Transferwise (or others) to move just over $10k
 

I want to close my British accounts since they just sit there I would like to see the cash this side of the pond.

The amount is just over $10k and is in two separate accounts, I assume I will move all of it into one and use Transferwise or others to get it to the US? The UK account is in my name, the recipient account is joint in mine and my wifes name. Any potential issues there?

Are there any reporting burdens I should be aware of (minus the FBAR)?

Cheers,

H

Re: Transferwise (or others) to move just over $10k
 

No problems. Your US bank will do the reporting required.

Re: Transferwise (or others) to move just over $10k
 

No. I've done it using transferwise. Tell your receiving bank beforehand.

Re: Transferwise (or others) to move just over $10k
 

I suggest leaving a couple of hundred pounds over there to keep the account active. Never know when a UK bank account might come in useful.
Once you close the account you won't be able to open another as a non-resident.
Make sure you log into the account periodically so it's not considered abandoned.

Re: Transferwise (or others) to move just over $10k
 

Or keep both accounts and set up occasion recurring payments back and forth between them. :)

Re: Transferwise (or others) to move just over $10k
 

A tip from experience... Tell your bank you've lost your card and get a new one sent. I accidentally purchased something from Amazon and my overdraft bill was more than the item. :(

Re: Transferwise (or others) to move just over $10k
 

:rofl::confused::ohmy:

Re: Transferwise (or others) to move just over $10k
 

Excellent advice. Take note all!

Re: Transferwise (or others) to move just over $10k
 

Also worth keeping is a UK credit card. We kept our credit card in credit by a ‘few bob’ for 25 years so that we would never loose it. We used it minimally and only periodically when we returned to the UK and paid it off immediately before we departed... just so it would continue, and the fact that it had a credit balance on it it kept it open.

Use a trustworthy UK relatives address and if you ever return you have a UK card. Definitely worth doing because who knows what the future brings!

Re: Transferwise (or others) to move just over $10k
 

Sounds like a largely pointless exercise. Keeping a bank account, sure, but meh to keeping a credit card.

Re: Transferwise (or others) to move just over $10k
 

Should you need it Transferwise offer a "borderless" Sterling account. A US resident can open one with quite easily

They give you a sort code and an account number. No cheques but you can make payments, I think there is a small charge for each payment. But the account is free.

Re: Transferwise (or others) to move just over $10k
 

Why is keeping a credit card pointless? If one returns to the UK permanently then they don’t have to apply for one. Most useful, for example if paying for insurance or even car rental. I’ve read about so many people not been able to immediately access credit upon their return.

Re: Transferwise (or others) to move just over $10k
 

Uhh, because most car rental companies allow debit card for car rentals if you have a plane ticket.

Also, paying for insurance on a credit card? That's a good reason? :unsure:

Would take all of 10 minutes to apply for one and a couple days to receive one. Hardly worth keeping one open for an indefinite amount of time.

Just budget your return and have enough cash available up front. Hardly rocket science. :lol:

Re: Transferwise (or others) to move just over $10k
 

In the US, I use a credit card for almost all expenses, but I only briefly had a credit card in the UK. I think I used it once. I'm sure I'd use one more if I returned, but it's hardly an essential item.

Re: Transferwise (or others) to move just over $10k
 

What do you mean by this? Still have to fill out the facta form I would have thought?