PPRuNe Forums - View Single Post - banking in the US/transfer of funds from UK
Old 2nd Dec 2006, 19:11
  #14 (permalink)  
EchoMike
 
Join Date: Jan 2006
Location: Florida
Posts: 123
Likes: 0
Received 0 Likes on 0 Posts
Travelers checks?

Traveler's checks shouldn't be much of a problem, GBP 2000 is about $4,000 these days. My opinion is that I would still open a USD account while you are here - if you ever need to order anything from the US, it is much easier to say "Yeah, I live in the UK, but I have a dollars account in Florida so I can send you a check in USD." Remember that it is almost impossible to open a USD account now unless you are here (whereupon it is as easy as ordering a Big Mac, and much more advantageous).

Many USD bank accounts have NO service charges at all, so the bank won't be getting your "parked" funds a bit every month and eventually putting you into overdraft. You want an account that does not pay interest - if you get an interest-bearing account, you'll need to declare the interest to the IRS even though you don't owe them any money - and that is far more trouble than it is worth. You probably won't have a huge amount of money in the account anyway, and the few pennies of foregone interest is a bargain when you compare it to the convenience of having a USD account when you need it.

Best Regards,

Echo Mike
EchoMike is offline