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Returning to US and Bank Accounts

Returning to US and Bank Accounts

Old Jun 27th 2012, 1:18 pm
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Default 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?
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Old Jun 27th 2012, 1:19 pm
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Default Re: Returning to US and Bank Accounts

why don't you ask the bank?
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Old Jun 27th 2012, 1:29 pm
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Default Re: Returning to US and Bank Accounts

Originally Posted by Manc View Post
why don't you ask the bank?
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.
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Old Jun 27th 2012, 6:51 pm
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Default Re: Returning to US and Bank Accounts

Originally Posted by waltwhitman View Post
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?
You can have a bank account in any country, you don't have to close it out. However you may have to pay any tax on Interest earned to the country you have an account with. Also another benefit would be if you should ever go back to the UK you would have established banking there. I have held an bank account in both US and UK. In fact if you leave the bank a forwarding address they will mail your statements.

Last edited by London1947; Jun 27th 2012 at 6:53 pm. Reason: Addemdum to post
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Old Jun 27th 2012, 7:07 pm
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Default Re: Returning to US and Bank Accounts

Originally Posted by waltwhitman View Post
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?
No, you don't have to liquidate it.

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.
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Old Jun 27th 2012, 7:08 pm
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Default Re: Returning to US and Bank Accounts

Originally Posted by waltwhitman View Post
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.
Every bank will have a different rule, so without saying, you're not really going to get much helpful advice.

Also, ask the bank, the teller will probably know or get a supervisor who would if they didn't.
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