: Banking

We used Bank of America when we came over in June and have been pleased with them, lots of branches and the process was painless. I would recommend opening a UK Amex card if you can and transferring to a US when you arrive. We did this and had a regular credit stream almost instantly. They aren't accepted everywhere but in more places generally then the U.K.
In terms of cash flow for when you first arrive, for the first month and a half we used the Post Office credit card, this gives you the exact exchange rate and in our case reduced the need to exchange large sums of sterling into dollars. Obviously you are subject to fluctuations in the exchange rate but in recent months they have been quite stable and for the period we used it, worked well.
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