US Banking Options to Retain a US Bank Account

Hi,

I have been told that Wells Fargo intends to close our US Bank Account as we no longer have a US Address on file. We have banked with them for 20 years, and have been living in the UK for 4 years. It is unlikely we will return to live in the US but we do still have a number of services that are paid in and that we pay through this account. I am trying to find another option that allows us to transfer funds and pay things in USD easily (like my student loan). We use Wise to make wire transfers and that had been fine until WF recently blocked the transfer due to address being non-US. This is incredibly frustrating as UK banks do not really care where people live...any suggestions on whether it is possible to open another bank account with a different company and whether having a US postal drop box would be acceptable for a bank.

thanks,
/s

Hi,

I have been told that Wells Fargo intends to close our US Bank Account as we no longer have a US Address on file. We have banked with them for 20 years, and have been living in the UK for 4 years. It is unlikely we will return to live in the US but we do still have a number of services that are paid in and that we pay through this account. I am trying to find another option that allows us to transfer funds and pay things in USD easily (like my student loan). We use Wise to make wire transfers and that had been fine until WF recently blocked the transfer due to address being non-US. This is incredibly frustrating as UK banks do not really care where people live...any suggestions on whether it is possible to open another bank account with a different company and whether having a US postal drop box would be acceptable for a bank.

thanks,
/s

That seems to be happening more and more. I used the address of a friend in the USA for a savings account at Bank of America that was linked to my checking account (that had a UK address associated with it) and it worked fine while I was in the UK. Perhaps you have a friend or relative who will allow you to do that - just switch all delivery methods for statements, etc., to electronic and your friend/relative should never get anything for you, really.

I do know that they won't take a PO Box (most banks I checked with) and they know if you are using a mail forwarding service. If you use one like US Global Mail (which gives you the option of showing a street address and using an "apartment" number) the USPS flags it as a forwarding service anyway and the banks get that info from the USPS. Probably anti-money-laundering stuff....

Good luck!

Earlier this year I opened a Wise borderless account in USD giving me a US bank routing and account number. (I think they use Evolve Bank and Trust). I have linked it to my Vanguard Brokerage account and transfer dividends and other funds to the Wise account. I have also linked it to my existing US bank and have also transferred money to and from. I have been doing this in preparation for the possible decision of my US bank to close overseas accounts. All my US accounts, including pensions have my UK address only. Our daughter is going to be moving from LA to England in the next few months so we are losing our fallback US address.

She has checked with her current US bank, Chase, who say that they will continue to allow her to have an account with them after she moves. Chase also have a presence in the UK and she plans on opening an account with them once she gets here. However, she has also opened a Wise account as a hedge against issues.

I have an account with a local credit union in my hometown that will use my foreign address.  Credit unions tend to be a bit easier than the Big Boys when it comes to loads of red tape.  I also don't have to have a direct deposit, etc., to have zero fees.

Thank you. I've decided to use Wise moving forward. They haven't closed the account yet but I've not been able to transfer money in, so may just spend it down.