Maybe I just have to change branches... or find some place where i can complain about that.
Imagine the logistical nightmare you could encounter if you try to pay some of these bills with a foreign bank account — not to mention the fees you might incur! It only takes a minute to sign up.I moved over to the US from the UK with my job but am now moving back to the UK. A U.S.-based store credit card won’t really do you any good if you’re living in Marrakech, for instance. Obviously, you’ll have to open a new bank account in your new country, but there are many reasons why you should keep your account in the United States as well.For starters, unless you are already well acquainted with the country you’re moving to, you don’t know how their banking customs and systems differ from what you’re used to. You can do so without telling your old bank that you plan to close your accounts. Besides the fees described earlier, your bank could charge you a “dormant account” fee if your account becomes inactive for a certain length of time (e.g., one year). What to Do When Your Bank Has Closed Your Account .
I suggest you review the various services that you may need after you leave the US, and talk to your bank to make sure they can provide them. You’ll need to open your new account first so you have somewhere to transfer your payments and funds later on. As an example, now that I'm a "nonresident alien," my US bank – where I have been a customer for more than twenty years – will no longer accept an instruction for a wire transfer unless I personally sign it in one of their branches. There’s the car note you have to pay off, Sallie Mae wants your student loans payments, and you’ve got to send $2,000 to your brother once you’re settled for money he lent you. But some US banks are not very good at providing service to non-residents, especially if they are not US citizens. Discuss the workings and policies of this site
If you do not, your paycheck may go to the bank, but you will not be able to access the funds. Start here for a quick overview of the site
But if you’re closing the account because you’re unhappy with it or the bank itself, you’re going to want your new account to fit … Some will levy this charge every month until you finally close or reuse your account.
I don't think they have a choice on this, I think it's federal law.my experience with HSBC was the opposite - had an account in Singapore that I could access no issues in the USMy overseas branch will not even call me, they bug me via email so i call them. Are fees different? Even if you don’t plan to make yearly trips back to America, keeping your U.S. bank account might come in handy if you want to transfer funds to your friends or relatives back home.
As soon as you receive notice that your bank has closed your account, you need to take immediate action in order to be able to continue to pay your bills and manage your money. Detailed answers to any questions you might have
Perhaps you’re closing your bank account because you’re moving to a new area. Learn more about Stack Overflow the company
If you find that you have to change to another bank, do it before you leave.See no reason why not. It removes the possibility of your bill getting lost in the mail and prevents other incidents from occurring.Another reason to keep your U.S. bank account open is the fact that it will save you money on big fees.
Make sure the UK taxman doesn't care, some countries (US, ahem ahem) require its residents to report foreign bank accounts.have eperienced hsbc on two countries as well. But more importantly, if you ever return to America, you might have a difficult time getting a bank account or access to credit if you cut all your U.S. accounts. Since then, I have reopened an account with the same bank, and had no issues in doing so. As littleadv says, watch out for US regulations about reporting foreign holdings.I agree with DJClayworth: nothing prevents you from keeping a US account. Beyond customs, though, there are many other reasons why you shouldn’t close your U.S. bank or credit card accounts.Are there things you will have to continue paying even as you build a new life abroad?It will be a whole lot easier to pay for credit cards, loans, your car and phone bill with a U.S. bank account rather than a foreign one. Banks normally close overdrawn accounts after a period of 60 days, while credit unions close the accounts after just 45 days. Be careful if your bank allows this to happen because even though you have a foreign address, it doesn’t mean the institution will mail your statement to you more quickly.
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they do not comunicate.if you have to bring some document or sign something at the US branch, the UK will play dumb and say they can't accept anything.and the answer is: you can have bank accounts anywhere in the world regardless where you are from/are at.all that counts is the tax code for the countries you are obliged to pay tax at. It’s a lot cheaper depositing money into another U.S.-based bank from an American account for your mother’s birthday than wiring money from abroad.First of all, you’ll cause some damage to your credit score if you close all your healthy credit card accounts at once. Be cognizant of any withdrawal or transfer limits if there is a large amount of cash in your old accounts.
you will have to check the law in the UK.Thanks for contributing an answer to Personal Finance & Money Stack Exchange! By clicking “Post Your Answer”, you agree to our To subscribe to this RSS feed, copy and paste this URL into your RSS reader.
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