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Topic: International Banking  (Read 1250 times)

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International Banking
« on: July 28, 2014, 05:56:02 PM »
I am looking to set up an international account if possible (an account in the U.S. and the U.K.) before relocating to the UK from the U.S.  I would need to deposit money into the U.S. account on occasion and access it in the U.K.  I think things may have changed relative to the threads I found by searching and am hoping to get updated information.

Lloyds says there is no way to do this unless I fly to the UK for signatures.  Citibank says they can do it but require a minimum balance of 50K at all times.  Barclays says they can do this but require a minimum balance of 30K at all times.  HSBC says no problem, but I will have to fly from Texas to either California or Florida to sign documents.  Are there other banks that can set up the international banking account, don't require me to fly someplace to sign documents, and don't require a high constant balance?  Are there alternative to setting up internationally linked accounts?

Thanks!


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Re: International Banking
« Reply #1 on: July 28, 2014, 06:38:26 PM »
The easiest thing to do if moving "normal" amounts between countries is use PayPal.  No need to set up an international account.


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Re: International Banking
« Reply #2 on: July 28, 2014, 10:50:35 PM »
Thanks for this information. 

There is the added issue that I will need to get an apartment and other things immediately upon arrival if not before hand.  So I am assuming I will need a checking account there to do so.  Am I wrong about that?


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Re: International Banking
« Reply #3 on: July 29, 2014, 01:27:52 AM »
You don't need a bank account beforehand. Yes, it makes renting an apartment a bit more of a hassle but it's fine not to have one. Anyway you will need proof of address to open a bank account, so it's a bit of a catch 22. It's easier to rent the apartment first, get your lease, and then use that to open the bank account.


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Re: International Banking
« Reply #4 on: August 27, 2014, 10:46:12 PM »
I recently opened a bank account at Barclays without needing any proof of address. I did bring a proof of address with me though. When I was told that no local address was needed to open an account, I asked the bank teller why their website said otherwise. She told me that citizens from a few countries are exempted from this proof of address requirement, and the US is one of the exempted countries.

Additionally, another way to get some kind of proof of address is to change your mailing address of your US bank account to your foreign address. Some banks (Barclays, for example) accept official bank/credit card statements from foreign banks as proof of address. That's exactly what I did - although I didn't end up using it.


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Re: International Banking
« Reply #5 on: September 01, 2014, 05:44:54 PM »
I was told by representatives of Barclays and Lloyds that a high minimum balance would be required at all times.  NatWest has no such requirement, though there are perks for keeping a higher balance, and will allow applications by mail with certified copies of passports and other documentation. 


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Re: International Banking
« Reply #6 on: September 12, 2014, 09:27:39 PM »
I have run across Transferwise as a method for sending money, too.

But, is there no 'fee-free' way?

I can get free traveler's checks from PNC in the US, is there a way to get free traveler's checks in the UK?


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Re: International Banking
« Reply #7 on: September 12, 2014, 09:53:37 PM »
There is no 'fee free' way to transfer money. The travelers checks you get may not charge you an explicit fee but the exchange rate you get will not be as attractive as you might get using other methods.


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