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-   -   Maintaining UK bank accounts and Credit cards (https://britishexpats.com/forum/usa-57/maintaining-uk-bank-accounts-credit-cards-424403/)

ScottMc Feb 5th 2007 8:24 pm

Maintaining UK bank accounts and Credit cards
 
Hi All,

I'm finally moving over to join my wife and so the real business of sorting things out is beginning.

I want to keep our UK accounts open and also our credit cards just in case we have to come back anytime soon. I can change my address to my Mum's but was wondering if there are any issues with this?

Are there any tips you could give us?

Thanks,

Scott

BigDavyG Feb 5th 2007 8:29 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by ScottMc (Post 4367575)
Hi All,

I'm finally moving over to join my wife and so the real business of sorting things out is beginning.

I want to keep our UK accounts open and also our credit cards just in case we have to come back anytime soon. I can change my address to my Mum's but was wondering if there are any issues with this?

Are there any tips you could give us?

Thanks,

Scott

I changed my address to my mum and dad's and had no issues, except with one unnamed cc company who suspended the account when they noticed I was in the US. I paid it off in full and took great delight in calling them to close the account.

I think its def a good idea to keep them open. I also kept my UK contract mobile too - costs me about £50 a year which I don't mind paying.
Good to have this stuff for if you ever move back.

Good luck with the move - it was absolutely baltic today and my car completely froze up this morning - petrol and all. Had to take a taxi to the station. :ohmy:

Elvira Feb 5th 2007 8:32 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by ScottMc (Post 4367575)
Hi All,

I'm finally moving over to join my wife and so the real business of sorting things out is beginning.

I want to keep our UK accounts open and also our credit cards just in case we have to come back anytime soon. I can change my address to my Mum's but was wondering if there are any issues with this?

Are there any tips you could give us?

Thanks,

Scott

No issues - other than keep both your bank account and the credit cards active (i.e. use them every now and again), so they don't 'die' through non-use.

Also open some online savinigs accounts - eg ING, First Direct, HSBC.

I would also open a brokerage account and some unit or investment trusts before you leave as they are impossible to open once you are a non-resident.

If you have any spare cash, open an ISA before you leave. You won't be able to contribute after you leave, but you can hold on to them.

And sign up for Class 2 NI contributions so you'll eventually get a pension.

:)

PS: Might want to get a Virgin PAYG mobile for when you're back in the UK - a lot cheaper than using a US triband.

ScottMc Feb 5th 2007 8:36 pm

Re: Maintaining UK bank accounts and Credit cards
 
Cheers, yeah I saw the report, frostbite warnings! :ohmy:

How did they find out? Do any ask for any proofs of your new address?

Just hoping your card company isnt the same as one of ours as I'm leaving a small amount of them to make sure I have plenty of capital to back us up while I'm looking for a job!

ScottMc Feb 5th 2007 8:39 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by Elvira (Post 4367615)

And sign up for Class 2 NI contributions so you'll eventually get a pension.

:)

PS: Might want to get a Virgin PAYG mobile for when you're back in the UK - a lot cheaper than using a US triband.

How do you sign up for the contributions? Guess I shouldn't be lazy and search the IR pages..

Already got the Virgin PAYG ;) how much cheaper is it than back in the UK!

Jerseygirl Feb 5th 2007 8:40 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by ScottMc (Post 4367575)
Hi All,

I'm finally moving over to join my wife and so the real business of sorting things out is beginning.

I want to keep our UK accounts open and also our credit cards just in case we have to come back anytime soon. I can change my address to my Mum's but was wondering if there are any issues with this?

Are there any tips you could give us?

Thanks,

Scott

I have kept my bank account, credit card and building society accounts. I gave them my US address and phone no. All correspondence is sent to the US...it's never been a problem.

ScottMc Feb 5th 2007 8:46 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by Jerseygirl (Post 4367660)
I have kept my bank account, credit card and building society accounts. I gave them my US address and phone no. All correspondence is sent to the US...it's never been a problem.

Even easier! Especially as my Mum worries if I miss a payment while there's a balance on the CC someone will be knocking their door!

Did anyone open an offshore account? Looking at HSBC but its £20 a month with the kind of balance I'd maintain..

I would transfer cash back to my UK account periodically and thought it may be easier to do this through such an account than transferring through my US bank.

On the banking subject who would you recommend, esp in the IL area.

Wife's opened one up with Harris bank for now.

