Quote:
Originally Posted by Bevdeforges
The only quibble I have with this is that I have found you can't do an electronic transfer of funds overseas - at least not through my UK bank. For a bank transfer, you have to send them a letter (snail mail), though I suspect you could set up a regular transfer in this manner (say, a set sum every quarter). It's up to you whether you have the funds exchanged on the UK end or on the US end, though I find it easier to let the UK bank make the exchange. Most US banks aren't used to doing international transactions. (And I've found that dealing with a smaller, regional bank rather than one of the national giants can really help with setting up a credit rating and accounts when you first arrive in the US.)
Cheers,
Bev
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Hi Bev
You may be right that in the UK they will not allow transfer of funds overseas for private purposes. I know that for UK businesses international electronic payments are very common, because we see them frequently in our line of work.
However, another alternative is to deposit a check from your UK bank account into your US bank account. A check will be slower and may be a bit more expensive than an Electronic transfer, but it will work. It will most likely be MUCH less expensive than the fees from ATMs and credit cards that you will pay each time you make an individual withdrawl or payment.
I dont think it is correct to say that US banks are not used to doing international bank transfers. I would think a better way to say this is that many bank employees are not used to international transfers. This is not limited to the US, this is true everywhere and many bank employees will give incorrect information. When calling any bank and asking for help on this matter, it is best to ask to speak to a supervisor or someone with experience doing international transfers.
I agree that when starting a bank account it is often better to start with a small regional bank. This is because they can be more flexible. Large banks often have strict, general policies that may prevent an Expat from opening an account unless they meet specific criteria, such as having a drivers licence or a positive credit rating. A newly landed Expat may not meet these requirements and a smaller bank may be more understanding.
As for credit ratings, you do not need to "set one up"...I believe that this is done for you whether you want it or not, buy the credit agencies such as TRW or Equifax once you have a credit card or something similar. However, your credit rating may be negative or positive. It is best to monitor these on a frequent basis and correct any problems or misunderstandings with your credit ratings.