Kooky.

Just to add to my previous comment about still having my Yorkshire Bank account - I only use that for UK transactions, e.g., to send my nieces money at Christmas or bail them out when they can't pay their rent because they spent it all on partying. I do it only very occasionally for personal reasons but I transfer a fair bit of money internationally for business and I've found bank currency rates to be atrocious, so always use a specialist service (in my case, HiFX).

vespucci

Bear in mind that for all but small transfers what matters mainly is the exchange rate used, not the fee. I had an HSBC account in the US and found that transferring money from my UK HSBC account to my US HSBC account was more expensive than through a money transfer service. I had regular HSBC accounts, I do not know if preferred accounts offer better rates.

Kooky.

Exactly. My transfer service does not officially charge fees - obviously it does, they're factored into the rates, but I've found them still to be very favourable.

durham_lad

samills610

Have just had an appointment with HSBC in branch in London to discuss my upcoming move to the USA. They referenced the free transfers between accounts, but I obviously realise this will cost me in the form of a poor transfer rate. What they did refer to was that my UK account would need at least £500 paid in each month in order to keep it open. After a few months of no money being paid in then it would become dormant and I would have to fight to keep it open (and likely lose unless my circumstances change)

So for those with a UK based HSBC account still, as well as a USA account, do you ensure that £500 is transferred in to the UK account either via a personal transfer from the USA account of via a 3rd party transfer? Or is this policy something that hasn't actually affected you, and is a bit of scaremongering from the bank rep spoke to today?

I don't really want to transfer an amount like that back and forth every month, ultimately it would be the same as paying a fee to keep the account open. I imagine I would probably only transfer every few months and also only small amounts when required to pay for something in the UK for friends and family hence I wanted to keep the account open with a small amount of money in.

samills610

An additional question (sorry to hijack the post), but does anybody know if UK credit cards will demand full repayment if they find out that you are no longer a UK resident?

I have a Halifax current account I could also keep open and change my address to the USA. But I also have a credit card with them that I am paying off in minimum installments as I know that I will not get credit when I move to the USA. I can pay this off if necessary, but would rather have the credit available to me for the next couple of years (until it is no longer a 0% interest card at least). I am worried that if I change my address with my Halifax current account to a USA address, their credit card department may come and demand for instant repayment of the credit card debt.

Edited to add - Annoyingly, any google search on the subject results in people asking if they can run away from their debt by moving abroad. This is absolutely not my intent, I have the cash available if required to pay off immediately, but would prefer to keep it as cash for the first couple of years just in case, as I know I won't be able to obtain credit for emergencies once I move.

Thank you in advance BE

petitefrancaise

Apart from people with complaints about HSBC, you really need to know if they have branches near where you are going to be living in the USA. I know we all do online banking these days but certainly when you first move here, you are most likely going to need a couple of cashiers checks to pay move in costs/security deposits for your new home (HSBC send them by mail)and it is good/reassuring to have a banker you can just go and talk to . They have no branches within 200 miles of me in Austin so I would never recommend it to the people I relocate.
Credit cards - advice I was given many years ago before our first international move, was to "live where you are" - ie clear up and move on. For us, that meant selling houses and buying where we moved to. I would advise you to clear your credit card debt as paying it back every month, is going to be a chore and I would assume that as soon as they even get wind that you will no longer be UK resident, they will ask for it back anyway,
I mentioned creditstacks as an option for people moving here on employment based visa (L, H). After a couple of months of seeing my assignees get it, it looks like an excellent option. Limit seems to be $5k on an unsecured card and they get it either before they leave (after visa approval) or immediately upon arrival.

Mclearg

Thanks for all the valuable information - I'll certainly look at Transfer wise etc when committing to transfers. If possible I'll use the most cost effective.

The UK HSBC Account would have rent from at least one Rental property going in and a mortgage and insurances etc going out so this will cover the £500 in movements per month.

I have some UK credit cards that have zero balance (i.e. full limit available) which I was wondering what to do with.

Should I cancel them? I thought that as they will be paid from a UK bank account I could/would keep a hold of them at least until I have built up a US credit rating.

durham_lad

That must be new because for the 10 years prior to moving back from the USA in 2016 I had only a small private pension of £220 / month going into my HSBC account, and for the ~20 years before that I had nothing going into that HSBC UK account except occasional transfers ahead of trips back or to buy gifts for family.

When we first moved to the USA I kept my UK credit card for quite a few months until I got US credit cards. I did not renew it but kept up receiving new HSBC Debit Cards which we would use from time to time to get cash when we visited or to pay UK bills online. Our Amazon.co.uk account had the debit card linked to it to enable us to buy and send gifts to nieces and nephews. (The last one turns 18 this year after which no more birthday or Christmas gifts).

Mclearg

The £500, monthly figure was described to me as something that is not 100% necessary. . .the person I spoke ot said that as long as something is going through the account there shouldn't be a problem.

durham_lad

bandor

Hello all,

Can someone provide some guidance about updating information on my Barclays accounts (currently holding about £25,000)? I am moving mid-Feb 2019. My plan is to gradually transfer my money to the US and keep under $10,000 in UK.

I was planning on visiting a Barclays branch before leaving and get my address / phone number changed. However, looking at the information they have online, it seems like they are pushing this International account on expats that require a minimum of £25,000 to avoid a £20 monthly fee. I really don't want to have an account like that. Is there a way to maintain my current/savings accounts with an US address / phone number?

Cheers!

Hotscot

They require a minimum of £25,000 to avoid fees? I'd sling them..
I don't have any fees with the Nationwide Building Society and I keep less than $10,000 balance. 20 years now.

Is it too late/impractical to change?

bandor

I am not sure about opening a new bank account - sounds like it will be a pain because of recent policy changes for most banks:

(EDIT: can't post link yet, please google "UK banking options narrow for expats" - it's the telegraph article)

Although, this is the really worrying bit for me:

I spoke to my wife after this post because I remembered she had done something at Barclays when she visited UK last year. She said they didn't care that she had an US address now, and gladly changed her address/phone and provided her with a brand new Barclays debit card on the spot (it had expired). They even offered to email her a new PIN sentry device to her US address! So, hopefully I have the same luck...

Kooky.

I would think, if they have any sense, they would want to keep hold of you. What does it cost them to administrate your account?

I only usually have a couple of grand in my account (though these days get a regular credit due to lending a niece money for a car, so I guess it can be classed as active) and have never paid any fees - been out of the country since 2002. I occasionally get a new ATM card - which I do use when I'm over there at least once a year - or a letter about tax, but I don't exactly keep them busy.