Moving to the US

heydee

I am moving to the US with work, for an indefinite period, in May.
I currently (and have for 25 years+) bank in the UK with the HSBC, so am thinking of opening a HSBC account in the states.

Does anyone have any experience of working Stateside and can recommend a bank out there to use? I thought using the HSBC would make the process easier. I'd be particularly keen to get it all set up from here, so that it's ready to use from day 1, and I could transfer £'s - $'s easily. I went to see an advisor at the HSBC the other day and he didn't fill me with confidence....

Any tips/quirks I should be aware of when banking in the USA?

Cheers for any comments. :T

CliffWalker_2

When I lived in the USA I found the best place to bank was with Wells Fargo, loads of branches everywhere.

Plus its dead cool to be banking with a company that's mentioned in practically every cowboy film...

Yes, they are real!

fooboo

Hmm, try calling the HSBC International Banking Centre, 020 7991 7414, experts and all.

gt94sss2

heydee wrote: »

I am moving to the US with work, for an indefinite period, in May.
I currently (and have for 25 years+) bank in the UK with the HSBC, so am thinking of opening a HSBC account in the states.

Does anyone have any experience of working Stateside and can recommend a bank out there to use? I thought using the HSBC would make the process easier. I'd be particularly keen to get it all set up from here, so that it's ready to use from day 1, and I could transfer £'s - $'s easily.

I did this some years ago and had a HSBC USA current and credit card ready for me before I left the UK. As suggested - its worth asking the HSBC International Banking Centre.

Where will you be working ? Many banks in the US have lots of branches in some states and very few in others.. for instance HSBC has lots in New York State.

Any tips/quirks I should be aware of when banking in the USA?

Expect charges for several things which are free in the UK (using ATMs from some other banks) and the banking system is a lot more backward than in the UK. Cheques are very popular, direct debits etc not so much..

Regards
Sunil

blueberrypie

gt94sss2 wrote: »

Expect charges for several things which are free in the UK (using ATMs from some other banks) and the banking system is a lot more backward than in the UK. Cheques are very popular, direct debits etc not so much..

And don't even *think* of going overdrawn without an approved overdraft - rules vary by state, but the consequences are *far* greater than they are here (an arrest warrant isn't unusual).

You might also find that most places won't accept a cheque without a driver's licence (for ID, as cheque guarantee cards aren't issued).

Cook_County

You do not say what kind of visa you have, but presumably you have an H1B or L-1? Your first step will be to get an SSN and then your employer may well be able to certify you to a local bank as you will have zero credit history.

Seperately you need to be doing tax planning to get rid of any PFICs in your investments and structuring ISAs, premium bonds etc before they all become taxable and reportable in the States.

BASFORDLAD

I would simply contact your international banking team as advised by others, they can this all sorted before you even leave