Recommended bank accounts
#32

Unless it was issed BY Amex, then it won't help you at all. ..... But you can apparently now swap a UK Amex card with as little as three months of history, so it probably isn't too late to open a UK Amex card, use it a little, then swap it for a US Amex card even if you have been in the US for a month or longer.

#33
Forum Regular



Joined: Feb 2014
Location: London -> New York
Posts: 216












Unless it was issed BY Amex, then it won't help you at all. ..... But you can apparently now swap a UK Amex card with as little as three months of history, so it probably isn't too late to open a UK Amex card, use it a little, then swap it for a US Amex card even if you have been in the US for a month or longer.

#34



#35
Forum Regular



Joined: Jul 2014
Location: Northern Atlanta area, GA
Posts: 216












...
- Wells Fargo are often recommended here, but many Americans are upset by their recent major fraud, with branch bankers setting up extra accounts for customers without their knowledge in order to gain bonuses
- Chase (they use this name for US retail banking, not JP Morgan) is where we bank. They are large and efficient, but not great value. We keep our savings elsewhere to get a decent interest rate.
- Capital One seem to be well respected, and give better interest rates than the major "national" or international banks. We have our kids' accounts there.
...
- Wells Fargo are often recommended here, but many Americans are upset by their recent major fraud, with branch bankers setting up extra accounts for customers without their knowledge in order to gain bonuses
- Chase (they use this name for US retail banking, not JP Morgan) is where we bank. They are large and efficient, but not great value. We keep our savings elsewhere to get a decent interest rate.
- Capital One seem to be well respected, and give better interest rates than the major "national" or international banks. We have our kids' accounts there.
...
I know people who bank with Wells Fargo and Capital One and I haven't heard any bad reviews.
I think that most banks offer fast/instant transfers within the bank though (i.e. from your Chase account to another person's Chase account). Chase's version of this is called QuickPay. There is some third-party providers for sending cash to other people like Venmo and the like, but I've never used them.

Last edited by cautiousjon; Jan 18th 2017 at 9:32 pm.

#36

..... Most banks in the USA will have reasonable online banking facilities and mobile apps. However, be aware that the USA doesn't have anything like the UK's Faster Payments system, which allows you to make near-instant transfers between banks (up to 2 hours delay). You can do expensive wire transfers (which are very rarely used by most people, if ever), and there is a system called Automatic Clearing House (ACH). ACH payments can be made between banks for free but transfers take a few days. ....
I still have no idea how the bank intercepts the email, because the sender has no idea which bank the money is going to be received at, much less any account details. I just had to register my email address against the account that I wanted the money to be received in.

#37
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Joined: Jul 2014
Location: Chicagoland
Posts: 317












The scheduling tool on the Chase app is really easy to use.

#38

Word of warning - with ACH choose your transfer days wisely.
For example, set a transfer going on a Friday before a holiday weekend and you may end up waiting until Wednesday the following week for the cash to appear on the other end!
For example, set a transfer going on a Friday before a holiday weekend and you may end up waiting until Wednesday the following week for the cash to appear on the other end!

#39
Forum Regular



Joined: Jul 2014
Location: Northern Atlanta area, GA
Posts: 216












Indeed. Chase tells me what day the money will arrive in the recipient's account, and it's usually three to five days after I send the payment.

#40

Another option might be to look into using a credit union. They're often better, certainly for new folks but wouldn't have as large of a branch network if that were important.
If you're coming here on a work visa, might be worth asking colleagues who they use.
If you're coming here on a work visa, might be worth asking colleagues who they use.

#42
in Northern California




Joined: Apr 2014
Posts: 282












I opened a credit union account when I first moved to the USA. It was fine.
However, my recent experience with credit unions (CU) has been horrible.
We set my daughter up with a CU account when she went off to college. It's been a PITA with rules, restrictions and fees. Perhaps some of the issues are specific to this particular CU but they tell us that many of these restrictions are imposed on all CU's by law.
Our son will have a "real" bank account when he sets off to college in another year or so.
However, my recent experience with credit unions (CU) has been horrible.
We set my daughter up with a CU account when she went off to college. It's been a PITA with rules, restrictions and fees. Perhaps some of the issues are specific to this particular CU but they tell us that many of these restrictions are imposed on all CU's by law.
Our son will have a "real" bank account when he sets off to college in another year or so.

#45
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Thread Starter
Joined: Jan 2017
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I believe that is the case. They do UK domiciled $ accounts (I have one) and some international banking but nothing physical in the US at this time. Shame really, they really are excellent.
