I want to live part time in the UK & the US. What's the cheapest way to get my money to the UK? Is the best way to have an account (preferably the same bank) in each country and have them transfer a lump sum to cover my stay in the UK?
2006-08-20 05:47:20 · 10 answers · asked by Jeffrey S 2 in Business & Finance ➔ Personal Finance
For withdrawals you can use your normal US bank. There's cash machines everywhere in the UK which accept almost every credit and debit card. Pretty much every shop, hotel, restaurant etc accepts Visa, Mastercard and other cards.
The only time it would be an advantage to have a UK account is if you wanted to pay cash or checks in or you wanted to make payment by check - some places accept checks drawn on a US account, others don't.
Pretty much all American banks have branches in the UK but some are only in London or are few and far between (Standard Chartered, Chase etc). If you've got an account with Barclays, HSBC or any British based bank (Lloyds, Halifax etc) then there's no problem as there's branches everywhere.
2006-08-20 05:58:49 · answer #1 · answered by Trevor 7 · 1⤊ 0⤋
I am not American, but my husband is and we have just returned to Scotland after living in America for two and a half years, so I hope you will find my answer acceptable!
As far as I know there are no banks that have branches in both America and the UK other than HSBC. However, this is not all bad. I have my British account with LloydsTSB and my American acount with Wychovia. You can use a British Debit/Credit card in the US as long as it has the visa logo on it. With LloydsTSB I paid a £1 surcharge every time I did this. If you want to transfer money from a British account in to an American account, you can do this with something called an International Money Move. LloydsTSB charge £15 everytime you do this. However, you must go to the branch and fill in a form to do this.
In order to get around any potential problems, I gave my mum third party access to my bank account. This means she doesn't have a card, but she is able to take money out and put money in as long as she has a signed letter from me allowing her to do so.
Like I said, as far as I know there aren't any banks that have branches in both countries or that would let you operate your account in the same way that you do in the UK. American banks are some of the strangest institutions I have come across.
When you do open a bank account in the US make sure you go to one of the national ones and avoid the one-state ones. It can be difficult to access your account from a different state and many banks charge you an absolute fortune for doing so (my mother-in-law lives in North Carolina and she was charged $10 for taking $20 out of a cash point in Virginia (Its a neighbouring state)).
For more information ask at your local bank and check out some of the American bank websites. Here are the names of a few: Bank of America, Chevy Chase and Wychovia
GOOD LUCK!
2006-08-20 06:04:35 · answer #2 · answered by Libby 3 · 0⤊ 0⤋
sturdy sensible suggestion from others right here, esp Donna even with the undeniable fact that 5 weeks paid vacation is slightly positive! attempt 3. even with the undeniable fact that you'll discover some political anti-Americanism (a lot less now GWB is lengthy gone) i imagine human beings will be a minimum of in touch if no longer (sometimes) in touch! you've already said how unfavourable British absolutely everyone is. attempt to maintain your interior sight optimism at the same time as no longer "bigging up" the U. S. unreasonably and also you ought to positioned no-one's decrease back up - even, dare I say, Muslims. i imagine even they'll have an interest to satisfy an common American. they might have kin over there! you gained't qualify for most "advantages" (welfare) yet you'd be used to that! The minimum felony salary is £5.sixty 5 in holding with hour and make positive your organization is paying your tax noted as nationwide coverage out of that as after a million 3 hundred and sixty 5 days of paying you would possibly want to qualify for some. you'd be allowed to apply the nationwide well being service (for loose except prescription drugs!) in an emergency. desire all of it works out.
2016-11-26 19:53:37 · answer #3 · answered by melaine 4 · 0⤊ 0⤋
you can write checks, use postal orders or even paypal... Checks are probably the cheapest way. You can also do an international transer from your bank into a UK account. Your credit/cash cards will work in the Uk isthey are mastercard/visa
2006-08-20 05:56:07 · answer #4 · answered by private 4 · 1⤊ 0⤋
Have someone state-side pay cash onto your VISA card, and take the cash you need from the ATM's in the UK. There's a small charge, 2% I think, possibly the cheapest way of doing it. And of course, for petrol, groceries, anything bought in a store, just use the card, you won't need to withdraw the cash at all, so you'll dodge the 2% charge.
2006-08-20 05:56:22 · answer #5 · answered by Anonymous · 0⤊ 1⤋
When I used to live in the US I used to take my money out at ATM's always max amounts the charges were minimal.
Inform your bank that you are sometimes away ,so they don't report it as " strange transactions"
2006-08-20 06:05:26 · answer #6 · answered by Anonymous · 1⤊ 0⤋
i cant help you, only to say you have a problem. which i'm told is costly, dollars into sterling country the banks really get you.
2006-08-23 00:51:16 · answer #7 · answered by srracvuee 7 · 0⤊ 0⤋
International bank transfer, or just take it with you
2006-08-20 05:54:45 · answer #8 · answered by Anonymous · 0⤊ 1⤋
yes, but negotiate the charges
2006-08-20 05:56:02 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Send it to me. I'll look after it till you get here......
2006-08-20 05:53:11 · answer #10 · answered by arwen4838 4 · 0⤊ 1⤋