UK bank accounts that are best for easing the transition the US?

[simonschus 58]

Hi all,

After I move to the US on the K1, I'm going to want to open a bank account. I am aware that I can open a bank account with various US institutions (e.g. BoA).

However, are there any (non-paid) UK banking institutions that allow a fairly easy move of a UK current account to the US? I currently bank with NatWest but happy to open an account with another company (e.g. HSBC; Santander) if it makes the move easier.

I'm going to do my own research relative to my circumstances but thought I'd ask your opinions on UK banks.

Simon.

[Nich-Nick 3,353]

What is your objective? Get your money to the US or something else?

Edited February 10, 2016 by Nich-Nick

[simonschus 58]

Hi there

My objective is primarily to open an account in the US (perhaps with a UK-based institution).

Transferring money to/from the US and the UK would be nice but it is not my primary objective.

Simon.

[oscillate.wildly 1]

I found it very easy to open a Bank of America account when I was visiting.

If you want easy access to your UK money but don't want to move it yet or don't want to pay fees or have a bad exchange rate, then I recommend a Nationwide Select credit card. It lets you make purchases in USD and gives the Visa exchange rate with no commission:

http://www.nationwide.co.uk/products/credit-cards/select/managing-your-card#tab:tab2

Better than using Paypal, bringing over USD etc.

[nobbie 105]

I had HSBC in the UK so thought HSBC in the US would help. The UK end told me my credit history would be able to be transferred over. This turned out not to the case because of the US end. In my limited experience the US banks are years and years behind UK / Europe. They have only just introduced chip and pin can you believe.

I would open an account with branches / ATMs near where you're going to be as the ATMs in the US rip you off for charges if you don't use one belonging to the bank you are with.

[simonschus 58]

Thanks for your help oscillate.wildly and nobbie, I appreciate it. I'm in the US once a month at the moment anyway so I happen to have the Halifax Clarity credit card which doesn't charge a fee for using it (unsure where they get the rate from, whether it is the MasterCard rate or if it is a percentage or so above that). I also happen to have a Supercard linked to an AMEX but have had trouble with it so don't use it too often as it is unreliable during the pilot phase.

I'm currently with NatWest which seemingly doesn't offer a UK-to-US option. I'm thinking that it might be useful to set up a HSBC or Santander account. I see Santander ATMs everywhere I got on East Coast but rarely see HSBC apart from in financial centres (and for that matter, I also see RBS which is the parent group of NatWest I thought).

Nonetheless, any more thoughts or experience of transferring UK current/bank accounts to the US transfers would be useful. I recognise that transfer is probably the wrong word given it is just setting up a new account but I'm trying to establish whether there is any benefit to having that UK-to-US connection during the initial setup as well as the short- and longer-term maintenance of the account (over vs. BoA, Citizens, etc).

Simon.

P.S. This is entirely focused on what the UK terms as *current accounts*. I think I'm fairly happy with a strategy as to how I'll establish credit over there but I'm more thinking of ways to easily opening an account over in the US with a bank that has a strong UK presence, plus a guide is also available on the VJ website anyway as to establishing credit.

Edited February 11, 2016 by simonschus

[UKTOBK 11]

Hi Simon

I work in banking (for the brand you use actually - good choice) ... I imagine the reason you have not found a UK to US switch option is because of term and conditions, bank accounts and bank conduct is covered by FCA sanctions here, the US will have different terms and conditions I imagine, not to mention different systems, sanctions and processes!!!

[bariki 71]

Switch, no, but HSBC can open a US checking account (think current account) for you and even port your UK credit history to their US operation so that you don't have to start all over again with building your credit from scratch. I did this back in October when I emigrated and they sorted out the bank account, a credit card and an overdraft.

[Edit] The credit history transfer is internal to HSBC only. You will still, of course, have to build up local credit again from scratch as far as other lenders will be concerned.

Edited February 11, 2016 by bariki

[nobbie 105]

 

Switch, no, but HSBC can open a US checking account (think current account) for you and even port your UK credit history to their US operation so that you don't have to start all over again with building your credit from scratch. I did this back in October when I emigrated and they sorted out the bank account, a credit card and an overdraft.

[Edit] The credit history transfer is internal to HSBC only. You will still, of course, have to build up local credit again from scratch as far as other lenders will be concerned.

 

Thats what HSBC told me in the UK about credit history, so I thought great we'll use them for a mortgage as I had great credit history with the. Nope, did not work, got turned down because, no credit history.

Edited February 18, 2016 by nobbie

[bariki 71]

  

Thats what HSBC told me in the UK about credit history, so I thought great we'll use them for a mortgage as I had great credit history with the. Nope, did not work, got turned down because, no credit history.

Well that sucks. Did you go through the international account opening process when you moved to the US?

