Taking PPL money to America
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Taking PPL money to America
Hi,
Im going to Florida in January to do my PPL but i'm not sure how to get my money over there.
At present my money is sat in the UK, already in US Dollars as the exchange rate has been good so I changed it from GBP. I have tried to get a US Dollar account in the UK that has a cash card with it but unless I have a big account balance the banks arent interested.
So what do you think I should do? I dont want to have to take it over there in travellers cheques really, as I would be really worried about something happening to it. I was thinking of opening a bank account in the US when I get there to dump the money. Any idea if its easy for a UK citizen to open an account there?
Any advice or ideas would be welcomed,
Thanks
James
Im going to Florida in January to do my PPL but i'm not sure how to get my money over there.
At present my money is sat in the UK, already in US Dollars as the exchange rate has been good so I changed it from GBP. I have tried to get a US Dollar account in the UK that has a cash card with it but unless I have a big account balance the banks arent interested.
So what do you think I should do? I dont want to have to take it over there in travellers cheques really, as I would be really worried about something happening to it. I was thinking of opening a bank account in the US when I get there to dump the money. Any idea if its easy for a UK citizen to open an account there?
Any advice or ideas would be welcomed,
Thanks
James
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Whatever you do don't think of taking cash. Anything over £10,000 might be confiscated by Customs unless you have full paperwork to prove that it's legit.
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It is probably as difficult to open a bank account in the US as anywhere else due to the money laundering laws that are in place. As a foreigner even more difficult.
I would and am taking travellers cheques. If they get lost or stolen at least there is a chance of getting them replaced.
I ensure that I have the travllers cheques details in three places.
Firstly on me in a safe place away from my travellers cheques. So if my cheques are stolen, I still have my details.
Secondly a member of the family back home also has a copy of the cheque details which would come in handy if I had lost them.
Finally I have a copy kept at work, ( my secretary) whom again I can contact if necessary.
Keeping large amounts of cash is not clever and at Travelex cash and travellers cheques cost the same.
CB
I would and am taking travellers cheques. If they get lost or stolen at least there is a chance of getting them replaced.
I ensure that I have the travllers cheques details in three places.
Firstly on me in a safe place away from my travellers cheques. So if my cheques are stolen, I still have my details.
Secondly a member of the family back home also has a copy of the cheque details which would come in handy if I had lost them.
Finally I have a copy kept at work, ( my secretary) whom again I can contact if necessary.
Keeping large amounts of cash is not clever and at Travelex cash and travellers cheques cost the same.
CB
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How about a credit card, linked to the account in the UK which holds the dollars? There's very few places in the USA which don't accept credit cards. I would agree that traveller's cheques are as safe as anything, but a credit card is equally as handy.
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I paid for my entire FAA/IR at NAC in Feb 2002 by credit card, settling up my account every time my a/c reached 500 dollars or so.
No probs at all BUT don't forget to let your credit card company know when and where you're going, as sudden unusual spending in a non-usual place often leads to a sudden cancellation of your card to combat suspected fraud, which could be very embarrassing if you're relying on it for funds while you're in USA.
Safe flying
Cusco
No probs at all BUT don't forget to let your credit card company know when and where you're going, as sudden unusual spending in a non-usual place often leads to a sudden cancellation of your card to combat suspected fraud, which could be very embarrassing if you're relying on it for funds while you're in USA.
Safe flying
Cusco
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As far as taking Cash with you, I wouldn't bother. Like other people I use a credit card in the states, then log onto the internet and just pay it off from my bank account as I spend. If I want cash, I use my normal bank card in the ATM machine. You get a better exchange rate using a cc as opposed to going to say Travelex and changing up cash.
Opening a bank account in the US is easy, me and all my mates who regularly fly have them. I set up an electronic monthly transfer from my Halifax account in the UK to the US account, this stops me paying bank charges to the US bank account as it counts as an electronic inward funds transfer. Costs about a fiver in fees every month to transfer though the exchange rate is far more favourable than changing cash. Before I go flying, I normally up the monthly payment online for a few months before I go to ensure I've got enough beer tokens...
Cheers
EA
Opening a bank account in the US is easy, me and all my mates who regularly fly have them. I set up an electronic monthly transfer from my Halifax account in the UK to the US account, this stops me paying bank charges to the US bank account as it counts as an electronic inward funds transfer. Costs about a fiver in fees every month to transfer though the exchange rate is far more favourable than changing cash. Before I go flying, I normally up the monthly payment online for a few months before I go to ensure I've got enough beer tokens...
Cheers
EA
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Just watch the credit card charges. They usually charge 2,75% for the transaction and use their own exchange rate for the conversion. It can work out quite expensive.
I will be avoiding credit cards this year.
CB
I will be avoiding credit cards this year.
CB
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Best option I found was with Citibank - they can open a dollar account for you which will give you a cash card to use over there - and the funds deposited here in $USD - usual thigs needed to open it these days to prove who you are etc..
for the record, no affiliations with the bank except my overdraft!
for the record, no affiliations with the bank except my overdraft!
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Thanks a lot.
I have been living in Japan for the last two years so instead of converting Yen to Pounds to Dollars I just converted my yen directly to dollars. So therefore I cant use a credit card (I cant find one that I can link to a USD account)
I enquired with most of the major banks and they all say that you need a consistent minimum balance of upwards of 10000GBP at all times and a monthly income of 75000 GBP!!
At the moment Im thinking of taking a few grand in Travellers Cheques over with me, then opening a bank account in Florida straight away and getting my parents to transfer the rest over.
