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Living in US with bank accounts in UK

Living in US with bank accounts in UK

Old Jul 6th 2012, 5:33 pm
  #31  
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Default Re: Living in US with bank accounts in UK

Originally Posted by Ash UK/US
Keep at least one account open and active in the UK, you may want to use it down the line, remember too to use your UK debit card so that they do not cancel it due to in activity.
It makes it easy when you go back for a visit, and for buying gifts for folks online.
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Old Jul 6th 2012, 6:24 pm
  #32  
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Default Re: Living in US with bank accounts in UK

Originally Posted by Bink
The reporting requirement kicks in at the point of being a US resident or a USC. Therefore, you only have to report the accounts after reaching one of those 2 statuses. The IRS has no legal interest in those accounts prior to one of the above being achieved.
That's not strictly true. I am an E2 holder but I am not a US citizen or resident. However for tax purposes because I set up an LLC I am considered a US citizen and therefore must abide by the rules that pertain to such.
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Old Jul 6th 2012, 6:29 pm
  #33  
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Default Re: Living in US with bank accounts in UK

Originally Posted by md95065
Why would a current account be any less secure than a savings account?
My current account is linked to my debit card. I use my debit card to pay bills on line and in retail outlets. This increases my risk of getting my card skimmed.

This actually happened - I had one debit card which I only used to pay the State Board of Equalization online. Within a couple of weeks of making this transaction I noticed unauthorized transactions at Target. Somehow someone had managed to get my card details from my online transaction to a government body.

All banks advise to keep large sums in a savings account rather than a current account only because of the increased risk of online fraud and skimming abuse.
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Old Jul 6th 2012, 9:25 pm
  #34  
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Default Re: Living in US with bank accounts in UK

Originally Posted by Bitzi
That's not strictly true. I am an E2 holder but I am not a US citizen or resident. However for tax purposes because I set up an LLC I am considered a US citizen and therefore must abide by the rules that pertain to such.
Sorry, you're correct, I should have added when you're considered resident for tax purposes.
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Old Jul 7th 2012, 2:52 pm
  #35  
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Default Re: Living in US with bank accounts in UK

Originally Posted by Bink
Sorry, you're correct, I should have added when you're considered resident for tax purposes.
I miss how polite British people are
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