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Movie money from UK to USA

Movie money from UK to USA

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Old Oct 13th 2018, 9:55 am
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Default Movie money from UK to USA

Hi
I was wondering if you could share your experiences on this. I have some savings I would like to move from Halifax (UK) to a US bank account (dont know yet which bank will open an account for me).
Halifax advised to close my bank account here before I move because there is a risk this will be locked when I try to move large amount of money using online banking from abroad. However, I don't have yet a US bank account so I am thinking of possibly ways to do this.
Any suggestions?
Thank you
Led
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Old Oct 13th 2018, 5:55 pm
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Default Re: Movie money from UK to USA

Most people here will recommend that you don't close your Halifax account, having a UK account can definitely be helpful and a real pain to setup once you no longer reside there.

As for moving the funds, most will also recommend TransferWise, I've personally sent around £50k with them to the US without a single issue.
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Old Oct 13th 2018, 6:17 pm
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Default Re: Movie money from UK to USA

Is the UK so different from Canada? My husband has his Canadian accounts for all the 20 years he has been down in the States. Never once has Scotia Bank told him he had to close it or was better served if he did or that it could be locked.
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Old Oct 14th 2018, 8:15 pm
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Default Re: Movie money from UK to USA

Originally Posted by TheKingOfHearts View Post
Most people here will recommend that you don't close your Halifax account, having a UK account can definitely be helpful and a real pain to setup once you no longer reside there.

As for moving the funds, most will also recommend TransferWise, I've personally sent around £50k with them to the US without a single issue.
thank you! Today I spent some time online and I think I will probably use TransferWise too sending probably small amounts every few days (e.g. £2000). My wife thankfully still holds a US bank account so I will start before moving and move the rest when I open my own bank account.

do you remember how long typically takes TransferWise to move money? online says 2/3 days but I found reviews saying in more likely 5/6 days.

thank you again!
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Old Oct 14th 2018, 8:35 pm
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Default Re: Movie money from UK to USA

Originally Posted by ledrox View Post
thank you! Today I spent some time online and I think I will probably use TransferWise too sending probably small amounts every few days (e.g. £2000). My wife thankfully still holds a US bank account so I will start before moving and move the rest when I open my own bank account.

do you remember how long typically takes TransferWise to move money? online says 2/3 days but I found reviews saying in more likely 5/6 days.

thank you again!
Led
More likely 24 hours, unless you do the exchange on a Friday when you will get the money Monday.
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Old Oct 15th 2018, 12:41 am
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Default Re: Movie money from UK to USA

Just a +1 for Transferwise. Once you get it set up, it’s very simple.
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Old Oct 15th 2018, 1:18 am
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Default Re: Movie money from UK to USA

Originally Posted by ledrox View Post
thank you! Today I spent some time online and I think I will probably use TransferWise too sending probably small amounts every few days (e.g. £2000). My wife thankfully still holds a US bank account so I will start before moving and move the rest when I open my own bank account.

do you remember how long typically takes TransferWise to move money? online says 2/3 days but I found reviews saying in more likely 5/6 days.

thank you again!
Led

Not sure doing lots of smaller transfers is a good idea, as that’s exactly the sort of thing the banks regard as suspicious activity that looks like someone’s trying to avoid money-laundering regulations!

There’s no reason not to do a large transfer as a one-off really. People legitimately have occasional need to transfer large sums, Worst case is that your sending or receiving bank may ask how you acquired the money, in which case “savings made over X years” is a perfectly legit answer, or why you’re moving it, in which case just answer honestly that you’re emigrating and want to move your savings over. That said, two years ago I transfered over my share of my late father’s estate which was a five figure sum and it was never questioned.
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Old Oct 15th 2018, 2:16 am
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Default Re: Movie money from UK to USA

Originally Posted by ledrox View Post
do you remember how long typically takes TransferWise to move money? online says 2/3 days but I found reviews saying in more likely 5/6 days.
Going the other way moving $2000 which TW took electronically from my US account, it took about an hour for it to appear in my uk account. No idea if it goes the other way as quick.
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Old Oct 15th 2018, 2:35 am
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Default Re: Movie money from UK to USA

Originally Posted by ledrox View Post
Hi
I was wondering if you could share your experiences on this. I have some savings I would like to move from Halifax (UK) to a US bank account (dont know yet which bank will open an account for me).
Halifax advised to close my bank account here before I move because there is a risk this will be locked when I try to move large amount of money using online banking from abroad. However, I don't have yet a US bank account so I am thinking of possibly ways to do this.
Any suggestions?
Thank you
Led
Sounds like they're trying to scare you into closing your account so they don't have to bother reporting to the IRS... I've had a UK account for all the several decades I've lived outside the US and done many transfers here over that time. Additionally, I've done tons of transfers to other UK accounts (which is what a Transferwise transfer consists of as far as your UK bank is concerned).

