Keeping UK Bank account
#16
Re: Keeping UK Bank account
Here's a fun thing I've just discovered.
Natwest won't automatically send you a new card if you don't use it for more than a year. Ordering a new one online doesn't work, you apparently have to call in. I'll probably skype them next week sometime.
I do like Natwest overall mainly as their security is based on one of those nifty chip readers to make a one time code, but you do need a card to slot into it.
Natwest won't automatically send you a new card if you don't use it for more than a year. Ordering a new one online doesn't work, you apparently have to call in. I'll probably skype them next week sometime.
I do like Natwest overall mainly as their security is based on one of those nifty chip readers to make a one time code, but you do need a card to slot into it.
#17
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,133
Re: Keeping UK Bank account
Identify the maximum value in GBP of each account during the year; if the total of those maximums is greater than $10,000 you have to complete an FBAR, converting to USD using the Treasury Reporting rates of Exchange as at December 31. Obviously if you have only one account it is simpler.
#18
Forum Regular
Joined: Feb 2015
Location: Little Elm, Tx
Posts: 156
Re: Keeping UK Bank account
Identify the maximum value in GBP of each account during the year; if the total of those maximums is greater than $10,000 you have to complete an FBAR, converting to USD using the Treasury Reporting rates of Exchange as at December 31. Obviously if you have only one account it is simpler.
#20
Re: Keeping UK Bank account
If the house sale is completed BEFORE immigrating into the US, it need not be reported when the tax returns are done. If the house sale is completed AFTER immigrating to the US, US income tax laws apply.
#21
Lost in BE Cyberspace
Joined: Feb 2004
Posts: 14,577
Re: Keeping UK Bank account
HSBC just sent a letter to me saying they want to close my UK account due to inactivity... They said it's fraud prevention.
#22
Re: Keeping UK Bank account
I had no problems with firstdirect changing my address to my US location.
HOWEVER, I would caution that even though I am now back in the UK, I am plagued by requests to 'explain my US connection'. This is due to firstdirect attempting to comply with FATCA, the US law which requires global financial institutions to report non-resident US citizens assets to the US government. (My basic understanding, others may correct me).
It would make me think twice about doing that again, and using a relative's UK address instead in the future.
HOWEVER, I would caution that even though I am now back in the UK, I am plagued by requests to 'explain my US connection'. This is due to firstdirect attempting to comply with FATCA, the US law which requires global financial institutions to report non-resident US citizens assets to the US government. (My basic understanding, others may correct me).
It would make me think twice about doing that again, and using a relative's UK address instead in the future.
#23
Re: Keeping UK Bank account
I had no problems with firstdirect changing my address to my US location.
HOWEVER, I would caution that even though I am now back in the UK, I am plagued by requests to 'explain my US connection'. This is due to firstdirect attempting to comply with FATCA, the US law which requires global financial institutions to report non-resident US citizens assets to the US government. (My basic understanding, others may correct me.)
HOWEVER, I would caution that even though I am now back in the UK, I am plagued by requests to 'explain my US connection'. This is due to firstdirect attempting to comply with FATCA, the US law which requires global financial institutions to report non-resident US citizens assets to the US government. (My basic understanding, others may correct me.)
The original primary purpose of FATCA was to catch US citizens with off-shore accounts in places like the Cayman Islands and Switzerland, among other tax havens. Secondarily, it catches US citizens outside the US, because they are also subject to US income tax (which is what you alluded to). All the other people are just swept up into the process, and many may not actually be subject to US taxes.
#24
BE Forum Addict
Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: Keeping UK Bank account
We have First Direct accounts, and they have had no problem with us living first in Switzerland, then the US. They have our US address, and happily send out cards, and the FATCA forms on which we need to confirm our US tax status We're compliant, so it's a minor paperwork hassle. I keep all the UK money in non-interest bearing checking accounts, so I don't have to bother remembering to report piffling pennies on the 1040.
#25
Re: Keeping UK Bank account
I kept my NatWest accounts open (savings & checking), they closed my checking because of inactivity but I was able to re-establish the account on a visit to the UK.
I currently pay Class 2 NIC's via DD to the DWP, NatWest do not do DD from a savings account so keeping your checking account as well as savings could be useful to you in the future.
I currently pay Class 2 NIC's via DD to the DWP, NatWest do not do DD from a savings account so keeping your checking account as well as savings could be useful to you in the future.
#26
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,128
Re: Keeping UK Bank account
Back on topic, I kept my UK bank account after I moved in 1987. Initially because I had rental income but then just because it is very useful to have. The bank has always had my US address.
#27
Re: Keeping UK Bank account
Here's a fun thing I've just discovered.
Natwest won't automatically send you a new card if you don't use it for more than a year. Ordering a new one online doesn't work, you apparently have to call in. I'll probably skype them next week sometime.
I do like Natwest overall mainly as their security is based on one of those nifty chip readers to make a one time code, but you do need a card to slot into it.
Natwest won't automatically send you a new card if you don't use it for more than a year. Ordering a new one online doesn't work, you apparently have to call in. I'll probably skype them next week sometime.
I do like Natwest overall mainly as their security is based on one of those nifty chip readers to make a one time code, but you do need a card to slot into it.
#28
Forum Regular
Joined: Oct 2012
Posts: 111
Re: Keeping UK Bank account
Yeah, I was on the phone today to Woolwich (Barclays now) and they were so efficient and helpful it actually took me by surprise......must be a UK versus US customer service thing. I think the UK service agents are mainly out to genuinely help you, whereas the US agents seem typically out to appease you..
#29
Re: Keeping UK Bank account
Is it fraudulent to imitate being a UK resident, by using a UK address when you are not? I thought that some banks stipulate UK residents only because they dont want to deal with US reporting.