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Keeping UK Bank account

Keeping UK Bank account

Old Jan 19th 2016, 1:28 pm
  #31  
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Default Re: Keeping UK Bank account

It is funny what a grey area this seems to be, I never believed it would be such a minefield of opinions etc, well im opting for feeding my rental income into my current account and re-directing my mail..simple! I dont have enough money for an offshore account and only have a temporary visa for the states. As i own and am keeping my property here in the UK i shall keep quiet ;0)
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Old Jan 19th 2016, 2:34 pm
  #32  
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Default Re: Keeping UK Bank account

Maybe turn this around.

Has anyone ever hit a major problem with keeping their UK account open when living overseas?
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Old Jan 19th 2016, 3:01 pm
  #33  
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Default Re: Keeping UK Bank account

Originally Posted by stuo View Post
It is funny what a grey area this seems to be, I never believed it would be such a minefield of opinions etc, well im opting for feeding my rental income into my current account and re-directing my mail..simple! I dont have enough money for an offshore account and only have a temporary visa for the states. As i own and am keeping my property here in the UK i shall keep quiet ;0)
If it is grey it is because different banks may have different policies. There is also uncertainty about what will happen as the banks are hit with the full implementation of FATCAWhen I came to the US I kept UK current accounts and a credit card open and use my US address with no problems.
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Old Jan 19th 2016, 3:02 pm
  #34  
 
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Default Re: Keeping UK Bank account

Originally Posted by priceycheese View Post
Maybe turn this around.

Has anyone ever hit a major problem with keeping their UK account open when living overseas?
Well some people have reported that their bank has closed their account. Is that what you mean?

I have never heard of anyone having a problem with the IRS, or anyone else, over them having a bank account in the UK.
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Old Jan 19th 2016, 4:40 pm
  #35  
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Default Re: Keeping UK Bank account

Originally Posted by Pulaski View Post
I have never heard of anyone having a problem with the IRS, or anyone else, over them having a bank account in the UK.
I'm honestly quite shocked the IRS hasn't kept you better informed. You need to have a word with them. You're right in that having an account in the UK is not of itself a reason to have a problem with the IRS.

Will the UK banks absolutely, positively identify every US Person on their books? NO, they won't. Some will go undetected. Some will lie when asked about a US connection, and some, hand on heart, don't know they in fact have a US connection (Accidental Americans).

For those who have given the UK bank a US address, be certain of completing Part III of Schedule B on 1040. If you aren't required to file a US return because you're below the threshold for filing, and you aren't required to file an FBAR, then you may consider not saying anything. Is that safe? I don't know.

If you have cleverly concealed from the UK bank your US residence by having a UK address, then be certain of a way of being positive you are receiving all communications. One of the indicia UK banks are evaluating are consistent deposits from US accounts. If the US account you're using to deposit funds into your UK account has the same account holder's name as the UK account,......that's risky, although there may be a logical explanation you can present to the bank.

As for the account itself, having a UK account closed is not the worse thing that can happen. The worse thing is to have the UK account frozen.

Some on this site will have no problems at all. The smaller and more local the bank or building society, the better your chances. Maybe.....Everyone has to decide what risk they're willing to take. Other than playing 100% by the rules (T&C's), it's a risk of some degree.
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Old Jan 19th 2016, 5:13 pm
  #36  
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Default Re: Keeping UK Bank account

Originally Posted by priceycheese View Post
Maybe turn this around.

Has anyone ever hit a major problem with keeping their UK account open when living overseas?
I've never had a problem keeping my UK bank open while living in the USA this last 29 years. Each time I've moved I've given them my new address.

I report the interest to the IRS and the max balances to the Treasury each year when needed.
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Old Jan 19th 2016, 8:02 pm
  #37  
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Default Re: Keeping UK Bank account

Both myself and my wife have kept Natwest, Cooperative and Lloyds Accounts open ... two of them are basic accounts and one is a non-interest account ... I have left a very small sum (less than twenty-sixty pounds) in each of them ... I initiate transfers between them now and then to keep them active and activated the paperless option before I left two years ago ...

So far so good ...

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Old Jan 19th 2016, 8:21 pm
  #38  
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Default Re: Keeping UK Bank account

Originally Posted by priceycheese View Post
Maybe turn this around.

Has anyone ever hit a major problem with keeping their UK account open when living overseas?
Nope. I still have a UK bank account with HSBC, which I used 4 years ago for the deposit and transfer of an inheritance. It's considered "dormant" but can be reactivated whenever I wish.
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