Returning to US and Bank Accounts
I was studying in London this year and opened a bank account here. I will be returning the the United States soon, and as such I have the following questions about this bank account:
Am I required to liquidate the account before I leave? If so, which method of transferring the funds to my US account is best? It is generating around 2% interest, which is higher than anything I'm likely to find in the US. As such, if I keep the account, will the bank shut it down if they find out that I have moved back to the US? |
Re: Returning to US and Bank Accounts
why don't you ask the bank?
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Re: Returning to US and Bank Accounts
Originally Posted by Manc
(Post 10142056)
why don't you ask the bank?
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Re: Returning to US and Bank Accounts
Originally Posted by waltwhitman
(Post 10142053)
I was studying in London this year and opened a bank account here. I will be returning the the United States soon, and as such I have the following questions about this bank account:
Am I required to liquidate the account before I leave? If so, which method of transferring the funds to my US account is best? It is generating around 2% interest, which is higher than anything I'm likely to find in the US. As such, if I keep the account, will the bank shut it down if they find out that I have moved back to the US? |
Re: Returning to US and Bank Accounts
Originally Posted by waltwhitman
(Post 10142053)
I was studying in London this year and opened a bank account here. I will be returning the the United States soon, and as such I have the following questions about this bank account:
Am I required to liquidate the account before I leave? If so, which method of transferring the funds to my US account is best? It is generating around 2% interest, which is higher than anything I'm likely to find in the US. As such, if I keep the account, will the bank shut it down if they find out that I have moved back to the US? Anything over $10K needs FBAR reporting, if you're a USC or residing in the US. Tax filing gets to be a bit more of a hassle too. As for the bank closing the account, depends on the bank and if there are any other activities on the account. Barclays are pretty quick to close accounts, others aren't. If you want to transfer the money, then there are loads of currency exchange services such as xe.com that'll do it for you with good rates. |
Re: Returning to US and Bank Accounts
Originally Posted by waltwhitman
(Post 10142085)
I mostly use online banking. Also, I trust that people here have more experience with these issues than the bank teller I would hypothetically be asking.
Also, ask the bank, the teller will probably know or get a supervisor who would if they didn't. |
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