International Bank Accounts

There's just as much risk with PayPal as with ANY online financial stuff.

You set up a PayPal account "tied" to your UK account on www.paypal.co.uk.  Using a different e-mail, you tie another PayPal account to the US account.  It takes a few days because they make minute deposits that you then have to confirm - but if you can access your bank statements online, that cuts the time, not having to wait for the paper statement in the post.

Kind of twisted, but my ".com" e-mail is tied to the UK PayPal and my ".co.uk" e-mail is tied to the US PayPal!  Oh well.

If you need any help, Balmerhon, give me a PM or a ring.  But it's pretty easy peasy! 

I have used Paypal for various things and I have not had any troubles.   Just like Peedal wrote, it is "pretty easy peasy".  Just check the exchange fees. 

Martin and I have just applied for an offshore account on the Isle of Man with Lloyds TSB. The fee per year is £50 and the minimum balance is £100, which is a lot better than competitors who require £5,000 minimum balance. The account has a sterling side and a dollars side. You can get debit cards for both sterling and US dollars and you can have a cheque book for sterling.

Its the easiest way we've found to reduce tax liability, maximize both our dollar and pound, and keep funds accessible to both the US and the UK without any costs of transfers and whatnot. You can also manage the account online.

Its called the Lloyds Overseas Club account and you can get the application here http://www.lloydstsb-offshore.com/

BTW, Island law requires certified copies of your passports (all holders) but you can walk into a lloyds tsb anywhere in the UK with the passports and they'll make a certified copy for free.

Good luck!

Hi Marsbar

Just to clarify, do you open a regular account in the UK and then the "Dollars Account" through the offshore banking? Will they issue credit cards as well for the USA?

TIA.

Jenninberks

I have accounts in both countries and use https://www.xe.com/fx/#top to trade monay back and forth.  They give you a best rate guarantee for trading currencies.  You basically sell them your pounds for dollars and vice versa and they do not charge a commision.  It's a bit of a hassle to set up, lots of faxing documents to them, but once you get it set up its dead easy to use.

Hi Marsbar

Just to clarify, do you open a regular account in the UK and then the "Dollars Account" through the offshore banking? Will they issue credit cards as well for the USA?

TIA.

Jenninberks

Hiya Jenninberks,

If opening an account with Lloyds TSB Offshore you open a sterling and a dollar account at the same time. You can do this all by post. Both accounts will be based in Jersey or the Isle of Man. You MUST open your accounts direct with Lloyds Offshore in Jersey or the Isle of Man, however you can do all your sterling banking through ANY of the Lloyds branches either in Jersey, the Isle of Man, AND the United Kingdom.

If you actually do mean CREDIT Cards, I dont know - I havent applied for a credit card from them and I dont actually know if they even issue credit cards. I imagine they would not be able to issue US Based Credit cards because they are not on US soil nor are they a US Credit Institution. On the other hand, Lloyds Offshore will issue Visa DEBIT Cards for both your sterling and us dollar accounts (seperate cards for each) and they are usable anywhere VISA is accepted worldwide or at any VISA ready ATM / Cashpoint.

Hope that helps,
Sarah

I've been reading this posting and wondering if anyone had any thoughts about moving a one-time large-ish amount of money to the US from the UK?  After the sale of our flat we want to move that money to the US so we can live but I don't want to be screwed by taxes in either country.  We spoke to our accountants here in UK and they were vague saying we wouldn't be hit twice, but I'm just not sure.  I have no clue about tax implications (the IRS makes me sweat) and I'm sure we would have to report this as income to SOMEONE, right?  I've been thinking about International bank accounts, but wondering if it's worth it when we are in the US full time with only US income.  We're still at stage one in the visa process (I-130 filing) but I'm a worrier so I'm thinking ahead.  I'd appreciate anyone's thoughts...

I am as well.....perhaps its because I've left that part of our moving process down to the DH. We are looking at a one-time large amount from the sale of our house as well.  I'll be all ears on this subject!!

We use Citibank, with three locations in London:  Canary Wharf, Strand, and Bond Street.

Disadvantages:
  only 3 locations. 
  minimum monthly deposit of £3,000, or your monthly salary check direct deposited.
   $ accounts not linked to US direct deposit/direct debit system.
   Can not use internet to pay US $ bills.

Advantages:
   no fees or commissions.
   unbelievably, no spread.
   instant internet transfers from £ to $ and $ to £.
   internet, direct deposit, and direct debits for £ bills.

To get these rates, you have to open both a £ and a $ account. 

FYI, "spread" is the difference between the buy price and the sell price. 

No other bank or exchange service in the UK offers no fees, no commissions, and no spread.    If you're wondering how they make money, it's on the wait period between the date you deposit a cheque and the date it clears.