adam1986

I'm moving to the states soon but will still get regular payments of share dividends to my UK bank account. What is the best way to send these over to a US bank account? Can i set up a standing order/fix the exchange rate if i think its good? Or is it best just to let my bank deal with it? Past experiences welcome!

meauxna

I edited your thread title to get it a bit more attention.
Many people recommend that you leave an account open in the UK. You may want to let money accumulate in there and transfer it infrequently, or..

There are several threads on transferring money that will be interesting to you.

cranston

Hi, you also need to check with your stocker broker if they will allow you to keep your account open when you move to the US. A number of firms won't.

FX > checkout XE.com.

fatbrit

You have complex issues. Plan with experienced professionals before you arrive.

Swisstony

Shouldnt be so complex?

Get an account with HSBC Premier in the UK. Have your dividends paid into this account and then open an account with HSBC premier when you arrive in US. You can then transfer funds between the two at your leisure....

fatbrit

Two complications:

Many UK brokerages will cut you lose as soon as they find you are US resident.
Taxation of dividends is complicated and depends on your US status.

adam1986

I bank with Coutts in the UK which does allow me to make transfer etc over the phone but i looked at the general bank rates on offer and if i made these transfers using a bank id be losing a big chunk of money per transaction. Interesting point about the UK brokers, i looked at a couple using sendmoneyhome.org which i found could compare various rates and using a broker seems preferable.
However, regarding your point about residency, what difference does it make to them if im a US resident? Surely thats a benefit to them in im making semi-regular transactions to one account?

fatbrit

If you are a US permenant resident, you are taxed on your worldwide income. If you're here on a non-immigrant visa (e.g. an E2 or H1b), you may be able to avoid their liability for US tax. There's a dual taxation agreement between the US and UK that works very well in most cases. One of the places where it doesn't work well.....is precisely where you're at.

Have you asked your broker if they're happy with you living in the US? Most are not.

You're worrying about trivialities (the answer's easy: use xe.com) when you could be losing an awful lot more through double taxation of your investments and a broker who refuses to trade your investments as long as you live here.