UK Bank Accounts/TorFX Transfer

[Melancholic Mage 87]

Hello, wanted to ask how others have decided to take care of their finances in the UK once jumping the pond?

 

I've been told to use TorFX to make the big currency transfer, and plan to send all of my money to my husband. Once I'm in the US, we plan to open a joint bank account together as well as a personal one for me on the side. I wanted to keep at least one UK account open however should I need to take care of any loose ends here for any reason, but most banks I've seen force you to close them once jumping UK residency.

 

Some have told me to open an online only account and simply leave it registered under a family address to keep it open. Unsure if this is wise, however. Would love any thoughts or advice on how others proceeded.

 

Thanks.

[P055UM 277]

I used Wise. Easy interface and low fees. Comes with a debit card too, as well as the ability to convert into a tonne of other currencies if ever needed.

 

As for the UK residency part of closing accounts, I think many members here still maintain theirs. It’s not like they ask when you leave, and it is necessary for tying up loose ends etc 

[Cw1977 100]

3 hours ago, Melancholic Mage said:

Hello, wanted to ask how others have decided to take care of their finances in the UK once jumping the pond?

 

I've been told to use TorFX to make the big currency transfer, and plan to send all of my money to my husband. Once I'm in the US, we plan to open a joint bank account together as well as a personal one for me on the side. I wanted to keep at least one UK account open however should I need to take care of any loose ends here for any reason, but most banks I've seen force you to close them once jumping UK residency.

 

Some have told me to open an online only account and simply leave it registered under a family address to keep it open. Unsure if this is wise, however. Would love any thoughts or advice on how others proceeded.

 

Thanks.

Ive kept my U.K. one open. Changed the address to my parents there, and every so often when I’m back in U.K. I just put a few quid through it to keep it live. Had no issues at all. Been in US coming up a year now. 

[Cw1977 100]

Just now, Cw1977 said:

Ive kept my U.K. one open. Changed the address to my parents there, and every so often when I’m back in U.K. I just put a few quid through it to keep it live. Had no issues at all. Been in US coming up a year now. 

Mine is just a regular Santander one. Not a web only one

[Tesco 70]

Wise is a really good system and easy to use and set up. You can transfer to your U.S account and also U.S to U.K account too. Best to keep your U.K bank accounts open and simply register to a family members address. Saying that many banks will allow a non resident to maintain a current account, (overseas address). As far as I can remember only NS&I will permit a savings account with a U.S address, (FACTA compliment). There can be no more ISA contributions on departure.

My advice would be to keep all your accounts in the UK open, as trying to open a new one  may not be possiable. Keeping the ‘bridge’ open can also help with HMRC’s final tax return payments/credits. Direct Debits and things like your mobile phone account should you keep it going, (authorising WhatsApp etc).

 

[Melancholic Mage 87]

Thank you everyone, you've definitely convinced me to use Wise as opposed to TorFX! You mentioned it comes with its own debit card - does it work like a usual bank account but allows a mix of currencies? How does it work? Can I use it in both USA and UK?

 

I asked around about keeping my accounts open, even made appointments with financial advisors in my own bank. But many brick and mortar banks said they didn't allow overseas residency: or if they did, it came at a ludicrous price. I'm not very well off and while I have hard-earned savings over many years of toil, it's certainly not in the amounts I've seen some members quote on here.

 

I think I'll close the accounts with physical banks and keep my online-only one open. My family aren't young and I'm concerned should something happen, I'll no longer have a UK residency to list. God forbid, but it's a reasonable concern. To fly back and close accounts in physical branches seems a lot of work when I'm sure my online-only account will be able to tie up loose ends remotely. That and they've never really asked for proof of address bar initial opening of the account.

[bonkane 9]

I've been looking at using Wise as their rates seem decent and fees low.

[Dragonsarereal 14]

hi! Just moved to the USA a month ago. I would suggest to keep the UK account open. An officer at Barclays told me that unless I tell them I moved, they simply cannot find out. I am using Wise but I had 3 accounts with them and it's proving complicated to move funds around as for two of them I cannot find out the sort code and account number. Ha ha. (I even called Wise and their own operator had no idea!)

 

The number 1 reason to keep your UK account is that if anything happens, and you must return to the UK, it will be extremely difficult to open a new UK account without proof of residence.

And if you want to rent they will want...a UK account.

 

I read in many expat forums that it's best to keep it. So useful when you go back for holidays, too.

 

[Melancholic Mage 87]

13 hours ago, Dragonsarereal said:

hi! Just moved to the USA a month ago. I would suggest to keep the UK account open. An officer at Barclays told me that unless I tell them I moved, they simply cannot find out. I am using Wise but I had 3 accounts with them and it's proving complicated to move funds around as for two of them I cannot find out the sort code and account number. Ha ha. (I even called Wise and their own operator had no idea!)

