Seahorse1234

I would like to talk to US residents who still have funds in the UK. My funds were with Lloyds but no longer offer ex pat accounts...I have spoken with HBSC and Barclays, but learned they only insure funds up to a certain amount

Owen778

I use Barclays, but then I have moved most of my funds to the US, so there isn't much there. What amount of funds are you talking about that they exceed the insurance maximums? If I had that amount, I'd probably be moving most of it to the US, and either way I'd be looking to invest it, not keeping it in bank savings accounts, with their paltry interest rates.

MidAtlantic

What exactly do you want to talk about? The Financial Services Compensation Scheme covers £85,000 per person.

https://www.fscs.org.uk/what-we-cove...ing-societies/

Seahorse1234

I have 250,000 pounds in a holding account with Lloyds who no longer offer ex pat accounts. I plan on transferring to HBSC who offers 1.60 percent, but worry that it isn't insured. The exchange rate is terrible and I don't know what the tax implications are of bringing over $10k into the US are

MidAtlantic

It would not have been fully insured in Lloyds Bank either.

There are no tax implications in transferring funds to the USA. You will need to be able to demonstrate the source of the funds.

Presumably you are resident in the USA. Are you aware of the need for FBAR and Form 8938 reporting?

Seahorse1234

I was under the impression that you could only bring $10k into the US without being taxed. Yes I submit FBAR reports

celticgrid

Nope. You can bring as much as you like.

The $10k figure is when reporting of the transaction is triggered, but that's done by the system and nothing that you need to do or worry about.

Seahorse1234

Thank you for the replies. I feel its in my best interest to wait for a better exchange rate to bring funds over

GeneralPowerpoint

You don't need an expat account to maintain funds in the UK.

You can continue your ordinary bank account if you like.

cranston

You money is safe with any of the too big to fail banks. Worst case they will nationalised. The threat to you money is inflation.

Rete

Why would anyone put 250,000 in a bank rather than into an investment account or at the very least 1/2 in investment and 1/2 in a money market account.

theOAP

US expats resident in the UK with no access to US investing.

Seahorse1234

Because my parents were terminally ill for many years and this is the money I inherited and was making a decent interest until about a year ago

Seahorse1234

I asked for advice , not insults

cranston

No one in this thread has insulted you.