Bob

Why aren't you using a currency exchange service for those kind of transfers? Xe.com HIFX etc, etc.

dlake02

Is that better than HSBC Global View ? There I can move money within seconds between accounts most of the week....

Again, thanks, and I'll take a look at them.

lansbury

I use World First. It can't be done in seconds. I go online to World First and arrange to buy $s. Then go to NatWest and arrange to send the £s to pay for them, again all online. Allowing for the transfer from my UK bank if the amount is under £10k I can get in next day. One day to transfer the pounds and the next day World First sends the money to my credit union account. Total cost to me is $8.

The advantage is a currency broker usually offers a much better exchange rate than a high street bank.

HarryTheSpider

I go from my CitiBank checking account in US to my UK Barclays account in around 22 minutes, any time. Costs $4.99 flat rate for sums under $2,500 and the exchange rate is reasonable.

We've been here 18 months nearly.

Yes, the banking system here is 20+ years behind the times. Won't change amy time soon.

Get the credit rating etc as advised elsewhere, it will make life a lot simpler in several areas, as discussed - but guard your credit rating & SSN as if it was a nuclear bomb etc...

... besides, you say you're not here long term... things can change...

lj2

Don't forget that you get all of your ATM fees refunded by HSBC premier, you pay no fees for any banking (which you often have to do with other banks) and you actually get to speak to a named person if you need anything.

Personally, I prefer the US side of the Premier service to the UK. I think you'd be mad to leave!

dlake02

Frankly, I've found HSBC UK not too bad - I could do with SMS and mobile banking like most banks have had for a long time, and it would be much better if I could deposit at Post Office branches as you can with most other banks, but given that 90% of my UK transactions are electronic and I threw my UK cheque book away years ago, that really isn't a problem. Free electronic transfers to other EU states would be nice - Germany and France have had that for years and I've always thought of UK banks being "behind the times" by about 5 years (late to Chip and Pin, late to electronic transfers, etc). That puts the US about 35 years behind France and Germany.

It appears that the things I'm looking for (and have been used to for years !) in the UK banking system just don't exist here.

I'm coming to that conclusion as well - the immediate currency transfer between accounts without charge and without having to go through the hassle of moving money from A->B->C that the services like XE seem to be seems to be enough for me to stay !

You're probably right here as well - I've been so used to banks paying me to bank with them rather than me having to pay them to keep staff and buildings that I don't need employed.... That has been another shock - banks here take my money and use it to make more money and then try and charge ME for the benefit ?

kodokan

We use First Direct in the UK, and have spent the last 4 years in Switzerland, who have a stunning, state of the art banking system with top notch security. So it was a bit of a shock time travelling back to the banking 1980s when we moved here.

We use HSBC Premier here too, and their online system is no worse than anyone else's, although it initially drove us mad to have to keep receiving 'next working day' telephone calls to confirm an online wire payment that we'd set up having already gone through their security sign-in.

We have also opened an account with Chase - because they had the nicest iPhone app, and their branch is about a mile from our house - and they've been very useful too. It's really complicated to live here without 'paper' money - checks, cashier's checks, etc. We were car buying before we had our Chase account, and since a cashier's check from HSBC would've taken days to arrive, we suggested paying by direct wire transfer. We may as well have suggested trading our first born child, for all the sense it made to them (but credit to the garage, they went along with us and were clearly amazed when it worked).

I had another banking rant just today, when my landlord emailed to say that April's rent hadn't hit their account. For background, the process using the Chase 'online' (snort) bill payment system, is that each month a check is generated and posted not to my landlords - they don't want the bother of physically paying it in - but to the branch where their account is held. Which is exactly the same branch where our account is! And this time the check, which was generated on March 20, got delayed in the post, and it took 16 days - 16 DAYS! - for Chase to effectively send a check to itself.

But there is a bright side. I've discovered - after a good rant in the bank - that there's a process called 'pre-authorised transfer', where a branch can move money between accounts held in-house. So pretty much the UK standing order, but only if you and the payee bank in the same place. It's beyond ridiculous.

So overall, don't even bother looking for anything like the online banking you know and love in the UK. That way madness lies.

dlake02

Well, that is ANOTHER thing that annoys the hell out of me here. The postal "service." We had a letter sent from HSBC In Milpitas to Santa Clara. That's about 5 miles. With a "First Class" stamp on, it took 4 days ! So, next time they sent it by FedEx - 5 days !

Contrary to the stereotype of Americans we Europeans have of being very shouty and wanting everything NOW it seems that actually there is no urgency behind anything... at least in California. I suspect it is different on the West Coast...

Beaverstate

If you don,t end up with a credit union you might try Bank of the West out of California. I have been with them over 10 years with no fees or issues.:thumbsup

lansbury

Have you not seen the Drew Brees adverts for Chase Quickpay, send payments from your cell phone.

TimFountain

I guess the never heard of FEDEX overnight or courier services for such a short distance? BTW California is on the West coast, unless the 'big one' happened an it moved!

dlake02

Yes - I'm an idiot.... I meant East.

Just been in touch with local credit union - not an option as they charge for incoming wire transfers and cheque books.

But... Bank of the West looks much better - and it's part of BNP Paribas (we had a BNP account in France for many years and found them superb).

Chrisdc

I've been pretty happy with Chase and Bank of America. They are slowly improving their electronic services. I transfer money between banks free (if less than a grand, takes 3 days) or overnight (costs $10)

I'd like to second Bob and Fatbrit's suggestions about getting a credit rating.
Every apartment rental I have undertaken in the last 10 years has required a credit check, also getting a cellphone on contract, getting electricity from Con Ed, checking in to hotels (even if you pay cash upfront, they want a huge additional deposit for not using a credit card.) etc.. etc.. Not having one can bite you in the ass when you least expect.

You can use your UK cards, but it gets a bit tiresome tracking the currency changes.

Southy_SWFC

I signed up to my local bank yesterday for everyday use and then when I have a more stable job I'll get the $15 a month HSBC account so I can put money in there and then send it to my UK HSBC account online. Not getting charged for using other banks cash machines will nearly pay for the $15 a month
Does that sound about right?

HarryTheSpider

Pretty much.

You know, free banking in the UK is largely paid for by the money banks make lending a percentage of everybody's money to other banks literally overnight - lent & repaid in hours... IIRC.

I guess US banks do the same AND charge for retail banking... So, it is either 'rip off' or e very inefficient banking system. I suspect the latter...