Us To Uk.

Bizzy_2

I wonder if anyone can help? I have been living in Florida for sometime but will soon be returning to the UK. I have a US current account and still hold my UK current account with Cahoot. For the next three years someone will be paying a $1000.00 a month in to my US account.
What is the best way to receive this in the UK as sterlin? Transfer once a month? Leave for the three years? Is there an account were dollars can be placed in, and pounds removed with only a small charge?
Any information would be very welcome.

Cheers.

Smiley_Mum

You could try Citibank, US bank with UK Branches etc. Someone on the debtfree wannabee board mentioned about this when he needed to have money coming from US to pay his bills in UK. Pity you couldn't have international money orders sent seemed the cheapest way to do it.

HTH

grumbler

Bizzy wrote:

Is there an account were dollars can be placed in, and pounds removed with only a small charge?

If you open account with Citibank in US and then Citibank (UK) USD account transfers from US account to UK account are free. Then you can move money (with very small charge) to Citibank Direct Current Account (££).
However:

A monthly service charge of $20 on each US$ Current Account will be levied where the credit balance, across your UK Citibank relationship, falls below the currency equivalent of £2000. This will be calculated, at the end of the monthly period, by applying the currency exchange rate on that day to the average balances in your UK Citibank accounts.

Citibank Direct Current Account pays decent 4.59% interest and (I think) can be a part of your 'UK Citibank relationship'.

P.S. I don't know about US Citibank account, but I guess it is free.

[Deleted User]

I do something similar with a Citibank Euro account and a linked sterling based account, and cash withdrawal and transfers are free. The only 'cost' is exchange between the two currencies, but even this is at far superior rates to anything on the High St (or online come to that).

You can also switch the linkage on your ATM card, so that you don't incur any further exchange costs i.e. if in UK draw out in sterling from your sterling account, but if in Europe draw out in Euros from your euro account at no cost.

The accounts can be run over the phone (freephone) or online.

I presume there would be the same options for a dollar account.

Bizzy_2

I pressume I would first need UK address to open Citi Bank account?

[Deleted User]

Bizzy wrote:

I pressume I would first need UK address to open Citi Bank account?

Unless you opened a Citibank account in the US, or made some enquiries there (or here) explaining your situation? I don't use a Citibank branch (they are pretty much all in London) and do things by card, phone or internet.

I may be wrong but I presume there must be some 'family' relationship between Citibank US and Citibank UK. Or you may have to have two currency accounts with one operation or the other. My accounts are both with Citibank UK.

I suppose it really depends on your personal circumstances, and what options are available.

grumbler

Bizzy wrote:

I pressume I would first need UK address to open Citi Bank account?

http://www.citibank.co.uk/uk/productsservices/expats/index.jsp :

...
Expat Account Opening – even if you’ve just arrived in the country you can visit any of our London branches and open a UK based account, quickly and easily.
...

However, I think you do need UK address to open an account.

Bizzy wrote:

I have a US current account and still hold my UK current account with Cahoot.

Do you have this account without any UK address?

nelly_2

why why WHY would you leave Florida to come here ???

Cook_County

If you are coming to Florida to the UK you will need to consider both the US and UK tax implications of remitting money to the UK.

This will depend on what kind of visa you have in the US and the UK and where you are domiciled. I would hate for you to bring the money here and have to pay more tax than you need.

Have you considered this?

Bizzy_2

grumbler, My Cahoot was opened when I was in England and when I moved to Florida changed the address to my Mum,s.

Cook-County, I have been on an E2 visa whilst in the US, and no I hadn't looked in to the tax side, do you have any advice?

grumbler

Bizzy wrote:

grumbler, My Cahoot was opened when I was in England and when I moved to Florida changed the address to my Mum,s.

Just use your mum's address as yours and Cahoot statements as proof of this address when opening a new account.