Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

How to handle bank accounts

How to handle bank accounts

Old Jan 5th 2019, 12:16 pm
  #1  
Just Joined
Thread Starter
 
Joined: May 2013
Posts: 29
siliconpete is an unknown quantity at this point
Default How to handle bank accounts

I am an EU national, currently living and working in the UK and possibly moving to the US before Brexit and the whole thing is making me a bit concerned about what to do with my bank accounts and savings.

Does anyone know if I'll be able to keep a UK bank account active when I'm no longer a resident, especially given that I'm an EU citizen? I would like not to have to transfer all my savings on the UK bank account to the US and deal with currency exchange. Would a bank like HSBC that also operates in the US be an option for me?
siliconpete is offline  
Old Jan 5th 2019, 2:34 pm
  #2  
Lost in BE Cyberspace
 
Hotscot's Avatar
 
Joined: Jun 2011
Location: Los Angeles
Posts: 6,156
Hotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond repute
Default Re: How to handle bank accounts

I think you'll just keep your bank account.
It's always handy to have something back home.

Keep in mind if it ever goes above $10,000 equivalent at any time it has to be reported on your US tax return.
Search for FBAR. You may as well read up on FATCA while you're at it.

What visa are you moving to the US on? If it's an immigrant visa that may have some relevance in the future but I don't think it's anything to be concerned about immediately..
Hotscot is offline  
Old Jan 5th 2019, 4:09 pm
  #3  
Just Joined
Thread Starter
 
Joined: May 2013
Posts: 29
siliconpete is an unknown quantity at this point
Default Re: How to handle bank accounts

Thanks for the reply - I think the caveat is that I'd no longer ne a UK resident and I'm an EU citizen and my understanding is that your bank account needs a valid UK address. I would likely be in the US on a non-immigrant L1 visa.
siliconpete is offline  
Old Jan 5th 2019, 4:30 pm
  #4  
Lost in BE Cyberspace
 
Hotscot's Avatar
 
Joined: Jun 2011
Location: Los Angeles
Posts: 6,156
Hotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond repute
Default Re: How to handle bank accounts

I've still got my Nationwide Building Society account, and changed the account address on it to my US address with no issue.
Others will pipe in I'm sure...
Hotscot is offline  
Old Jan 5th 2019, 4:52 pm
  #5  
Austin. TX.
 
petitefrancaise's Avatar
 
Joined: Sep 2013
Posts: 5,582
petitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond repute
Default Re: How to handle bank accounts

If you were a UK citizen then it would be a no-brainer about your bank account, keep it open. Whilst some people have had the odd issue, I think most of us have successfully managed to maintain UK bank accounts using a non-UK address. However, a UK citizen is going to be able to return to the UK and work without any problems after Brexit.
Since you aren't a UK citizen, you may not be able to return to the UK to live and work once you have left for the USA. In which case, you should probably consider closing that account and putting your money in your home country. I had bank accounts in France which we closed about a year after leaving since we didn't see us returning, and that was before Brexit was even an evil twinkle in Cameron's eyes.
petitefrancaise is offline  
Old Jan 5th 2019, 9:45 pm
  #6  
Used to be Seasider
 
Joined: Nov 2006
Location: Seattle
Posts: 7,259
Kooky. has a reputation beyond reputeKooky. has a reputation beyond reputeKooky. has a reputation beyond reputeKooky. has a reputation beyond reputeKooky. has a reputation beyond reputeKooky. has a reputation beyond reputeKooky. has a reputation beyond reputeKooky. has a reputation beyond reputeKooky. has a reputation beyond reputeKooky. has a reputation beyond reputeKooky. has a reputation beyond repute
Default Re: How to handle bank accounts

I've been out of the UK since 2002, have lived in Asia and now Australia, and still have my UK bank account. My husband went the clever route, looked for an international bank, had all sorts of issues with HSBC and eventually closed his account. First Direct has also been ridiculous - I can't remember why but he had to have a video chat with them a while back to (re) prove his identity.

Mine is the Yorkshire Bank account I have had since I started work (a few, ahem, years ago) and they have been great. They know where I am, they send me replacement cards and tax information now and then.
Kooky. is offline  
Old Jan 6th 2019, 11:21 pm
  #7  
BE Enthusiast
 
Joined: Nov 2007
Posts: 904
cranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond repute
Default Re: How to handle bank accounts

I found HSBC a difficult bank to deal with and no longer use them.