Last edited by Giantaxe; Oct 15th 2018 at 2:57 am.
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Old Oct 15th 2018, 2:37 am
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Default Re: Movie money from UK to USA

Traditionally takes me 2-3 days for it to "clear" on the other end, that may have sped up with the increase in popularity of TransferWise, but I sincerely doubt it's slowed down.

TransferWise match you with someone transferring currency in the opposite direction and facilitate the transfer that way, with the increase in their popularity they have more people transferring and therefore more international funds to utilise.
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Old Oct 15th 2018, 3:05 am
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Default Re: Movie money from UK to USA

Originally Posted by ledrox View Post
Hi
I was wondering if you could share your experiences on this. I have some savings I would like to move from Halifax (UK) to a US bank account (dont know yet which bank will open an account for me).
Halifax advised to close my bank account here before I move because there is a risk this will be locked when I try to move large amount of money using online banking from abroad. However, I don't have yet a US bank account so I am thinking of possibly ways to do this.
Any suggestions?
Thank you
Led
Be very careful with Halifax.

Similar situation to yours, except we've moved back to Australia from the UK. I had to do a lot of messing about before I left the UK, to make sure that I could use Halifax online banking while living overseas.

For any new payee from you online account, Halifax sent a code to your mobile - you need to input this code before you can progress the transaction. This mobile number MUST be a UK registered number, the system will not send codes to an overseas number. The reason the Halifax branch manager gave for this is that they are only a national bank, not international.

My workaround was to get a post paid UK Vodafone sim card prior to leaving the UK. The plan £11 per month - you can research the various offers but mine lets me use that £11 as call credit. I only put this sim in my mobile when I'm sending funds to a new payee from my Halifax online account, as once you turn on your phone overseas with this sim in it, Vodafone will automatically charge a roaming fee of a flat £6 per 24 hour period.

Bottom line is it costs me £11 per month, plus £6 if I need a code from Halifax. If you don't have a UK mobile number, I'd strongly advise you to change your UK bank to one that is happy to deal with international transactions BEFORE you leave the country. It's next to impossible to open a local UK bank account from overseas now.
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Old Oct 15th 2018, 3:12 am
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Default Re: Movie money from UK to USA

Originally Posted by spouse of scouse View Post
Be very careful with Halifax.

Similar situation to yours, except we've moved back to Australia from the UK. I had to do a lot of messing about before I left the UK, to make sure that I could use Halifax online banking while living overseas.

For any new payee from you online account, Halifax sent a code to your mobile - you need to input this code before you can progress the transaction. This mobile number MUST be a UK registered number, the system will not send codes to an overseas number. The reason the Halifax branch manager gave for this is that they are only a national bank, not international.

My workaround was to get a post paid UK Vodafone sim card prior to leaving the UK. The plan £11 per month - you can research the various offers but mine lets me use that £11 as call credit. I only put this sim in my mobile when I'm sending funds to a new payee from my Halifax online account, as once you turn on your phone overseas with this sim in it, Vodafone will automatically charge a roaming fee of a flat £6 per 24 hour period.

Bottom line is it costs me £11 per month, plus £6 if I need a code from Halifax. If you don't have a UK mobile number, I'd strongly advise you to change your UK bank to one that is happy to deal with international transactions BEFORE you leave the country. It's next to impossible to open a local UK bank account from overseas now.
You should probably get a Three SIM next time you're in the UK, and maintain a nominal balance, they don't charge for receiving SMS oversees, I've used them for a couple years in the US.
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Old Oct 15th 2018, 3:18 am
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Default Re: Movie money from UK to USA

Originally Posted by TheKingOfHearts View Post
You should probably get a Three SIM next time you're in the UK, and maintain a nominal balance, they don't charge for receiving SMS oversees, I've used them for a couple years in the US.
Thanks, I'll have a look at that I was so terrified that my Halifax account would be locked as we have income going in plus outgoings we need to pay, and I was running out of time before my visa expired. The Vodafone deal was the best I could find in my blind panic
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Old Oct 15th 2018, 6:36 am
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Default Re: Movie money from UK to USA

Thank you everyone. Lots of useful information in this topic.
I will use TransferWise trying a first small transaction to see how works then I will send a larger amount all in once. I will let the USA bank know in advance that a large amount will be arriving just to avoid any suspects..
Halifax - thank you for sharing your experience. I will Keep in mind what you guys said. Honestly I will avoid to set up new recipents. I have giffgaff (O2) just in case they send me any security text overseas. I will keep this active for the first months.
I am also thinking to split my savings between different protected accounts I have open (Monzo, Starling, Loyds and Halifax) so I can deal with any problems separately.
Thanks
Led

Last edited by ledrox; Oct 15th 2018 at 6:39 am.
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Old Oct 15th 2018, 1:06 pm
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Default Re: Movie money from UK to USA

I have HSBC accounts 'linked" in the UK and the US so my transfers take place instantly. If you have Premier status (i.e. > $100k USD minimum) you can get the fee waived. Note: you can have the minimum in investments, retirement accounts or other accounts, it doesn't necessarily have to be $100k liquid cash).
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