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UK bank account for UK Citizen / non-resident

UK bank account for UK Citizen / non-resident

Old Nov 19th 2019, 9:53 am
  #16  
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Default 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.
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Old Nov 20th 2019, 1:07 pm
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Default 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!

Originally Posted by Steerpike View Post
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...
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Old Nov 20th 2019, 4:36 pm
  #18  
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Default Re: UK bank account for UK Citizen / non-resident

Originally Posted by msk2uon View Post
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!
What is your residency and citizenship? And where are you hearing about fee-free transfers? I'm aware of 'pretty cheap' transfers 4 GBP I believe, but not fee-free. Are you thinking of the 'premier banking' level, which has a fairly high minimum balance - 30k GBP if I'm not mistaken. What roadblocks are you running into?

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.
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Old Nov 20th 2019, 4:52 pm
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Default 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.
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Old Nov 20th 2019, 5:05 pm
  #20  
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Default Re: UK bank account for UK Citizen / non-resident

Originally Posted by msk2uon View Post
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!
I have both a USA and UK bank account with HSBC which includes the fee free transfer, however I always get a better rate with Transferwise when I check. I can open 2 windows in my browser, line up the transfers and compare the £’s that will arrive in my UK account and Transferwise is always much better so I end up hitting “cancel” on the HSBC screen and “submit” on the Transferwise screen.
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Old Nov 20th 2019, 5:17 pm
  #21  
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Default 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.
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Old Nov 27th 2019, 3:13 pm
  #22  
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Default 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!

Originally Posted by penguinsix View Post
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.
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Old Nov 27th 2019, 3:41 pm
  #23  
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Default Re: UK bank account for UK Citizen / non-resident

Originally Posted by Steerpike View Post


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.
I've done similar business in the past with both banks.

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.
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