James
I have been living in Japan for the last two years so instead of converting Yen to Pounds to Dollars I just converted my yen directly to dollars. So therefore I cant use a credit card (I cant find one that I can link to a USD account)
I enquired with most of the major banks and they all say that you need a consistent minimum balance of upwards of 10000GBP at all times and a monthly income of 75000 GBP!!
At the moment Im thinking of taking a few grand in Travellers Cheques over with me, then opening a bank account in Florida straight away and getting my parents to transfer the rest over.
James
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As chrisbl mentions, the card charges can be a bit steep and be assured that all card charges are not the same. I use HSBC for international credit card withdrawals but speaking to others, bank charges do vary so it would be worth while to compare card charges and how the exchange rates will be applied. A friend who was in the USA with me did a credit card transaction on the same day as me with a different card operator and got an exchange rate around 2% worse than mine. Adds up over a period!
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I opened an account with Bank Of America, strolled in branch and showed them my UK driving licence and passport and that was it! You have to sign a non-resident alien form or something so they dont tax you on your account. They even issued me with a temporary cheque book there and then until my proper one came through.
They give you what they call a 'Visa Gold Card' - DOnt get all excited!!! - its actually just a cash card and can be used in shops just like a switch/visa card. I have used it France as well but you do get a withdrawl charge for cash if used outside US. Accounts fees other than then are very small, I think $3 a month rings a bell.
As apoint of interest I took half $ and half £ when I went over last, I wish I had waited as in UK I was given 1.54 and in BOA they offered my 1.61 - DOH! In future I will be taking £ and changing up when I get over there, or as EA says set up a monthly electronic transfer and then all your flying/hotel is 'paid for' when you arrive - no money to find!
They give you what they call a 'Visa Gold Card' - DOnt get all excited!!! - its actually just a cash card and can be used in shops just like a switch/visa card. I have used it France as well but you do get a withdrawl charge for cash if used outside US. Accounts fees other than then are very small, I think $3 a month rings a bell.
As apoint of interest I took half $ and half £ when I went over last, I wish I had waited as in UK I was given 1.54 and in BOA they offered my 1.61 - DOH! In future I will be taking £ and changing up when I get over there, or as EA says set up a monthly electronic transfer and then all your flying/hotel is 'paid for' when you arrive - no money to find!
For use in the UK my Mastercard (Bank of Scotland) gives me a sterling chequebook that I can use to write cheques against my credit card. A useful facility for buying expensive items from people who don't have credit card facilities (like an aeroplane 
). Has anybody tried to persuade Mastercard to give them a USD chequebook (checkbook!), I keep meaning to ask them.
G
). Has anybody tried to persuade Mastercard to give them a USD chequebook (checkbook!), I keep meaning to ask them.G
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Hi James,
If you take more than $10,000 into the United States then you *MUST* declare it. If you do NOT declare it and the customs guy finds it then they currency / cheques will most likely be convisgated. This is so they can monitor what is entering and leaving the United States and all it requires is a form which you obtain from customs when you arrive in the United States.
I took $13,500 worth of Travellers Cheques and US$500 in currency to the USA in July. I informed the customs quy and said I was aware that there was a form I had to fill in. He handed me a form and a pen, I filled it in and he said "thank you", you'd better run for your flight now (I had around 15 minutes to get to the other side of Altanta Airport for my connecting flight to Miami due to a two hour wait in immigration). He didn't want or need to see the money, travellers cheques, receipts etc. I did however have all of the receipts, bank statements just in case.
Actually the customs guy helped me fill it in (its a typical USA government style form). The form asks for the amounts, where you're staying, what the money is for - "Flight Training" doesn't ring any alarm bells with them, in fact he said good luck with the flight training after the thank you.
But the American culture likes credit cards... I've been in a couple of FBO's in California asking for some fuel for the Arrow and I was to pay buy cash... they had to ring their management to ask if that was okay, which after about fifteen minutes of head scratching turned out to be yes you can pay by cash!!! So since then I've taken a credit card with me just in case (self service fuel at some fields where it requires a credit card).
Hope this helps.
Best wishes,
Charlie Zulu.
If you take more than $10,000 into the United States then you *MUST* declare it. If you do NOT declare it and the customs guy finds it then they currency / cheques will most likely be convisgated. This is so they can monitor what is entering and leaving the United States and all it requires is a form which you obtain from customs when you arrive in the United States.
I took $13,500 worth of Travellers Cheques and US$500 in currency to the USA in July. I informed the customs quy and said I was aware that there was a form I had to fill in. He handed me a form and a pen, I filled it in and he said "thank you", you'd better run for your flight now (I had around 15 minutes to get to the other side of Altanta Airport for my connecting flight to Miami due to a two hour wait in immigration). He didn't want or need to see the money, travellers cheques, receipts etc. I did however have all of the receipts, bank statements just in case.
Actually the customs guy helped me fill it in (its a typical USA government style form). The form asks for the amounts, where you're staying, what the money is for - "Flight Training" doesn't ring any alarm bells with them, in fact he said good luck with the flight training after the thank you.
But the American culture likes credit cards... I've been in a couple of FBO's in California asking for some fuel for the Arrow and I was to pay buy cash... they had to ring their management to ask if that was okay, which after about fifteen minutes of head scratching turned out to be yes you can pay by cash!!! So since then I've taken a credit card with me just in case (self service fuel at some fields where it requires a credit card).
Hope this helps.
Best wishes,
Charlie Zulu.
