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-   -   Investing with HSBC in US (https://britishexpats.com/forum/usa-57/investing-hsbc-us-629953/)

punktux Sep 9th 2009 6:16 pm

Investing with HSBC in US
 
Hi everybody,

I need some advice on how to manage my money in the UK. I really appreciate any advice and suggestion.

I used to go to college in london and left a considerable amount of my savings in the UK because of the high interest rate back then. After I left the country and settled in US permanently, I missed the golden opportunity to transfer the money to US while xchange rate was 1.9 or something. Now the rate is around 1.6 and I am looking at the loss almost as much as my annual income if I change everything into dollars. so i am thinking to just leave the money in UK and hoping the rate will go back up (Am I dreaming?) and also invest the money instead of letting it just sit there.

My questions are: how do i do investment banking without physically be at the bank? I understand they can mail me all the brochures and stuff but I prefer talking to a real financial advisor. also, what's the tax is gonna be like? Will I be receiving gross or net interest? has anyone ever done or been through this?

thanks a lot!

Ray Sep 9th 2009 6:40 pm

Re: Investing with HSBC in US
 
If you are resident here its easier to have it here ..you can transfer vis www.xe.com for a good rate

where you get the interest the US goverment want a share
and with interest rates in the 1% area convenience is more important
than 001% extra

SamuearlJackson Sep 9th 2009 7:20 pm

Re: Investing with HSBC in US
 
If you are US resident then having mutual funds in the UK can be a gigantic pain in the behind. If you're just getting interest from UK bank accounts then you should be getting gross interest and paying tax to the IRS (although if you're charged tax in the UK on the interest you can claim the foreign tax credit on your IRS return).

HSBC Premier accounts in the UK and USA will allow you to transfer money between currencies with no margin as long as you're doing a transfer between your HSBC accounts.

If you want to do some investing here in the USA, I recommend going over to www.bogleheads.org/forum and asking questions there.

Cheers,
Sam


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