Picking a US Bank to pay bills while living in the UK

I’m going to close my Bank of America account (now that I’ve paid off my credit card). I’m wondering if anyone has any recommendations for US banks they use to pay off loans etc while they live in the UK. Looking for an easy way to be able to transfer money (via TransferWise) from my UK account.

Thanks in advance for your advice


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Use a local credit union, as they usually have free accounts, even without a direct deposit.

Why not keep your BoA account open. It can be very hard to open a new account with a foreign address

I concur; unless your BoA account has onerous charges absent a minimum balance, why close it? Just change your address of record to your UK address. I did that with my BB&T account, and it's worked out well fore nearly 10 years.

 And if your account does have charges, have a word with them to see if they don't have something more suitable for your circumstances.

Whatever you end up doing, do not close the BoA account without first having an alternative in place.

 

If you bank in the UK with HSBC they reportedly have international banking available and allow you to open a US $ account without having a US address.

https://www.hsbc.co.uk/international/overseas-account-opening/

https://www.us.hsbc.com/international-banking/

I'm about to consider opening one myself in advance of starting to receive Social Security - that way I don't have to play the exchange rate game. Hopefully it will also allow me to make the annual payment to the IRS and hopefully receive stimulus checks! 

Would be interested to hear of anyone has gone this route....

If you bank in the UK with HSBC they reportedly have international banking available and allow you to open a US $ account without having a US address.

https://www.hsbc.co.uk/international/overseas-account-opening/

https://www.us.hsbc.com/international-banking/

I'm about to consider opening one myself in advance of starting to receive Social Security - that way I don't have to play the exchange rate game. Hopefully it will also allow me to make the annual payment to the IRS and hopefully receive stimulus checks! 

Would be interested to hear of anyone has gone this route....

We did this in 2016, it works.

You may also try the borderless account by transferwise.

https://transferwise.com/us/multi-currency-account/

Used Transferwise many times for currency transfers and it's fantastic. Very easy to use their mobile app too. Don't have the account, but looks ideal for our needs and and great fees also

I'm about to consider opening one myself in advance of starting to receive Social Security - that way I don't have to play the exchange rate game. Hopefully it will also allow me to make the annual payment to the IRS and hopefully receive stimulus checks! 

Would be interested to hear of anyone has gone this route....

Given that SS will be taxed in the UK (assuming you pay on the arising basis), you are generally better off having it paid into your UK account. The Fx rate is the best available "on the day", which is the 3rd of each month unless the 3rd falls on a weekend or holiday. You also know exactly what to declare on your UK self-assessment, since the instructions for the SA stipulate that the Sterling amount is calculated on the date the foreign income is received.

Retaining a US account is a good thing for many reasons, but make sure you link it to your UK address, not the address of a relative in the US.