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Recommended bank accounts

Recommended bank accounts

Old Jan 18th 2017, 6:02 pm
  #16  
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Default Re: Recommended bank accounts

You will be able to get a checking account and check book when you get here - but remember you won't have built a credit score or be able to get a US credit card til you have been here for 6-12 months.
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Old Jan 18th 2017, 6:07 pm
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Default Re: Recommended bank accounts

Originally Posted by H Bomb View Post
You will be able to get a checking account and check book when you get here - but remember you won't have built a credit score or be able to get a US credit card til you have been here for 6-12 months.
Thanks, good point. HSBC said something about transfering credit history over from UK accounts. Not sure if that would / could apply if I did that in the US directly.
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Old Jan 18th 2017, 6:07 pm
  #18  
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Default Re: Recommended bank accounts

Originally Posted by H Bomb View Post
.... remember you won't have built a credit score or be able to get a US credit card til you have been here for 6-12 months.
That is sooo not true for many (most?) people. Once you have decent income coming in your bank should be willing to give you a credit card, though perhaps with a stupidly small credit limit, which will be increased rapidly ..... until it is a stupidly large credit limit!
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Old Jan 18th 2017, 6:09 pm
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Default Re: Recommended bank accounts

Originally Posted by LouisB View Post
Thanks, good point. HSBC said something about transfering credit history over from UK accounts. Not sure if that would / could apply if I did that in the US directly.
HSBC only transfers your history to HSBC USA so they can give you a credit card straight away.

From the point of view of the rest of America you will still have no credit history - however having a USA credit card from day 1 will help you build a USA credit faster.
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Old Jan 18th 2017, 6:13 pm
  #20  
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Default Re: Recommended bank accounts

Originally Posted by Owen778 View Post
Really, don't do that.
HSBC that bad, ok then I'll avoid.

So with ID and documents sounds like I can walk into any branch and open an account then, in which case Chase and Wells are options if they are the better banks overall.

Do either give decent mobile online banking?

I'm used to Barclays uk online/banking and it really is first class.
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Old Jan 18th 2017, 6:15 pm
  #21  
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Default Re: Recommended bank accounts

I have a universal currency credit card already for now if I need credit, not that I tend to use it at all. For emergencies. Rates are spot rates at time, it is pretty good.
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Old Jan 18th 2017, 6:21 pm
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Default Re: Recommended bank accounts

Originally Posted by Owen778 View Post
Yes, I agree. But there are a lot of very upset customers out there, and it reeks of a really dangerous corporate culture.
I suspect we haven't heard the last of Wells Fargo's behaviour, even with the CEO resigning last fall. For example, this came to light last month:

"The lawsuit notes that some Prudential insurance products owned by Wells Fargo customers listed obviously-fake home addresses on their applications like "Wells Fargo Drive" or phony email addresses such as "[email protected]"

Wells Fargo scandal spreads to Prudential insurance - Dec. 12, 2016
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Old Jan 18th 2017, 6:53 pm
  #23  
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Default Re: Recommended bank accounts

Originally Posted by LouisB View Post
Hi Owen, that's great thanks so much for this.

After speaking with HSBC today I believe you're right, I should do it when I arrive.

Regarding small banks like capital one, that's an online bank? If so and you open accounts online what is to stop that from abroad? Dumb question probably. Do they have branches for opening accounts in person?

Interesting about Barclays. I do have a uk foreign currency $ account but don't believe it would be suitable as a regular current account in the US for salary and day to day living.
There are some online-only banks, but Capital One are not one of them. Their online banking arm is called Capital One 360, and was formerly ING's US online banking. They are a multi-regional bank, which is one step below the "big four" of Chase, Wells Fargo, Bank of America and Citigroup. I wouldn't call a multi-regional bank small. They are still major corporations, with hundreds of billions of dollars under management.
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Old Jan 18th 2017, 7:31 pm
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Default Re: Recommended bank accounts

Originally Posted by Owen778 View Post
There are some online-only banks, but Capital One are not one of them. Their online banking arm is called Capital One 360, and was formerly ING's US online banking. They are a multi-regional bank, which is one step below the "big four" of Chase, Wells Fargo, Bank of America and Citigroup. I wouldn't call a multi-regional bank small. They are still major corporations, with hundreds of billions of dollars under management.
Ah I think I assumed capital one 360 and capital one were same.

Dumb question then, NY still seems to be heavily cash based, are ATM withdrawals via other banks ATMs free typically like in UK or still charges for that?
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Old Jan 18th 2017, 7:32 pm
  #25  
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Default Re: Recommended bank accounts

Originally Posted by Pulaski View Post
That is sooo not true for many (most?) people. Once you have decent income coming in your bank should be willing to give you a credit card, though perhaps with a stupidly small credit limit, which will be increased rapidly ..... until it is a stupidly large credit limit!
I can't be trusted with a stupidly large credit
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Old Jan 18th 2017, 7:41 pm
  #26  
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Default Re: Recommended bank accounts

Originally Posted by LouisB View Post
.... Dumb question then, NY still seems to be heavily cash based, are ATM withdrawals via other banks ATMs free .....?


Nuff said?

I hear some on-line only banks will reimburse the ATM charges levied by other banks (for using their ATM) for a few withdrawals each month.

In practice I find I can survive on $20 every 2-3 months, except for paying my daughter's pocket money.

Last edited by Pulaski; Jan 18th 2017 at 7:45 pm.
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Old Jan 18th 2017, 7:44 pm
  #27  
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Default Re: Recommended bank accounts

Originally Posted by H Bomb View Post
You will be able to get a checking account and check book when you get here - but remember you won't have built a credit score or be able to get a US credit card til you have been here for 6-12 months.
Incorrect. I have a credit card, albeit a small limit.
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Old Jan 18th 2017, 7:47 pm
  #28  
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Default Re: Recommended bank accounts

Originally Posted by LouisB View Post
Ah I think I assumed capital one 360 and capital one were same.


Well, they're part of the same company.
Dumb question then, NY still seems to be heavily cash based, are ATM withdrawals via other banks ATMs free typically like in UK or still charges for that?
ATM withdrawals via other banks are rarely free, unless you have a checking account that refunds ATM fees. Some do, but you may need to pay a monthly account fee or hold a minimum average balance to get that perk.

Does New York really still use cash a lot? My experience elsewhere in the US is of using credit cars much more than the UK.
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Old Jan 18th 2017, 7:49 pm
  #29  
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Default Re: Recommended bank accounts

Originally Posted by tom169 View Post
Incorrect. I have a credit card, albeit a small limit.
I got one the week I arrived, the limit was $200! I phoned the bank and told them that was ridiculous, barely enough for a week's groceries, and they immediately upped it to $1,000. By the three month mark it was up to $5,000, and IIRC $10,000 after a year.

It took a few weeks to arrange to move my Amex relationship over to the US, then I was rolling!
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Old Jan 18th 2017, 7:55 pm
  #30  
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Default Re: Recommended bank accounts

Originally Posted by Owen778 View Post


Well, they're part of the same company.

ATM withdrawals via other banks are rarely free, unless you have a checking account that refunds ATM fees. Some do, but you may need to pay a monthly account fee or hold a minimum average balance to get that perk.

Does New York really still use cash a lot? My experience elsewhere in the US is of using credit cars much more than the UK.
I never use cash in the uk, not for years. All contactless now. Cool if I can do similar in NY that's great. Was I suppose thinking tips and stuff, I'm probably out of touch if that's all card based too
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