UK Bank account forced closure

Hey guys,

Just got a letter saying my account with Intelligent Finance is going to be closed - I am US resident but British citizen. This is a major PITA but I understand why - FACTA and all that.

Anyone any suggestions RE UK banks which will accept US residents?

I have a multi currency account with Wise - anyone see any issues with just transferring it there?

Cheers

Rick

Wise is okay as a backup option but plenty of UK banks accept US citizens. My daughter moved back from the USA last year and opened an account with Chase UK and is very happy with them. Even gets 1% cash back with her Chase UK debit card.

Wise is okay as a backup option but plenty of UK banks accept US citizens. My daughter moved back from the USA last year and opened an account with Chase UK and is very happy with them. Even gets 1% cash back with her Chase UK debit card.

He's a UK citizen in the US, not a US citizen in the UK. 

Hey guys,

Just got a letter saying my account with Intelligent Finance is going to be closed - I am US resident but British citizen. This is a major PITA but I understand why - FACTA and all that.

Anyone any suggestions RE UK banks which will accept US residents?

I have a multi currency account with Wise - anyone see any issues with just transferring it there?

Cheers

Rick

I had some Halifax accounts when in your situation but that was a long time ago.

I keep a little money in Wise but wouldn't feel comfortable leaving large amounts there.

Are Wise Accounts insured?
Wise isn’t a bank. Because the services Wise offers are different to those of a bank, the way Wise protects customer funds is also different. That means Wise accounts aren’t FDIC insured, but funds are safeguarded instead.

While banks lend out customers money, Wise does not. Banks often have FDIC insurance cover, to protect customers and ensure their funds are kept safe. However, due to Wise's license type in the US, it is required to protect customers' funds though safeguarding.

That’s where safeguarding comes in. Wise accounts aren’t FDIC insured, so instead, Wise safeguards customers' funds to make sure they’re always available whenever they’re needed.

https://wise.com/us/blog/is-wise-safe#:~:text=Is%20Wise%20safe%20to%20keep,place%20to%20keep%20your%20money.

He's a UK citizen in the US, not a US citizen in the UK. 

Thanks, I missed that.

In which case Wise is a good option for limited sums of money.

You could get a Direct Saver account with NS&I. Use the Wise account as the linked.

You could get a Direct Saver account with NS&I. Use the Wise account as the linked.

I hadn’t realized that they supported overseas customers but I’ve been looking and it seems that they do, although the documents proving overseas details have to be certified by a lawyer, a justice of the peace or a local mayor.

https://www.nsandi.com/help/join-nsandi/evidence-of-identity

I’d suspect a Notary would suffice too. Yes NS&I are pretty good with overseas residents. I think Virgin Money, (or one of the banks they merged with) also allow overseas clients. If you are on the Electoral Roll, it’s easy to use that registered address and changed on line. I did this when back Stateside. They wanted no endorsement from me.

NS&I is interesting - That's premium bonds, right? I could this for longer term savings and have some ready cash in Wise. On the other hand I think Wise now can offer interest on your card balances. I'll be getting my UK pension in a year and I'd rather have it paid into a UK account so I don't have to worry about exchange rates etc. I suppose the Sort code / account number from Wise would be sufficient for that?

Cheers - always a good resource this place

Rick

NS&I is interesting - That's premium bonds, right? I could this for longer term savings and have some ready cash in Wise. On the other hand I think Wise now can offer interest on your card balances. I'll be getting my UK pension in a year and I'd rather have it paid into a UK account so I don't have to worry about exchange rates etc. I suppose the Sort code / account number from Wise would be sufficient for that?

Cheers - always a good resource this place

Rick

The sort code and account number from Wise should work okay.

NS&I offers an awful lot more than Premium Bonds.  Income bonds, regular savings accounts etc

I've also just realised that my UK Sipp provider (AJBell / YouInvest) will only deposit withdrawals into a UK bank - again I hope Wise is sufficient for this. I'm planning on going into withdrawal later this year anyway so I might try it with a small withdrawal.

This is all such a PITA

R

I've also just realised that my UK Sipp provider (AJBell / YouInvest) will only deposit withdrawals into a UK bank - again I hope Wise is sufficient for this. I'm planning on going into withdrawal later this year anyway so I might try it with a small withdrawal.

This is all such a PITA

R

I’m in a similar position with Vanguard USA, will only pay into a US bank. I set up my Wise account with US routing number and account number. Works great.

For the record WISE seems to be working out OK. I've transferred most of my UK account which was to be closed to WISE.

R

For the record WISE seems to be working out OK. I've transferred most of my UK account which was to be closed to WISE.

R

Good to hear it, and thanks for the update.

I see quite few comments about Wise accounts and their safety - I know they are not a bank but a money transmitter - but their safeguarding processes and US registration and regulation give me comfort that they are safe. Is there something I'm missing here?

More information on their safeguarding is here: https://wise.com/us/blog/is-wise-safe#:~:text=The%20good%20news%20is%20that,customers%20and%20their%20money%20safe.

I tend to keep low 5 figures in my Wise account (Monthly social security is paid in). I found their debit card particularly useful on a  recent US holiday - all transactions in US$ and no exchange conversion costs.