 

The number 1 reason to keep your UK account is that if anything happens, and you must return to the UK, it will be extremely difficult to open a new UK account without proof of residence.

And if you want to rent they will want...a UK account.

 

I read in many expat forums that it's best to keep it. So useful when you go back for holidays, too.

 

 

Thank you Dragonsarereal, that's really helpful. I find it strange I was told I have to close my account or pay premium for an overseas one, but I wondered myself how exactly would they know? I have two accounts with one bank, then one online only account. I'm still leaning towards keeping the online only one open since it's all just that - online - and requires no possible in-branch checks. I can also pay in USD in the US with no conversion fees using the card attached to it. 

 

Wise I'm looking deeper into, but I want to open a USA Chase account when I get first chance and wonder just how much I need Wise for. It's really just to move all my money over to my husband. In this case, do you think it's still worth opening a Wise account?

 

Congratulations on moving and I hope you're enjoying the USA!

[Big Papa Zone 93]

I’ve lived in the USA for 15 years now, and I’ve kept my UK bank account open the whole time. Easy wire transfers between that and my US account, and super handy to have a UK debit card to use when I’m back home. Kept a UK mobile phone account too, btw!

[appleblossom 2,329]

14 hours ago, Damian P said:

I’ve lived in the USA for 15 years now, and I’ve kept my UK bank account open the whole time. Easy wire transfers between that and my US account, and super handy to have a UK debit card to use when I’m back home. Kept a UK mobile phone account too, btw!

I’ve only been in the US a year but ditto to both of the above. My bank is Starling and they didn’t care that I was moving overseas, I have three accounts with them and they’re all still open.

[Green Lady 6]

On 7/22/2024 at 12:33 PM, appleblossom said:

I’ve only been in the US a year but ditto to both of the above. My bank is Starling and they didn’t care that I was moving overseas, I have three accounts with them and they’re all still open.

Thanks @appleblossom, this is really good to know as i have just switched from Santander to Starling in advance of leaving the UK next month, so my research seems on track! I also have a Wise account which is what we've been using to transfer any monies across the pond. The Wise and the Starling were both really easy to set up, really clear and both have great apps. I transferred my wages to starling as it had a Switch Guarantee service but Wise isn't using that yet. They are similar and i like them both but my favourite aspects are that Wise has really clear split outs between as many currencies as you want (I keep sterling, euro, and dollar accounts in small amounts for travelling or just in case), and that Starling has 'spaces' that you can personalise for saving and does the switch guarantee. Both have a pleasingly clear, fast and modern format in their apps. Santander was okay before but they have just updated their app and i am not keen on their larger format look. Thanks OP for starting this thread!

Edited July 24 by Green Lady

[MaegZ0322 18]

We looked at the best options out there to transfer our money safely and securely.    Currencies Direct came out at the top.  They don't always have the best rates but I know every single time I send money, it's going to get there.  Their customer service is very good if needed.  My mom signed up as well and for her first transfer, they gave her a better rate.   I would say they are comparable rate wise with TransferWise but reading the reviews with transfer wise, we didn't feel secure enough to use them. 

 

You will have a bank fee on the recieving end unless your account is above a certain amount.  My US bank charges $15.  We have been using Currencies Direct for about 6 months now and very happy.

[Melancholic Mage 87]

Hello again, I'm in the process of soon moving to the USA as my visa's been approved (yay!) but I'm having trouble figuring out when and how to transfer my funds using Wise. I'm honestly a little confused about it.

 

Do I need to connect my UK bank account, transfer the funds to my Wise account, then from Wise transfer GBP to USD into my husband's USA bank account? Is that exactly how it goes? 

 

Also, for those in my situation or those who've traversed it, when did you move your funds over? Days before your entry flight into the USA or when you were actually in the US? Just trying to gleam a little guidance here.

[Green Lady 6]

2 hours ago, Melancholic Mage said:

Hello again, I'm in the process of soon moving to the USA as my visa's been approved (yay!) but I'm having trouble figuring out when and how to transfer my funds using Wise. I'm honestly a little confused about it.

 

Do I need to connect my UK bank account, transfer the funds to my Wise account, then from Wise transfer GBP to USD into my husband's USA bank account? Is that exactly how it goes? 

 

Also, for those in my situation or those who've traversed it, when did you move your funds over? Days before your entry flight into the USA or when you were actually in the US? Just trying to gleam a little guidance here.

I moved almost 3 weeks  ago but haven’t done the transfer yet. Will be looking into it this weekend so am following this thread for any tips anyone out here has for us 🙂☺️