Transferwise (or others) to move just over $10k
#1
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Joined: Jan 2016
Posts: 1,167
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
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
Last edited by PetrifiedExPat; Mar 14th 2018 at 10:45 pm.
#2
Re: Transferwise (or others) to move just over $10k
No problems. Your US bank will do the reporting required.
#3
Re: Transferwise (or others) to move just over $10k
No. I've done it using transferwise. Tell your receiving bank beforehand.
#4
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Joined: Jul 2015
Location: Panama City, FL
Posts: 2,061
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.
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.
#5
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.
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.
#6
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.
#8
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Joined: Dec 2016
Location: Ex North Carolina, now in Yorkshire
Posts: 96
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.
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.
#9
Forum Regular
Joined: Dec 2016
Location: Ex North Carolina, now in Yorkshire
Posts: 96
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.
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.
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!
#10
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!
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!
#11
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Joined: Nov 2007
Posts: 906
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.
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.
#12
Forum Regular
Joined: Dec 2016
Location: Ex North Carolina, now in Yorkshire
Posts: 96
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.
#13
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.
Also, paying for insurance on a credit card? That's a good reason?
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.
#14
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.