I use Transferwise and NatWest as my UK bank account.
cranston is offline  
Old Jan 8th 2019, 1:23 pm
  #8  
Go Braves!
 
StuBear65's Avatar
 
Joined: Jul 2016
Location: Rocky Mount VA
Posts: 180
StuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond reputeStuBear65 has a reputation beyond repute
Default Re: How to handle bank accounts

I have UK and US bank accounts with HSBC and have not had any problems with them, it all went very smoothly.
StuBear65 is offline  
Old Jan 8th 2019, 3:42 pm
  #9  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 2,431
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: How to handle bank accounts

Originally Posted by StuBear65 View Post
I have UK and US bank accounts with HSBC and have not had any problems with them, it all went very smoothly.
Same here.

Our son also has an HSBC US and UK account and his move back to the UK also went smoothly.

However, I have heard, and believe, others who have had bad experiences with HSBC.
durham_lad is offline  
Old Jan 9th 2019, 12:38 pm
  #10  
Just Joined
 
Joined: Jan 2019
Location: Aberdeen
Posts: 18
Mclearg is an unknown quantity at this point
Default Re: How to handle bank accounts

Originally Posted by StuBear65 View Post
I have UK and US bank accounts with HSBC and have not had any problems with them, it all went very smoothly.
Hi, my wife and I are relocating to the US in late February and after advice I found on here I've open a HSBC UK account.
My intention is to open a US account when in country and use that to feed the UK account to service mortgages etc.
Currently my main account is with the Halifax and I was going to close/switch this to the HSBC account before we leave.

Does this make sense?
Thanks,
Gordon
Mclearg is offline  
Old Jan 9th 2019, 2:21 pm
  #11  
Lost in BE Cyberspace
 
Hotscot's Avatar
 
Joined: Jun 2011
Location: Los Angeles
Posts: 6,156
Hotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond repute
Default Re: How to handle bank accounts

Does HSBC charge fees?
I kept my Nationwide account and I've been here 20 years.
Hotscot is offline  
Old Jan 9th 2019, 2:24 pm
  #12  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 2,431
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: How to handle bank accounts

Originally Posted by Mclearg View Post
Hi, my wife and I are relocating to the US in late February and after advice I found on here I've open a HSBC UK account.
My intention is to open a US account when in country and use that to feed the UK account to service mortgages etc.
Currently my main account is with the Halifax and I was going to close/switch this to the HSBC account before we leave.

Does this make sense?
Thanks,
Gordon
You should be able to open a US HSBC account while still in the UK. We managed this and it took a couple of visits into our main branch to complete paperwork. When you move to the USA you can then change address to your new US address with both HSBC US and UK.
durham_lad is offline  
Old Jan 9th 2019, 2:26 pm
  #13  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 2,431
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: How to handle bank accounts

Originally Posted by Hotscot View Post
Does HSBC charge fees?
I kept my Nationwide account and I've been here 20 years.
We banked with HSBC UK ever since 1986 and once we moved to the USA in 1987 the account never had much money in it but they never charged fees. (We moved back in 2016)

I really don't know current policy but we don't pay fees in either country, but are Premier customers thes days
durham_lad is offline  
Old Jan 9th 2019, 2:49 pm
  #14  
Just Joined
 
Joined: Jan 2019
Location: Aberdeen
Posts: 18
Mclearg is an unknown quantity at this point
Default Re: How to handle bank accounts

There are no fees for transferring money from the HSBC International to the HSBC UK account - that's why it was appealing to us.
My wife currently has a Nationwide account which we use when we are on holiday abroad as there are no charges for using the CC or Cash withdrawals.
In an ideal world she would prefer to keep that account but there are transfer fees.
Mclearg is offline  
Old Jan 9th 2019, 2:52 pm
  #15  
Just Joined
 
Joined: Jan 2019
Location: Aberdeen
Posts: 18
Mclearg is an unknown quantity at this point
Default Re: How to handle bank accounts

Originally Posted by durham_lad View Post
You should be able to open a US HSBC account while still in the UK. We managed this and it took a couple of visits into our main branch to complete paperwork. When you move to the USA you can then change address to your new US address with both HSBC US and UK.
After discussing my needs on the phone I opened a HSBC account online yesterday - very helpful so far
Once I get the document pack I've to call them to discuss the International account
Mclearg is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.