[simonschus 58]

The discussion has strayed slightly as it focuses on credit history which was not the original focus of my post. However, given that it has strayed I thought I would ask something about the HSBC current account and international account opening process.

You mention that HSBC will port your credit history to the US arm of HSBC, albeit that this will only be local to HSBC. That makes sense and it is similar to AMEX's Global Transfer which I will be availing myself of when my move happens.

However... what credit history will HSBC port over? Do you think they port only your HSBC history? Or your broader credit history with the credit reference agency that they use? I'm just wondering whether there is any benefit to me opening a HSBC account in the UK now with the view for porting my broad credit history over to the US in about 4 months.

Simon.

Edited February 20, 2016 by simonschus

[UKTOBK 11]

The discussion has strayed slightly as it focuses on credit history which was not the original focus of my post. However, given that it has strayed I thought I would ask something about the HSBC current account and international account opening process.

You mention that HSBC will port your credit history to the US arm of HSBC, albeit that this will only be local to HSBC. That makes sense and it is similar to AMEX's Global Transfer which I will be availing myself of when my move happens.

However... what credit history will HSBC port over? Do you think they port only your HSBC history? Or your broader credit history with the credit reference agency that they use? I'm just wondering whether there is any benefit to me opening a HSBC account in the UK now with the view for porting my broad credit history over to the US in about 4 months.

Simon.

Hi Simon

I'm wading in again on this one, when a bank first opens an account they use your external credit to determine what they can offer you, they then build an internal credit status on you based on your account conduct and activity, this usually takes between 3 and 6 months to establish with a fully operational main banked current account, I.e your wages mandated to the account. As I mentioned before I work for a UK bank I'm actually a senior personal banker so I am familiar with our banking processes, although they tend to be very similar across the market as far as I am aware.

So Assuming hsbc do move your internal credit across to the U.S. you would want to do a full switch across to them Asap, that said its a lot of faffing about if it doesn't actually work!!!! Switching is easy enough though every bank offers an industry backed 7 day switch guarantee and they will switch all your income and outgoings across without you having to do any of the hard slog yourself!!!

[UKTOBK 11]

Hi Simon

I'm wading in again on this one, when a bank first opens an account they use your external credit to determine what they can offer you, they then build an internal credit status on you based on your account conduct and activity, this usually takes between 3 and 6 months to establish with a fully operational main banked current account, I.e your wages mandated to the account. As I mentioned before I work for a UK bank I'm actually a senior personal banker so I am familiar with our banking processes, although they tend to be very similar across the market as far as I am aware.

So Assuming hsbc do move your internal credit across to the U.S. you would want to do a full switch across to them Asap, that said its a lot of faffing about if it doesn't actually work!!!! Switching is easy enough though every bank offers an industry backed 7 day switch guarantee and they will switch all your income and outgoings across without you having to do any of the hard slog yourself!!!

Oh yeah..to answer your actual question... Lol..... I think It would only be your internal credit file that moves across...not the broader credit file.

[simonschus 58]

Oh yeah..to answer your actual question... Lol..... I think It would only be your internal credit file that moves across...not the broader credit file.

Thanks for your insight If only my internal credit file would be transferred to the HSBC US, it is a little difficult to justify moving my existing (Natwest) UK account over to HSBC UK just to build up a four month profile which I can then port to the US to leverage opening a US credit card other than AMEX. I can't see a four month UK profile being too strong particularly because my UK credit history is mainly developed from sources external to my bank account... primarily, the credit cards that I hold.

Saying that, I'm still not ruling it out. Perhaps it'll simply help me by meaning I won't need to apply for a secured credit card when over there.

Simon.

Edited February 20, 2016 by simonschus

[UKTOBK 11]

Thanks for your insight If only my internal credit file would be transferred to the HSBC US, it is a little difficult to justify moving my existing (Natwest) UK account over to HSBC UK just to build up a four month profile which I can then port to the US to leverage opening a US credit card other than AMEX. I can't see a four month UK profile being too strong particularly because my UK credit history is mainly developed from sources external to my bank account... primarily, the credit cards that I hold.

Saying that, I'm still not ruling it out. Perhaps it'll simply help me by meaning I won't need to apply for a secured credit card when over there.

Simon.

Well being that hsbc seem to be the only viable option to offer this credit switch internally It may be worth the try, your external credit will be used to open the account and will help to form your credit eligibility with hsbc at fpoc.

I work for your current bank and its a shame we are no longer affiliated to citizen bank....I was only talking to my fiancé earlier about how frustrating it is going to be to build credit from scratch again, especially considering how strong mine is over here In the UK. Pffffttttt

If you do decide to go ahead and transfer your banking please report back your findings... It will be useful to others who are starting the process of planning to!

:-)