Pulaski

Only if you're already doing something to build credit history. E.g. if you've bought a car through International Autosource, and are therefore making reported payments on an auto loan. But just sitting on your porch watching the world go by isn't going to do anything to build credit.

It is not uncommon to hear of people who don't have a credit card or any other credit product, and rent their home, to find that they're turned down for credit, or at least for the best rates, because despite being a USC born here, that they have no credit history. It does happen that way!

smarty156

For the benefit of others about to embark on the whole emigration process (I realise it's too late for the OP), I highly recommend setting up an HSBC Premier account in the UK. That way you can get them to set up US bank accounts and, crucially, US Premier credit cards too.
We set up normal HSBC accounts 3 months ago then converted them to Premier accounts a few weeks ago. Within 3 days of applying for US bank accounts (at a Premier centre in London) we had our US bank accounts open. Then when the US relationship manager called to introduce himself I asked for a credit card. We did the application over the phone in less than 10 minutes and next day I had an email to say it was approved. Bear in mind too that I did explain to them that I wouldn't be working and wouldn't have an SSN (I'm on an H4 visa). They said no problem but if the US were concerned they would contact UK HSBC for more info. I'm just waiting for the debit and credit cards to arrive in the post at my UK address.

yellowroom

hSBC works to a certain extent (I went with them too), but there are long term drawbacks, such as lack of branches outside NY and appalling customer service on the phone. Good for a foot in the door, but once you are established I'd recommend investigating local banking options too.

smarty156

Yes, we're going to New York so the lack of branches isn't really an issue.
As you say, a great foot in the door and an easy way to get US bank accounts and credit cards. My experience so far of Premier customer service on the phone has been that they are fantastically good.

yellowroom

the team that sets up your account is not the one you deal with once you're up and running. just sayin'! But you will have the option of visiting branches in person, so you probably won't run into the same problems I did, you should be fine.

smarty156

Actually the person I've been speaking to is my Premier relationship manager so he is the person I'll be speaking to. All good so far. I'll be keeping my fingers crossed though.

fozzyb

How big an issue is the lack of local bank branches to most people?

I'm just wondering cause I can't remember the last time I actually went into a bank in the UK. Even with the arcane banking systems in the US, these days I would have thought that once the accounts are actually open you can do pretty much everything online.

I guess if there were a case of identity theft or something similar it might be good to be able to see a real person.

yellowroom

Paying in checks was the biggest thing for me - got better with the introduction of paying in with the app on a smartphone, but even then they had an upper limit which became a problem, eg when selling my car. Because no-one does the payment via bank transfer with transactions like that, everything is still done by check.

I had a HSBC Advance account which meant any calls were routed to the off-shore customer support team. Calls regularly took 30 minutes to achieve simple things like changing address, ordering new check books, notifying them of travel abroad. I'm sure it would have been a lot easier to call into a branch and do it in person.

MCDesi

Yes it's too late for me but I'll pass this information on to some colleagues who will go through emigration in the near future so thanks for sharing.

Darra

There is a lower salary limit for opening an HSBC Premier account which I think is 100k.

However opening of international accounts is also done for normal current accounts as well but can take up to 8 weeks to complete. I have just started the application for a normal account myself.

Pulaski

The fact that nobody has a good word to say about them is undoubtedly a bigger issue. Their customer service is legendarily bad, and probably connected to that, they have sold off many of their branches, even in New York. They are certainly "on the back foot". I would recommend HSBC only as a stop-gap solution for a month or two until you can transition to a local bank.

BTW. I also got an HSBC credit card a week after I arrived. ...... It had a $200 credit limit! Good work HSBC!

Bob

$100K balance is a bit steep for most people though.

Pulaski

Even if you have $100k just lying around, making an interest free loan to HSBC is hardly the best use for it!

Bob

Oh but it's a bargain, you save on the $50 a month service fee, for a while at least

fozzyb

I think it's salary of £100K (GBP), not balance.

Just checked the HSBC web site

I don't qualify on either of those - yet somehow I've got HSBC premier.

I've had an account at HSBC ever since I was a kid (The only choices in the village I grew up were Midland or Derbyshire) and they have never pi$$ed me off enough since then to make it worth changing.

About 15 years back I got a phone call to say that as a "valued customer" they were upgrading my account to Premier. Every year or so get the phone call from my "Relationship manager" asking if there is anything I need (which I don't - if I did want something I would have done something about it already). But other than the free travel insurance I don't think I've used it for anything.