US bank accounts
 

Have any of you spent at least a few months training in the states in one go? If so did you manage to set up a US bank account (this question is aimed at UK citizens) for your day to day living?

If so which banks did you use? If not what did you do with your spending money, take travellers cheques etc?

Thanks :ok:

It is very easy to set up an account. I set one up with Bank of America in about 45 minutes.

Max

Same here, walked into local HSBC and opened account in 20 minutes. Helps if the bank have done it before I think (i.e. they are used to foreigners opening accounts). However, as I discovered, there is no real need to as you can get cash out using your own bank card and your credit card still works.

Thanks for the responses, I've been told I can use my credit card and maestro card over there (they are HSBC cards), however there would be a charge for every single transaction.

Are their HSBC's in the states?

Maxwell how was the service in Bank of America?

I have recently set up a bank account with the Wachovia Bank in Kissimmee Florida and at the same time changed my mortgage in the UK to a bank where I have had an account for 20 years. The American account was far easier and the service was superb. Do you intend to transfer money to the USA? If so I would suggest you set up a money trading account as you will get close to the commercial rate of exchange with no fees to pay. I have used HIFX but there are other companies who provide the same service.

I had a Wachovia account in Florida and couldn't fault the service. How often do you walk into your local bank in the UK and the staff know you by name?

The one thing I would say is to make sure you get an account with one of the larger banks. There seemed to be a lot of smaller banks with only a few branches, usually in the local county or city, and as almost every bank will charge you for using others ATM's it could quickly get expensive. Bank of America or Wachovia seemed to be the best to options.

I had a Bank of America account for the 7 years that I was there never had a problem. Much better than any bank in the UK.

moku

Yep, Bank Of America as well. Took about 30mins to set up the account and you even get a temp cheque book straight away - was a bit weird watching them print out the cheques and even asking what background and what you wanted printing on them!!!

You do all the paperwork and also sign something along the lines of 'alien account holder' form - although what aliens would want with a BIA account I dont know....:D

They send statements to the UK every month but you do get a standing charge, its not a lot though about $7 I think. This was far outweighed by the much better exchange rate they offered by just paying Sterling straight into your BOA account.

You get issued a 'Visa' debit card so you can use it over here as well, although there is a charge, same as if you used your UK Visa card in US.

Julian.

I have an HSBC Account and also A Nationwide Current account and Credit card I transfer money online to Nationwide as there are no transaction, foreign conversion and cash machine fees!

You can get round this by setting up a reqular electronic transfer. I transfer around £100 per month from my Halifax account to the BofA account, there are no fees, and the exchange rate is good. This inward electronic transfer to the BofA account stops you getting charged the $7 or whatever it is account fee....

Before I go on holiday, I logon to my internet banking with the halifax, up the transfer to say £1000 for the two months before going, and so have money in the account when I'm there. I then just turn the electonic transfer down to £50-£100 per month when I get back.

;)