International Bank Accounts

cornsnax

Hi,

I'm about to move to New York on a company transfer. I'll be there for some time and I'll need to set up a local bank account ("checking account") in order to sort out accommodation, get a phone, develop a credit history, etc.

Thing is, I'm going to maintain my existing account over here (I have debts and bills that will continue to be paid while I'm out of the country). I currently hold a current account with NatWest. However, I've been told it will cost me £25 per transaction when transferring money from a US to UK bank account. This seems to be the standard with the banks in the UK.

Has anyone else encountered this issue? Can anyone recommend ways around it? And can anyone recommend banks on either side of the pond that will assist more than others in making this happen?

Help!

tagq2

A few years ago I seem to recall being able to deposit US dollar cheques into my Natwest personal bank account at commercial rates plus fixed £10 per cheque. So the solution would be to find a friend in the UK to whom you send the cheques, perhaps?

lolarentt

It is normal for banks to make this ridiculous charge, or something similar. Would you believe even in the eurozone they charge to move money from say a French to a German bank, even though it's the same currency! I've got round the problem by using HSBC who, if you have a Premier Account, do not make any charges for moving money between HSBC banks worldwide.

whitewater_2

the charge in this case is from the us bank though.

whitewater_2

tell me about it, i wouldnt even buy currency in the bank i work for at the staff rate

COIAHLGW

Check out http://www.xoom.com for fast inexpensive transfers made using Faster Payments to most UK bank accounts.

But look up the exchange rate first and compare against other providers to see if it is a good deal.

Mikhail

Why not to open a Citibank international account or gold account and transfer money FREE of charge with a competitive exchange rate much better than using brokers, as most of them even not regulated by FSA, so you could lose your money. Don't wanna open a new bank account use a PayPal to send 100 Pounds to the US cost one Pound + not very competitive exchange rate but this solution for lazy people.

lil.smartie

Bank of America charge $12 wire in transfer fee, HiFX charge £9 fee and money is usually in my US account same day.

Hope that helps, I know it's backwards but BoA have a wires dept on the East Coast (I know from opening hrs!) and have been helpful in the past, HiFX are pretty reliable too.

Kate

System

Mikhail wrote: »

Why not to open a Citibank international account or gold account

This could indeed be a good option.
If you are going to be paid in the US, you would need a US Citibank checking account to receive these payments (and to write cheques that US shops will accept).
You would also need Citibank UK dollar and sterling accounts.
You could then move dollars from your US Citibank account to your UK Citibank dollar account without charge (I think). You could transfer dollars from your Citibank UK dollar account to your Citibank UK sterling account on-line, at Citibank's exchange rate, which has 'only' a 2% (or so) markup.

Just for the record, a French bank has to charge the same to transfer euros from Paris to Frankfurt as it does to transfer euros from Paris to Calais. This is usually zero for private customers, and small for business customers. Google SEPA Credit Transfer.

neilbond007

Just a quick note to say I moved some cash from the UK to US last month.

I used IFX. They charged me GBP 10 bank fees.
My bank in the US is PNC. They charged $15 wireless transfer fee.

NFH

lolarentt wrote: »

Would you believe even in the eurozone they charge to move money from say a French to a German bank, even though it's the same currency!

Not true at all. As mandated by Article 3(1) of Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001 Text with EEA relevance, French banks charge the same for payments to German banks as they charge for payments to other French banks, which in practice is zero.