Banking advice
#1
Banking advice
Hi, we are very near to emigrating now and I wondered if someone could help with money advice. We both have a US bank account as well as our UK accounts. We are both retired. At the moment our pensions are paid into our british accounts. I have three different pensions that are paid that way.
I am intending to keep my British bank account and then transfer money across as and when. Is that they best way? Should I have stuff paid directly to the US? Any advice gratefully received.
I am intending to keep my British bank account and then transfer money across as and when. Is that they best way? Should I have stuff paid directly to the US? Any advice gratefully received.
#2
Re: Banking advice
Hi, we are very near to emigrating now and I wondered if someone could help with money advice. We both have a US bank account as well as our UK accounts. We are both retired. At the moment our pensions are paid into our british accounts. I have three different pensions that are paid that way.
I am intending to keep my British bank account and then transfer money across as and when. Is that they best way? Should I have stuff paid directly to the US? Any advice gratefully received.
I am intending to keep my British bank account and then transfer money across as and when. Is that they best way? Should I have stuff paid directly to the US? Any advice gratefully received.
#4
Re: Banking advice
How you are going to deal with the tax implications on your pensions by becoming US resident? I would talk to your pension providers and see if your US residency will be an issue for them. Are you familiar with FBAR, FATCA and the "US-Individual-2002" form?
#7
Re: Banking advice
Have any of you used easyFX?
Also do I need to tell my UK bank I am emigrating or is it ok to give them a UK address if they need it?
Also do I need to tell my UK bank I am emigrating or is it ok to give them a UK address if they need it?
#8
Re: Banking advice
I'd give your UK bank your US address. Make sure you send HMRC a P85 before you leave. Just to check, have you worked out all the tax implications of your move to the US?.......and on a totally different subject, what are you doing about health insurance?
#9
Re: Banking advice
Hi, we are very near to emigrating now and I wondered if someone could help with money advice. We both have a US bank account as well as our UK accounts. We are both retired. At the moment our pensions are paid into our british accounts. I have three different pensions that are paid that way.
I am intending to keep my British bank account and then transfer money across as and when. Is that they best way? Should I have stuff paid directly to the US? Any advice gratefully received.
I am intending to keep my British bank account and then transfer money across as and when. Is that they best way? Should I have stuff paid directly to the US? Any advice gratefully received.
A thing to remember is most US banks charge for incoming wire transfers, and if you can also get hit for an intermediary fee depending on the arrangements made by the company sending the money, with the US bank handling the transaction. So it is better to make one transfer a month, or even less frequently if you can do so.
#10
Re: Banking advice
Yes you can. It gets exchanged by the bank, but usually at a shit rate.
Best thing to do if one is in a position to afford it, keep the money in a UK account and transfer it via xe.com or whatever when you get a rate you like.
Either that, or you set up a monthly transfer and negotiate a 12 month contract to get a fixed exchange rate. You may or may not end up better off doing this but at least you won't be at the whim of fluctuations and will not exactly what you'll be getting.
Best thing to do if one is in a position to afford it, keep the money in a UK account and transfer it via xe.com or whatever when you get a rate you like.
Either that, or you set up a monthly transfer and negotiate a 12 month contract to get a fixed exchange rate. You may or may not end up better off doing this but at least you won't be at the whim of fluctuations and will not exactly what you'll be getting.
#11
Re: Banking advice
That's news to me. I had been told previously that it wasn't possible. Live and learn!
#12
Re: Banking advice
Please research FBAR. You may be required to file one of these every year if you have > $10,000 in foreign bank accounts. The penalties are severe for failure to file.
#13
Re: Banking advice
+1. I hope the OP has fully researched and understood the implications of US residency on her finances and taxes and has checked with her pension providers.
#14
Re: Banking advice
Maybe the devil's in the detail here - you could argue that it is impossible, as as soon as the bank converts it (prior to paying it in) then it isn't sterling any more.
#15
Forum Regular
Joined: Jan 2008
Location: Jacksonville, FL
Posts: 179
Re: Banking advice
We were in the same position. So we opened an account with Citibank in Australia then another in the US with the same bank when we got here. Citibank claim to be a full international facility. Now we can transfer Aus$ at a fair exchange rate with little or no bank charges.