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Basic bank accounts and a credit record footprint?
ErrHuman
Posts: 1 Newbie
I have a reasonable idea that I'm right on this, but this seems to be a bit of an edge case so I wanted to see if anyone knew better.
I'm trying to repatriate some USD's from the US, but the cheapest option available so far involves me writing myself a cheque and depositing it in a UK-based USD account, then transferring that on to the foreign exchange broker (FC exchange seem to do the best deal for USD->GBP at the moment if anyone was interested). The cheapest UK-based USD account that I can find is HSBC's international personal savings account (Barclay's not far behind), but in both cases they require you to already have a £ current account with them. So far it looks like a basic bank account fulfills their minimum requirements, so I'd need to open one of those first. Afterwards I'd just close everything.
However, we are going to be applying for mortgages shortly, so I was concerned about possible impacts on our credit record. If the term "basic bank account" appears, then if I was a bank I'd tell me to go away because it doesn't look like I'd be profitable. But as far as I can tell, a basic bank account is not a credit product (no overdrafts etc), so it shouldn't show up. The only negative in that case would be that it might be difficult to use the same bank for mortgages if they deem basic bank account owners unprofitable.
Anyone care to shed light on this?
I'm trying to repatriate some USD's from the US, but the cheapest option available so far involves me writing myself a cheque and depositing it in a UK-based USD account, then transferring that on to the foreign exchange broker (FC exchange seem to do the best deal for USD->GBP at the moment if anyone was interested). The cheapest UK-based USD account that I can find is HSBC's international personal savings account (Barclay's not far behind), but in both cases they require you to already have a £ current account with them. So far it looks like a basic bank account fulfills their minimum requirements, so I'd need to open one of those first. Afterwards I'd just close everything.
However, we are going to be applying for mortgages shortly, so I was concerned about possible impacts on our credit record. If the term "basic bank account" appears, then if I was a bank I'd tell me to go away because it doesn't look like I'd be profitable. But as far as I can tell, a basic bank account is not a credit product (no overdrafts etc), so it shouldn't show up. The only negative in that case would be that it might be difficult to use the same bank for mortgages if they deem basic bank account owners unprofitable.
Anyone care to shed light on this?
0
Comments
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Why don't you use the currency broker to transfer the money directly from your US account to your existing UK GBP account?0
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