elizabethsmum

Hello,

AS the title says we are currently living in the UK and are planning to move to the USA (NY) Early next year, we want to get a bank account open so that we can start putting money into the account is there a way to do this from here? What banks are best? Any help will be great.

Caruthers

I'd go with HSBC as I think that has some international deal. Otherwise you will have to turn up in person and show all the paperwork which I recall was tedious.

Pulaski

Without showing up in person it is likely impossible. I wouldn't be surprised if even HSBC requires you to show up in person as they recently got burned with a $1.9billion fine for among other things, not obtaining proper records of who their customers are. By all accounts HSBC service in the US isn't great, and is expensive.

I am intrigued to know what purpose you have in putting money into a US account long before you immigrate? I don't know of anyone else who needed to do that, and without a SSN you won't even be able to get an interest earning account. FWIW interest rates on US$ a/cs suck anyway!

penguinsix

I would question the need as well as Pulaski noted. You might do better financially keeping it in the UK for the time being.

HSBC generally has some relationships between their different banks in different countries. I opened a Premier account in the USA which allowed me to quickly open one in Hong Kong (where I was moving). Just recently they accepted an application to open an account in London as well. All of these accounts are linked together so I can move money between them quite easily. But if you are looking for a day-to-day bank/teller type service, HSBC doesn't quite have the retail footprint in most parts of the USA that you might need. You might do better with a local bank or even a 'credit union' (as they often have lower overhead and better rates).

markwm

You are incorrect. I contacted HSBC in London quite some time before moving (as we holidayed here for many years before moving out) and they were very helpful in opening a US account and getting debit and credit cards (It took about 2 years to get the credit card). The account I had was free and paid interest (albeit a pittance). They did send a form every year that confirmed that we were not US residents or tax payers at that time - a W4 perhaps?

Once the account was tied to our permanent US address our credit score was suddenly as old as about the date we opened the accounts which was quite helpful (not quite sure how that worked, but it did).

Although HSBC do lack branches here I've had no problem with them at all and it is very simple to transfer money using xe.com. You should be able to go into any branch in the UK and they will help you though the paperwork all got processed through the HQ at Canary Wharf. That may well have changed now.

They also have a Premier Account which makes it even easier - again, you'll need to speak to them direct.

Good luck.

hungryhorace

Personally, I wouldn't use HSBC unless you're going to be living in NYC. Given you're charged ATM fees here, and there's literally no HSBC ATMs outside of NYC you'll be stuck if you ever need to withdraw cash or pop into speak to your local bank manager.

Bank of America / Citi / Wells Fargo have banks everywhere. Go with one of them.

Pulaski

I think you mean "NY" not "NYC" for HSBC, I know they sold a lot of branches, but I didn't think it was all of them outside of NYC. There are also a handful of HSBC branches in Florida, California, DC, and a few other places, such as Ohio, I learned recently.

Which "big bank" you might consider depends on which state you're moving to. Even the largest banks only have partial covereage. For example neither Chase nor Wells Fargo have a banking presence in MA, but Bank of America does, Chase has no presence in VA, NC, or SC, but Bank of America and Wells Fargo do. Citibank's network is much more patchy than the other big banks.

hungryhorace

I never saw any HSBC branches when travelling through NY state. Doesn't mean that they don't exist, of course, but when you're seeing Bank of America everywhere it kinda highlights just what a dismal presence HSBC have here.

When I moved over, I opened a Bank of America account the very next day without any issues. I suggest the OP does the same unless there's something I'm missing?

markwm

Again, not entirely true. I get reimbursed the ATM fees on my account. And who speaks to a bank manager any more???

Pulaski

Agreed, and mostly a declining presence. AND very few posters here on BE have had a good word to say about HSBC.

hungryhorace

Do HSBC USA reimburse ATM fees? If so, that's something I wasn't aware of, but good to know!

I agree with you re speaking to a bank manager, that was my mindset as well before moving here, however i find banking in the US quite old fashioned. Your bank manager actually CAN resolve your problems for you!

markwm

Yes: they reimburse the ATM fee but not their own fee! Fortunately there is a branch not too far from where I work so I go there and get cash when I need it and that is, of course, free of any fees.

With that I fully agree: seems positively antiquated compared to the UK.

yellowroom

Depends on your account - you do if it's a Premier or Advance checking account, not one of the more basic ones. I get them re-imbursed, but my account was set up as part of my relocation and I get certain benefits (eg credit card, no minimum balance requirement) on top of an Advance account.

Its worked ok for me so far, but my needs have been relatively simple and I've not needed to deposit checks etc. My nearest branch is 300+ miles away. Dealing with them on the phone takes a long time and is more hassle compared to my UK First Direct account, but they've also been very good at spotting when my credit card was skimmed, shut it down and got a new one to me in a couple of days. Any niggles I've had haven't made me summon the necessary energy to investigate and open an account with another institution.

hungryhorace

On the credit card point, I find my AMEX or Bank of America credit cards offer far in excess to that which a HSBC CC would, unless they've changed since I last looked?

Why would you get a HSBC CC rather than one of the mainstream American credit providers out of interest?

Pulaski

Because, as I mentioned recently on another thread, most immigrants don't come to the US on a "facilitated relocation package" and therefore can't get credit from most (or any) banks. So if they have an established relationship with HSBC (outside the US), it might be the only easy route to getting a US credit card.