Banking question: HSBC or 'local'?
Nov 27th 2013, 3:27 pm
#31
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Banking question: HSBC or 'local'?
I am guessing though that it is the international transfer part that is important aspect here. No reason you cannot have a local bank and a Citi. Do a local transfer (guessing this is free within the US) into the Citi account (or HSBC if they offer the same) and then do an online international free transfer. If you are moving funds back and forth regularly, this should save a lot of money in transfer fees. The slight pain might be that you need multiple internet banking log on.
And despite being fee-free, I wonder if Citi's FX rates are competitive?; it is all too easy to get too hung up on saving the transaction fee but get scrëwed on the exchange rate.
Dec 5th 2013, 8:25 am
#33
Just Joined
Joined: May 2013
Location: Reigate, Surrey moving to Winnetka Il
Posts: 11
Re: Banking question: HSBC or 'local'?
I went into a local branch of HSBC - we were told we needed $100,000 dollars in savings or to buy one of their products to be able to apply for an acct. The HSBC guy was great and rang the US for us to explain that we were high earners and that $100,000 surely shouldn't be applied in our case but the computer said no.
We are Lloyds private client customers in the UK and rang them and got an international acct approved very quickly. We now have an off shore dollar acct them which we will use for wire transfers, We get to keep the UK bank acct to pay our mortgage and receive rental income and then when we land in Chicago in January we will get a local bank acct to get salary paid into and for day to day living, drawing cash etc.
We are Lloyds private client customers in the UK and rang them and got an international acct approved very quickly. We now have an off shore dollar acct them which we will use for wire transfers, We get to keep the UK bank acct to pay our mortgage and receive rental income and then when we land in Chicago in January we will get a local bank acct to get salary paid into and for day to day living, drawing cash etc.
