UK bank account for UK Citizen / non-resident
Nov 19th 2019, 8:53 am
#16
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Re: UK bank account for UK Citizen / non-resident
Excellent news, thanks for the detailed update.
When my wife inherited £60k in 2010 we transferred it over to the US with no issues at all from HMRC or the IRS. When asked by the transfer company (XE.com at the time) for the source of the funds then “Inheritance” was readily accepted.
When my wife inherited £60k in 2010 we transferred it over to the US with no issues at all from HMRC or the IRS. When asked by the transfer company (XE.com at the time) for the source of the funds then “Inheritance” was readily accepted.
Nov 20th 2019, 12:07 pm
#17
Just Joined
Joined: Jan 2017
Posts: 19
Re: UK bank account for UK Citizen / non-resident
Hi,
Am trying to do the same while holding a HSBC USA account but its proving trickier than I'd expected. I'd really like to benefit from the fee free transfer between UK and USA. Would you be able to PM me the contact of the local HSBC chap who set you up? Much appreciated!
Am trying to do the same while holding a HSBC USA account but its proving trickier than I'd expected. I'd really like to benefit from the fee free transfer between UK and USA. Would you be able to PM me the contact of the local HSBC chap who set you up? Much appreciated!
Update - Barclays were super-efficient and got me all setup with one video call. This was Barclays international, based in Isle of Man. Minimum balance 25k GBP to avoid fees, so not 'basic' but suits my needs. They did a video call and had me hold up my passport and drivers license to the camera, and also a form they had me download and sign - no need to scan anything, or submit anything - definitely pretty cool!
In the meantime, a lady at the first HSBC branch I walked into in UK had emailed her 'regional colleague' asking for his input. He got back to me and was convinced I could open a regular UK account with HSBC UK without any need for US or international elements - totally contradicting everything else I heard / read. So I went along with him despite being very skeptical. He arranged for me to go into a branch, and after a 2 hour session, I was given a basic bank account! I'm still half-expecting someone to write / email and say, sorry we made a mistake, but so far it's still moving along. And even though HSBC is clearly not in the same caliber as Barclays International, I may end up ditching the Barclays account and using the HSBC one as there are virtually no minimums and the fees for transferring to US are quite low in comparison.
I'll be getting the check / cheque pretty soon so I'll make a final decision then. Clearly there is a lot of confusion and inconsistency in this area!
Meanwhile, no one seems to think that suddenly acquiring $40k will raise any eyebrows with the IRS; yet if you 'earn' that amount, you have to pay a ton of taxes! I would have thought 'gifts' would be treated less favorably than hard-earned income...
In the meantime, a lady at the first HSBC branch I walked into in UK had emailed her 'regional colleague' asking for his input. He got back to me and was convinced I could open a regular UK account with HSBC UK without any need for US or international elements - totally contradicting everything else I heard / read. So I went along with him despite being very skeptical. He arranged for me to go into a branch, and after a 2 hour session, I was given a basic bank account! I'm still half-expecting someone to write / email and say, sorry we made a mistake, but so far it's still moving along. And even though HSBC is clearly not in the same caliber as Barclays International, I may end up ditching the Barclays account and using the HSBC one as there are virtually no minimums and the fees for transferring to US are quite low in comparison.
I'll be getting the check / cheque pretty soon so I'll make a final decision then. Clearly there is a lot of confusion and inconsistency in this area!
Meanwhile, no one seems to think that suddenly acquiring $40k will raise any eyebrows with the IRS; yet if you 'earn' that amount, you have to pay a ton of taxes! I would have thought 'gifts' would be treated less favorably than hard-earned income...
Nov 20th 2019, 3:36 pm
#18
Lost in BE Cyberspace
Thread Starter
Joined: Nov 2007
Location: Bay Area, CA
Posts: 13,100
Re: UK bank account for UK Citizen / non-resident
Hi,
Am trying to do the same while holding a HSBC USA account but its proving trickier than I'd expected. I'd really like to benefit from the fee free transfer between UK and USA. Would you be able to PM me the contact of the local HSBC chap who set you up? Much appreciated!
Am trying to do the same while holding a HSBC USA account but its proving trickier than I'd expected. I'd really like to benefit from the fee free transfer between UK and USA. Would you be able to PM me the contact of the local HSBC chap who set you up? Much appreciated!
From https://www.us.hsbc.com/content/dam/...come_Guide.pdf
You have up to 90 days after account opening to meet the full balance requirement by maintaining combined U.S. personal deposit and investment balances of at least $100,000; otherwise, a $50 monthly maintenance fee will be incurred
I'll have to see if I can find the details of the guy; I was using a temporary phone and SIM while there, and the calls were on that device.
Nov 20th 2019, 3:52 pm
#19
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Joined: Aug 2013
Location: Athens GA
Posts: 2,133
Re: UK bank account for UK Citizen / non-resident
"Fee free" transfers, where they exist, mean that the exchange rate is less favorable. Whatever the financial institution they derive income one way or the other, or both.
Nov 20th 2019, 4:05 pm
#20
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,127
Re: UK bank account for UK Citizen / non-resident
Hi,
Am trying to do the same while holding a HSBC USA account but its proving trickier than I'd expected. I'd really like to benefit from the fee free transfer between UK and USA. Would you be able to PM me the contact of the local HSBC chap who set you up? Much appreciated!
Am trying to do the same while holding a HSBC USA account but its proving trickier than I'd expected. I'd really like to benefit from the fee free transfer between UK and USA. Would you be able to PM me the contact of the local HSBC chap who set you up? Much appreciated!
Nov 20th 2019, 4:17 pm
#21
MODERATOR
Joined: Nov 2006
Location: Hong Kong, mostly.
Posts: 5,214
Re: UK bank account for UK Citizen / non-resident
FWIW I opened an HSBC Premier account in the UK after having my HSBC Premier representative in the USA suss it out with his UK counterparts. I was actually in Hong Kong at the time, so I had to go to HSBC HK and sign some papers in front of them but it all worked out eventually. I now have a US, UK and HK account with HSBC all linked together.
Nov 27th 2019, 2:13 pm
#22
Just Joined
Joined: Jan 2017
Posts: 19
Re: UK bank account for UK Citizen / non-resident
I'll try this as am now back in the US. Its always a pain getting through to someone on the helpline that can actually help with HSBC unfortunately!
FWIW I opened an HSBC Premier account in the UK after having my HSBC Premier representative in the USA suss it out with his UK counterparts. I was actually in Hong Kong at the time, so I had to go to HSBC HK and sign some papers in front of them but it all worked out eventually. I now have a US, UK and HK account with HSBC all linked together.
Nov 27th 2019, 2:41 pm
#23
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Re: UK bank account for UK Citizen / non-resident
UPDATE - today I spoke to a very helpful person at Barclays International - he was based in Isle of Man. He said as long as I have at least 25,000 GBP I can set up an account, with no need for a corresponding account in US. Everything he said sounded reasonable and they do the application by video, including verification of docs! So it's looking like I'll go the Barclays route. I did get a call back from someone at HSBC and he is convinced I can just open a UK account without a US account, but I'm very doubtful. I'll pursue that angle also, though, to keep options open.
In 2010 I "parked" a sterling inheritance of ca £140K with Barclay's Wealth International (IoM) while resident in Canada, both physically and tax-wise. Around the same time I opened an HSBC Premier account in Canada and later, prior to retirement back in UK, had them open a UK account for me to which I transferred the proceeds of selling our Canadian home. No problems with either of these options.
