Scout

Ok, I have a question. Why bother transfering the money here all at once? Keep your account open at Lloyds and just use your ATM card here. Pete has a Lloyd's account and a standard Visa credit card. He transfers payments to the Visa on-line from his Lloyds account for any charges he has.

You could use your Lloyds ATM or your Visa just as easily as if the account was based here. I don't think there are any laws about closing your accounts overseas.

It's just a thought.

Cheers,

Leslie

Mrtravel

jan wrote:
    >
    > I have found that most US banks charge "account management fees" plus our
    > previous bank also charged for using an ATM at another bank. So I found a
    > great credit union that doesnt make any of these charges.

There are quite a few places that don't charge these fees, especially if
you have direct deposit from your employer. Generally you will find them
easier at Savings and Loans (or CUs) than banks.

Mrtravel

When I used to use AEFCU, they actually reimbursed me for other bank ATM
charges, since they didn't have that many.

cindyabs wrote:
    >
    > I know we have looked into sending money TO the UK, and my branch of
    > Bank of America wants 40 bucks to do it!!! My husband plans to open an
    > offshore account-dollar and sterling in order to handle bills in the UK
    > and to transfer money here. I find it ironic that whenever I go over to
    > the UK to visit him, I can use my ATM card and only pay the 1.50 charge
    > and yet if I use it here and it's a non network bank, I pay MY banl's
    > 1.50 charge PLUS the other banks 1.50 charge......
    >
    > --
    > Posted via http://britishexpats.com

Patrick

Hi Leslie,

thats a good idea (except you will have to pay for every transaction) for small amounts but what about people like me who are about to make £50000 from the sale of their house and want to transfer it over as a deposit on there new house. Thats a completly different proposition.

Patrick

dbark

Exactly, Patrick - I am getting a lump sum as divorce settlement and trying to work out the best way to deal with it right now .. anyone know the best way? I am told I have to pay income tax on the interest on it, unlike the CGT I thought I might, so I am a bit reassured, but the interest rates in the US seem so different to here, and elsewhere in these forums (actually the US Immigration one) I have read that I can't just walk into a bank in the US and open a savings account to put my money into. My fiance's account (which will become joint) is a checking account with no interest payable, so that is no good either. Any ideas, anyone?

Patrick

Hi Debbie,

I will let you know how I get on as I am investigating this as we speak. I went into Thomas cooks yesterday to look at the money gram thing that Gavin suggested but it is a cash to cash transfer (which is no good for a large amount). They suggested a draft which only costs £15 but you get a crap rate of exchange (their tourist rate is 1.57 but you would only get 1.5 on a draft loosing 7 cents on the pound which equates to $70 per £1000, so if you transfered £50,000 it would cost you £15 + $3500).

I am still looking into how to open a bank account from afar but after 9/11 it is likely to be impossible

Patrick

Patrick

Well bugger me with a cricket bat, I just rang up one of the banks in NC (1030 Sunday morning) to ask them about opening a bank account from good old blighty and 20 minutes later I have a bank account with a debit card and she is sending me a credit card application form.

You know my head is spinning a bit with all this, it hasn't sunk in that I am going but in 30 days I will be unemployed and in 2 months I will be out of a house so I better do something. I am going to talk to the TSB and HSBC banks tomorrow about transferring funds (I have accounts with both, HSBC made me open an account when I got my mortgage!)

I will keep you guys informed.

Patrick

Just in case anyone is wondering my lottery numbers didn't come up last night.

cindyabs

Patrick,
Did the US bank say anything about you having to have a SSN? Usually that's on the form. We still want to do the offshore account, dollar and sterling (with an ATM card). HSBC says it can be done.....

Patrick

Sorry I didn't make that clear - Ellen has a SSN so we used her SSN, as soon as I receive mine I have to ring them up and tell them it. We are using her Dad's address as the mailing address for the debit card and cheques (apparantly the americans spell it checks- weird!)

Patrick

rogerpenycate

Patrick,
I'm amazed that you were able to open an account over the phone.
From what I've read and heard (and my own experience) the banks here
were supposed to have tightened up (due to money laundering) I had to go personally to a bank with ID etc........etc.
One other point, if you bring in or transfer more than 1,000GBP you have to fill in customs forms.
As I understand it, one of the benefits of using a major UK bank is that when you transfer money through them they do all the customs paperwork and if they are your regular bank, will know your history and confirm that your money is legimate.
The last thing you need is for US Customs coming after you asking where the lump some came from, and accusing you of "immoral earnings"
Now let me see GBP50,000 = 500/1,000 pairs of shoes !

abba48uk

I am a bit puzzled by some of the posts I have seen. Whilst I was in the USA i was able to open a bank account (both checking and savings) with a local bank (it may be a Credit Union if that makes a difference). The lack of a ssn didnt arise, and I have been able to transfer money from the UK with no problems.

One very relevant point made in an earlier post, when you are looking into the costs of transfer the rate of exchange applied is (for any significant sum) more important than the amount of the flat rate charge. As far as i am aware, a wired transfer of funds from bank to bank gets the best rate.

Targaff

Scout wrote in news:562985.1037497038
@britishexpats.com:

    > Ok, I have a question. Why bother transfering the money here all at
    > once? Keep your account open at Lloyds and just use your ATM card here.
    > Pete has a Lloyd's account and a standard Visa credit card. He
    > transfers payments to the Visa on-line from his Lloyds account for any
    > charges he has.

This is what I'd intended to do, but for one reason or another I had to
change the password for the Lloyds online, and since I can't draw money out
on that account at the moment they say there's no activity on the account
and they therefore can't verify that it's me on the phone, effectively
locking me out of my own bank account because I can't have it reactivated.

Incidentally, Lloyds also used to charge a service fee for making
withdrawals over here on their card, presumably this is no longer the case
since the hullabaloo about excessive service fees a while back?

--

Targaff

katnap8

Hi,

Which bank or credit union did you use??? Did you show them your passport or anything else?

Mrtravel

rogerpenycate wrote:
    >
    > Patrick,
    > I'm amazed that you were able to open an account over the phone.
    > From what I've read and heard (and my own experience) the banks here
    > were supposed to have tightened up (due to money laundering) I had to go
    > personally to a bank with ID etc........etc.
    > One other point, if you bring in or transfer more than 1,000GBP you have
    > to fill in customs forms.

The actual amount is $10,000.
This is according to form 6059B, item 13
http://www.customs.ustreas.gov/travel/sampledec.htm

If the answer is yes, you have to file form 4970
That form does NOT ask you how you got the money.


    > As I understand it, one of the benefits of using a major UK bank is that
    > when you transfer money through them they do all the customs paperwork
    > and if they are your regular bank, will know your history and confirm
    > that your money is legimate.

When is the bank ever asked by US Customs if the money is legitimate?

    > The last thing you need is for US Customs coming after you asking where
    > the lump some came from, and accusing you of "immoral earnings"
    > Now let me see GBP50,000 = 500/1,000 pairs of shoes !

I doubt Customs wouldn't look twice at someone immigrating from the UK
with a check for $50000.

abba48uk

katnap..........in answer to your question, the name of the bank is CEFCU (they are not a national bank). Yes, I had to show my passport.