banking in the US/transfer of funds from UK
Join Date: Jan 2006
Location: Florida
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Purely convenience
Opening an account is a good idea simply for the convenience. Even though I am in the currency conversion business, I am not cost effective on amounts under about GBP 6,000 or so, and I will refer you elsewhere rather than taking you to the cleaners and making an enemy for the lordly sum of $100. (smile)
Most of my business is with real estate purchases, thus the amounts are considerably larger, and the banks really hammer people on these transactions. I've also done conversions for people on a few airplanes, some boats, and even a genuine Stradivarius violin!
If you are here for a short time, this is not really necessary, but if you will be here for a month or more, since it doesn't cost anything to do it, you'll find it worth your while. Remember that the rural areas of the USA (and that includes some places in Florida) are not very "internationalist" and I have actually been asked if they speak English in England!!!! (It's us that don't speak English, y'all.)
If you're in Vero Beach or Ft. Pierce, I'd recommend Riverside Bank. When you go in, just tell them you're a UK citizen and you'll be here for X months, you'd like to open a bank account. The only "form" you'll sign is an IRS-W7 form, which tells the IRS that the owner of this bank account is not a US citizen so leave him alone (and they do).
If you have any problems at Riverside, tell them to call Laurie Brin who is the manager at the Holly Hill office, and tell her that I sent you - she'll call me and ask what to do, and you'll then be all set.
Riverside doesn't go as far south as WPB, but there are similar mid-sized banks there who can help you (HSBC is there, but rermember it is just a franchise). Wachovia is a national chain like Bank of America and is to be avoided at all costs. Wachovia bought First Union a few years ago, which was one of the nastiest banks I've ever seen - they wanted a FINGERPRINT to cash a check! Wachovia kept the same anti-consumer attitude.
You CAN do this by credit card/debit card/traveler's checks, but you'll be adding to your net cost without any good reason. Remember, retail is for OTHER people, aviation is expensive enough without letting the banks take even more of your money and not giving you ANY flight time in exchange.
Best Regards,
Echo Mike
Most of my business is with real estate purchases, thus the amounts are considerably larger, and the banks really hammer people on these transactions. I've also done conversions for people on a few airplanes, some boats, and even a genuine Stradivarius violin!
If you are here for a short time, this is not really necessary, but if you will be here for a month or more, since it doesn't cost anything to do it, you'll find it worth your while. Remember that the rural areas of the USA (and that includes some places in Florida) are not very "internationalist" and I have actually been asked if they speak English in England!!!! (It's us that don't speak English, y'all.)
If you're in Vero Beach or Ft. Pierce, I'd recommend Riverside Bank. When you go in, just tell them you're a UK citizen and you'll be here for X months, you'd like to open a bank account. The only "form" you'll sign is an IRS-W7 form, which tells the IRS that the owner of this bank account is not a US citizen so leave him alone (and they do).
If you have any problems at Riverside, tell them to call Laurie Brin who is the manager at the Holly Hill office, and tell her that I sent you - she'll call me and ask what to do, and you'll then be all set.
Riverside doesn't go as far south as WPB, but there are similar mid-sized banks there who can help you (HSBC is there, but rermember it is just a franchise). Wachovia is a national chain like Bank of America and is to be avoided at all costs. Wachovia bought First Union a few years ago, which was one of the nastiest banks I've ever seen - they wanted a FINGERPRINT to cash a check! Wachovia kept the same anti-consumer attitude.
You CAN do this by credit card/debit card/traveler's checks, but you'll be adding to your net cost without any good reason. Remember, retail is for OTHER people, aviation is expensive enough without letting the banks take even more of your money and not giving you ANY flight time in exchange.
Best Regards,
Echo Mike
Join Date: Oct 2005
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Yep, I had this in Wal-Mart, I got asked for ID for my beer which pleased me being 30 years old at the time and the assistant said "where are you from", I replied "I'm from the UK" to which she replied "wow, you speak very good English"
Join Date: May 2000
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True, but it is illegal for them to be recharged to us as the consumer separately in the EU.
Join Date: Feb 2004
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Citibank
I am a brit that emigrated to the USA only 4 days ago and am currently living in SW Florida.
My advice would be to do all of your banking with Citibank.
I opened a sterling current account with them 5 months ago, which I had my wages paid into. About 1 month ago, I also opened a US Dollar current account with them. The beauty of this is that you can transfer money using internet banking directly between accounts. It is instant and you don't get charged commission for it and also it is at the banks exchange rate, not the tourist currency rate (currently 1.945 USD = 1GBP).
You are issued one debit card that is used for all of your accounts. What you have to do is call citiphone banking and nominate which account you want the debit card to work for.
Once in the USA, if you buy anything or withdraw cash from selected ATM's (check www.citibank.com) you are not charged any commission and it draws directly from your USD bank account. All you have to do is keep the account topped up from your sterling account. Apparently the money clears through New York, so it a lot quicker than normal.
There are certain restrictions, one of them being that you have to have at least £2000 in credit at any one time in any one of your accounts, or you get charged $20 per month for the USD account.
Citi also have a great high interest savings account which you can keep your cash in and transfer from/to.
Another bonus for me was that I got a free ipod Nano for opening the account, but I am not sure if that offer is still running.
You can apply for an account online (just go www.citibank.co.uk).
They have several branches in central London.
Hope this helps. I think it is definitely the best way to go !!
My advice would be to do all of your banking with Citibank.
I opened a sterling current account with them 5 months ago, which I had my wages paid into. About 1 month ago, I also opened a US Dollar current account with them. The beauty of this is that you can transfer money using internet banking directly between accounts. It is instant and you don't get charged commission for it and also it is at the banks exchange rate, not the tourist currency rate (currently 1.945 USD = 1GBP).
You are issued one debit card that is used for all of your accounts. What you have to do is call citiphone banking and nominate which account you want the debit card to work for.
Once in the USA, if you buy anything or withdraw cash from selected ATM's (check www.citibank.com) you are not charged any commission and it draws directly from your USD bank account. All you have to do is keep the account topped up from your sterling account. Apparently the money clears through New York, so it a lot quicker than normal.
There are certain restrictions, one of them being that you have to have at least £2000 in credit at any one time in any one of your accounts, or you get charged $20 per month for the USD account.
Citi also have a great high interest savings account which you can keep your cash in and transfer from/to.
Another bonus for me was that I got a free ipod Nano for opening the account, but I am not sure if that offer is still running.
You can apply for an account online (just go www.citibank.co.uk).
They have several branches in central London.
Hope this helps. I think it is definitely the best way to go !!