Dan725 Feb 5th 2007 8:47 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by BigDavyG (Post 4367595)
I changed my address to my mum and dad's and had no issues......I think its def a good idea to keep them open.


Exactly what I did. Most definately worth keeping an account going in the UK; you never know when you might need to transfer some money back and forth for whatever reason. It'd be a royal pain if you close out all your UK accounts entirely.

The other option would be to set up a UK pounds based offshore account.

BigDavyG Feb 5th 2007 8:47 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by Elvira (Post 4367615)
And sign up for Class 2 NI contributions so you'll eventually get a pension.

:)

I know you always seem to push this, but a lot of people regard this as a complete waste of money.

Heather142 Feb 5th 2007 8:49 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by Jerseygirl (Post 4367660)
I have kept my bank account, credit card and building society accounts. I gave them my US address and phone no. All correspondence is sent to the US...it's never been a problem.



Ditto. We kept both our bank account and bank credit card too. Both have our US address and the credit card automatically draws the repayment from our UK bank. Have not had any problems with either.

ScottMc Feb 5th 2007 8:49 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by BigDavyG (Post 4367698)
I know you always seem to push this, but a lot of people regard this as a complete waste of money.

With the tax agreements don't contributions UK and US add up to the same eventual pension amount anyway if here for a decent amount of time?

BigDavyG Feb 5th 2007 8:51 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by ScottMc (Post 4367687)
Even easier! Especially as my Mum worries if I miss a payment while there's a balance on the CC someone will be knocking their door!

Personally I wouldn't go down that route if I were you - use your mum's addy - much less hassle.
The company in question was Egg - I regularly took advantage of their balance transfer offers - then after about 9 months of only US transactions they called my mum and dad's house to ask where I lived.
I went ballistic and phoned them back to ask what was going on. They said that they suspected that I was no longer a UK resident and were putting a bar on the account until I returned. I told them to stick their bar up their proverbial and paid the account off then and their.
Had no such probs with 2 other UK cards.

Jerseygirl Feb 5th 2007 8:53 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by BigDavyG (Post 4367721)
Personally I wouldn't go down that route if I were you - use your mum's addy - much less hassle.
The company in question was Egg - I regularly took advantage of their balance transfer offers - then after about 9 months of only US transactions they called my mum and dad's house to ask where I lived.
I went ballistic and phoned them back to ask what was going on. They said that they suspected that I was no longer a UK resident and were putting a bar on the account until I returned. I told them to stick their bar up their proverbial and paid the account off then and their.
Had no such probs with 2 other UK cards.

Why use his mum's address when he can use his own? I've lived here for almost 11 yrs and the Nat West and Halifax have had no problem whatsoever with my US address.

ScottMc Feb 5th 2007 8:55 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by BigDavyG (Post 4367721)
Personally I wouldn't go down that route if I were you - use your mum's addy - much less hassle.
The company in question was Egg - I regularly took advantage of their balance transfer offers - then after about 9 months of only US transactions they called my mum and dad's house to ask where I lived.
I went ballistic and phoned them back to ask what was going on. They said that they suspected that I was no longer a UK resident and were putting a bar on the account until I returned. I told them to stick their bar up their proverbial and paid the account off then and their.
Had no such probs with 2 other UK cards.

Funny you say that - one is Egg. I called them and they gave me that line as well. I can't see what the issue is. If I was as dodgy as some folks could just do a runner and leave money on it! Don't they realise that you'd only tell them because your still offering them your business?!!

Bob Feb 5th 2007 8:57 pm

Re: Maintaining UK bank accounts and Credit cards
 

Originally Posted by ScottMc (Post 4367710)
With the tax agreements don't contributions UK and US add up to the same eventual pension amount anyway if here for a decent amount of time?

aye, but if you've had plenty in the UK and are close to getting the full amount, and young enough to get one in the US, it's worth not using the reciprocal agreement to get two pensions if your going to be long enough.

As for bank, just change address to the US address, it's pretty simple and most shouldn't have a problem with it.

Transferring money, use www.xe.com you'll get better rates, even if it is a hassle to set up, it's worth it in the long run.

Before you move, fill in a P-85 to claim any taxes back, it's just easier to do when your still in the UK...though with the new tax year, you probably won't be getting much back...and register to vote over seas', and set up a proxy voter, because you probably won't have time to send your vote back in the mail, and it's just easier setting up a proxy when your in the UK.


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