Bob

If you don't have a massive balance, don't bother because the fee's will eat you alive other wise.

And yeah, xe is probably your best bet to figure out, but there are plenty of other currency services you could look at.

Southy_SWFC

I was thinking that because I only send small amounts one way or another occasionally that if I had a HSBC account that I paid $10 a month for, it'd be worthwhile doing instead of paying $10 each time that Xoom charges. It doesnt seem to be that simple though.

GeoffM

Not that simple. For anything more than, let's say, a grand, those fixed fees get wiped out by the difference in exchange rates. For most banks the rates are crap compared to the currency traders like XE, zoom, etc.

tonrob

When I've sent the odd bit of money over during the last couple of years, as speed wasn't an issue for me, I got xe to send a bankers draft by mail. I think the rate was marginally less favourable than if an electronic transfer had been done instead, but there was no fee charged if I recall correctly.

mum 2 3

Scrap any good things I said about HSBC. Just got a letter they are closing our account. I called to find out why and it is a an undisclosed business decision that the premier team have no way of accessing?? Got 15 days to get a new account opened and money moved over before they close it and send us a cheque. No arguing, no reasoning, no explanation.
Well that was worth all the jumping through hoops in the UK then...

SoundsFishy

I'm looking at doing the HSBC thing as I have my UK accounts with them, and the promise of transferring credit history would help a lot I'm sure.

How do you guys keep a UK bank account though, once you've moved ? Is it as simple as just changing your address to your US address.. or do you need to provide a UK address eg a sibling's or parent's address ?

Steve2.0

Just received the same news on my US Premier account!!! Coincidence?
US Premier we unhelpful with no advice given - UK international banking team are working to find out what's happened but it's unclear but finger is pointing at a decision made in Bangalore!?
With just weeks to go I hope this can be resolved but I am not that hopeful.

Steve

GeoffM

Four months after moving my HSBC business statements are still being sent to my old address despite everything (visible to me) online is correct, and my "advisor" in downtown LA having checked everything. Lucky the address is a relative so it's not so much of a problem, just an annoyance. The whole HSBC thing is a PITA though: can't help thinking it would have been easier just to open a business account at the local WF instead - the whole reason I went with HSBC was because they were going to set it up before I arrived in the US, but failed miserably at even doing that.

mum 2 3

I have already been and opened a new account locally with PNC Bank ( 2 mins from home). Got chequebooks straight away. Cards should be here within the week. Hubbie has advised work of the change for payroll.

It was a pain as we had done the whole HSBC thing to have credit sorted, but they are the worst bank I have ever dealt with, so might be a blessing in disguise.

My new local branch manager opened the account and knows my name (popped in today and she was very friendly), and all the tellers came to say hello and to put a face to the name.

Bob

Depends on the bank, but most are fine with a US address.

I wouldn't bother with a premier account, unless you've got the readies and don't already have a AmEx card as there's no real advantage to it other wise over a regular HSBC account.

Markoncarp

So after 4 weeks, I can't recommend Just getting a local bank enough. We went with Citizens (as previously stated) and we get all the stuff we want. Online banking, debit cards and more importantly PERSONAL banking!

This morning my bank manager emailed me personally to see if my SSN was in. He wants to be sure we can get a credit card and he knows how important it is to getting my credit score.

This is my local branch manager... Never met my local branch manager in the UK despite depositing in excess of £200k a year!

Loving my current banking situation right bow

Bob

Saying that, you want to watch out for Citizens, because they're broke, along with Sovereign...on their knees and have actively been looking to be bought out with no takers for the last few years.

Markoncarp

Well, their owned by the Royal Bank of Scotland, which is backed by the British Govt, so I'm not too worried.

Now, when they "sell themselves" then I'll worry

Bob

Only as far as UK banking goes, they don't extend that protection to a partially owned subsidiary.

dlake02

Sorry - how is wasting money employing bank staff and running buildings good ????

I've banked with FirstDirect for YEARS in the UK - no branches, no bank managers, 24-hour access to everything.

Until I moved here back to 1950s style banking, I hadn't written a cheque for 15+ years.

Now, I have people wasting paper sending cheques, I have to use a car to drive to a bank to pay them in or put them in the post service (which is also stuck in the 1950s in the US).

Shut all bank branches, get rid of cheques and do everything on-line 24/7. Most of the western world has managed it - yet again, it is the US that is behind the curve here and needs dragging into the 21st century !