Financial implications and leaving money in UK

[truffles 2]

I am planning to fly and get married in US end of July. However i have a substantial amount of money in a savings account. I also have a credit card on a 0% term til the end of the year. I waswondering if it is possible to have a bank account in UK even though i no longer reside in UK and therefore can arrange that the interest earned on the saving can be xfered monthly till the balance is paid.

Any ideas?

[Mags 112]

I have an account with the HSBC and my money is in the UK. However, they know my USA addy and send my statements there. I use online banking to check for account updates, transfer money etc etc

[payxibka 10,045]

From a US perspective, if they did not allow us to hold assets in foreign banks, then all my hidden offshore accounts would have been found by my ex-wife.

Edited May 6, 2007 by fwaguy

[Dr_LHA 3]

I am planning to fly and get married in US end of July. However i have a substantial amount of money in a savings account. I also have a credit card on a 0% term til the end of the year. I waswondering if it is possible to have a bank account in UK even though i no longer reside in UK and therefore can arrange that the interest earned on the saving can be xfered monthly till the balance is paid.

Any ideas?

As mags says, online banking is your friend. There is certainly no problem having bank accounts in the UK while living in the USA, I did for many years (although I closed them a few years bank, which really felt like I totally cut ties with the UK in many ways). Interest accrued on the savings might be taxable by the IRS, so you need to be careful there. Personally I take the opinion that what the IRS doesn't know won't hurt them, but that said I only ever had negative balances on any of my UK accounts!

[Kez/JWolf 6]

I have a UK checking account with LloydsTSB, they have my US address and my statements get sent to me here... I too use online banking to run the account.... if my family back home what to send us money for something they just pay it into my UK account and I with draw it here using ATM.... it also means that when we go home we have access to money with no international fees... its a good way to save.... I also agree about IRS if they dont know about it they cant tax you on it...

Kez

[fozzie 41]

I have a UK checking account with LloydsTSB, they have my US address and my statements get sent to me here... I too use online banking to run the account.... if my family back home what to send us money for something they just pay it into my UK account and I with draw it here using ATM.... it also means that when we go home we have access to money with no international fees... its a good way to save.... I also agree about IRS if they dont know about it they cant tax you on it...

Kez

Not sure they would tax it anyway. In th uk your interest is taxed at source and has therefore alread been sudject to tax. I don't know the us tax rules on that but it would be harsh to be taxed twice.

[MargotDarko 0]

I haven't experienced it personally, but I've heard of people having problems changing their address to the states on an account where there's an overdraft being used, so my husband is working on paying off his overdraft before moving.

[John & Annie 0]

Annie maintains her Nat West Account. Granted it is until we pay off the overdraft, but we may keep it open after that so we have funds there for when we visit.

Just make sure you get a bank card with the Master Card or Visa Logo so that you may use it at a point of sale purchase. Otherwise you may have to withdraw cash.

[Dr_LHA 3]

I haven't experienced it personally, but I've heard of people having problems changing their address to the states on an account where there's an overdraft being used, so my husband is working on paying off his overdraft before moving.

Yeah, I had that problem. LloydsTSB took away my ATM card because I wasn't paying money into my account every month (I was doing so every few months instead as it was cheaper). Didn't really matter to me, but I used to get highly amused by the letters I'd get from LloydsTSB telling me that I "must come into the branch" or "must call them by XXX date" when usually the letters were sent through some bulk mailing (i.e. not Airmail) and would invariably turn up after the date they demanded I called them.

Actually I think they took away my ATM card because I just ignored those stupid letters.

Edited May 7, 2007 by Dr_LHA