C_C

Hello everyone,

We're moving to the US in a couple of months and we've started looking at all the logistics of the move.
One of my questions has to do with notifying (or not) our UK bank that we'll be moving to the US. If the UK bank knows that we won't be residing in the UK anymore, are they likely to cause us any problems with our account?

We intend to leave one of our UK accounts open (just a simple checking account), mainly because we're expecting some money to come into it after we've moved. We will only need to have the account open for a month or so after we've moved, just so we can receive the money and then transfer it to our US account using a foreign exchange service. If it wasn't for this money, we'd probably close all our UK accounts before we left.

Note here that none of us is from the UK originally, so we're not likely to be returning regularly for vacation, visits etc.

So what do people think?
Is it a better idea to notify the UK bank that we're leaving anyway and that we're keeping one account open?
Is it a better idea to keep silent about it until after we've made all the transfers we need to?
Or does it not matter either way?

Shermeen.Adam

I shouldn't think it would matter though I am in no way an expert. As long as your account is in good standing you should be able to close it whenever you please. Maybe just check with them whether it can be closed online or over the phone or whether it needs to be done in writing/person.
I think though that some people like to leave a bank account open over here just in case. And of course, some banks don't like you to have an account that you don't regularly put money into.

Jerseygirl

Keep at least one bank account open and one credit account. Give both your US address...it shouldn't be a problem plenty of us have done it.

It's very useful to keep these open while you're living overseas. Makes life easy when you visit the UK...plus if you should ever want to open a UK account it is almost impossible unless you are a UK resident.

Yorkieabroad

I'd second what JG said - keep your (free) bank accounts open. You never know when you might need them again, and they can be handy for holidays and paying those odd UK expenses that trickle in...credit cards, birthday presents and the like. Plus until very recently I was getting significantly better interest in the UK to the US.

I changed over First Direct and Nationwide to overseas addresses without a problem, although neither of these (I'm told) will open a new account for an overseas customer.

cxx

Most banks seem fine with a non-UK address, however the exception we found was Alliance & Leicester who refused to accept the address change when we wrote to them.

MarylandNed

When my wife and I first left the UK for Canada in 1989, we made the mistake of closing our UK bank accounts. We returned to the UK in 1996 and had the most difficult time opening a new account - despite the fact that we had money to deposit. I guess there were strict rules about opening accounts because of a fear of money laundering.

In desperation we visited a bank where a friend of ours worked. She had a word with the branch manager on our behalf and we were able to open an account - and then eventually other accounts at other institutions over time.

We left the UK in 1998 for the US and this time we left all our UK accounts open. Just gave them the US address and we've been receiving statements here ever since. I wouldn't want the bank to have the wrong address in case they send something important there.

Bob

Keep an account open.

If you're able to depends on the bank, some don't allow none residents, but most do.

rallybug

Would that have to be declared as income in a self-assessment tax return to HMRC?

Mind you, if/when I drop the 'Vantage' additional part of my Lloyds current account, i'll be on non-interest-bearing anyway

Bluegrass Lass

My husband kept an account with Natwest when he came over in 2004. They wouldn't accept an overseas address so he sent the statements to his parents address. We found out recently they closed the account for non-activity without any notice to us.

Jerseygirl

Odd the Nat West have been sending statements, correspondence, even new bank cards and credit cards to our US address since 1996.

Yorkieabroad

Yes. When I left I filled in whatever the form was that gets the interest paid gross, then declare it on my return. Thats the only hiccup I've had with First Direct - after I'd been overseas for 10 years all of my accounts defaulted to paying interest net of tax....I guess whoever programmed it assumed people wouldn't be overseas for over a decade(?). I just had to refile the forms which wasn't a hassle, but did make that years tax return a bit more fiddly because some of the interest was gross, some was net....

Yorkieabroad

maybe something changed but you're grandfathered in....?
I know people who've been having trouble with First Direct when moving overseas recently, but I've been an overseas customer for them since 95.

C_C

Hmmm...we're with Natwest too.
I assume/hope that the account of yours they closed had no money in it???

C_C

I wonder if it depends on the branch then, although it shouldn't be the case.

twodice

I work for a uk bank, its easy to do in any branch to give an overseas address, ive changed it to many countries. Takes two minutes.