Bank Account Query

[Fatpossum 0]

Hi Guys,

Thanks for all the continued help, not sure what I would have done without this site.

I am flying out to the states on the 11th of August to start my new life with Nikki, I'm excited but am running around like a blue ####### fly trying to make sure I have everything I need before I go.

I have lived in America before (2004-2005 in college and for a few months in 2007) and never opened a bank account there as I have a UK Nationwide Flex Account that does not charge me for international transactions. I will obviously be opening a bank account in the states, however, I will be keeping my Nationwide account open as I will be owed wages up until December and will, hopefully, be getting a tax rebate next year.

At first I was thinking of transferring my saved money from my Nationwide account to my American account in one lump sum. However, I have recently been sending money to Niki via Paypal and am getting a little annoyed about the charges so I have pretty much decided to leave my money in the UK account and use it as and when I need it. Has anyone else done similar? Was it a good idea?

I am also planning on opening a savings account for our "proper" wedding fund, I have an ISA account with Nationwide (hardly anything in it at the moment though), and was considering transferring a lump of money into the ISA (I can transfer money back and forth from the accounts on the internet) and using the ISA as my savings account. When I need the money for anything, I can just transfer it back into my flex account and use that. Does this sound like a good idea or should I open a savings account in the US?

Cheers Guys!

[Fatpossum 0]

Anybody????

[1HappyGuy 45]

That sounds very sensible. Banks in America are all about fees. The interest you earn here is pretty low, so you probably will do better keeping the money overseas for now. Especially if you can transfer sums here without cost.

However, your earnings in UK will be taxed here, although you are allowed a tax credit for taxes paid in UK. The figuring may be a little difficult since the tax years of USA and UK aren't the same.

Be patient about bringing money to America and don't transfer more than $10,000 at a time.

[Jeraly 4]

I'd check on the ISA - because it is tax free interest this might have implications if you leave the country.

I kept my current account open in the UK and opened a checking and joint savings here in the US just to make life easier really. WaMu offers 3.3% (not as good as the UK I know, but a higher amount of money due to exchange rate) if you upgrade your savings account online and have a certain amount of money in it.

As for transferring the money across, we used Custom House as there was no charge and the exchange rates are the best we have found online - you can keep track of the rates every 60 seconds as they fluctuate and choose the best time to send your money across

[Martin&Nat 0]

Hi

I do exactly the same as you - I still make money from website development that is paid in GBP to my UK bank account. I use Nationwide like you, and simply go to an ATM to withdraw the $$ as and when I need them. I am limited to $500 in any 24 hour period, not sure if this can be changed.

Also bear in mind that some US banks will still charge you for using a card that wasn't issued by them, although I have found Chase and HSBC definitely won't charge. In any case, you are always notified on screen if any charges will be made by the US bank.

I hope this helps.

- Martin

[Fatpossum 0]

Cheers Martin,

I'll do similar when I get out there!

James