UK/US Banking

[Transatlantic]

Hi guys,

I am moving to california in the Autumn and I wanted advice on what is the best way to transfer my money from my British bank to a US bank.

Can I take my cheque book with me and deposit a cheque into my new account, or should I obtain a cheque drawn on an american bank instead. Is it really that some small retail outlets would not accept my British debit/credit cards?

Regards,

[newtoOZ]

You could deposit a check drawn on your UK account, but the fees might be high. It probably would be cheaper to have your UK bank wire the funds to the US bank once you open an account.

Some places don't accept even US debit cards unless they are associated with Mastercard or Visa, and therefore get processed like charges. There are even some places that don't take credit cards and want real money.

You'll find opening an account in the US simpler than opening one in the UK, I think. One thing to remember, US checking accounts generally do no come with overdraft priviliges, and any check that is not covered by your balance will bounce. Banks also tend to put inordinate holding periods on checks for them to 'clear' when they all clear in three days maximum. It's an opportunity for them to have you make a mistake and to collect more fees. Meanwhile they earn money on the cash they won't let you have.

[awayinamerica]

The U.S. patriot act has created a lot more restrictions on opening a bank account in the United States. You need to bring in many forms of ID. Even U.S. citizens can have a lot of trouble opening a bank account.

[synthia]

I haven't opened a bank account in ages, but why would bank accounts be more restrictive? In the UK I believe you need references to open a checking account.

[gkloken]

Your bank will have a reciprocating Bank in the USA and worldwide.
They can help you open an account and transfer money into that account. Wisdom dictates to retain some money in your bank account at home until you are settled here. Without your Social Security card/number here you can use a TIN or tax ID number which you apply for at the IRS. Quick and easy.
Use that number instead when opening an account with a Debit card connected to your checking.
Provided it has Visa on the Debit card you can use your current Debit card to withdraw money at any ATM
There are Banks that open accounts without ay number like Bank of America. Not all banks are in all states though , but you can use the Debit Card .

[atlast]

I definitely wouldn't use a check, because they will charge all kinds of extra fees for the agony of processing paper, then more because it is foreign paper.

[ZARTAN]

citibank seems to be real good at transfering money. you can do it all online if you have an american and british citibank account. you can use your british credit cards but in america, they dont use chip and pin, but rather signature (old school). you can also deposit a british cheque too, although it takes a while. i have found washington mutual to be the best bank in california with a lot of branches and no fees.

[gkloken]

Originally Posted by atlast

I definitely wouldn't use a check, because they will charge all kinds of extra fees for the agony of processing paper, then more because it is foreign paper.

I guess it must vary from bank to bank JP Morgan -Chase or just Chase Bank have handled all my international payments checks and wiring without restriction hick ups or hold ups and extra charges. Just the standard charges we pay all over. I received Checks from outside the USA and did not experience any problems with it.

[gkloken]

Originally Posted by newtoOZ

You could deposit a check drawn on your UK account, but the fees might be high. It probably would be cheaper to have your UK bank wire the funds to the US bank once you open an account.

Some places don't accept even US debit cards unless they are associated with Mastercard or Visa, and therefore get processed like charges. There are even some places that don't take credit cards and want real money.

You'll find opening an account in the US simpler than opening one in the UK, I think. One thing to remember, US checking accounts generally do no come with overdraft priviliges, and any check that is not covered by your balance will bounce. Banks also tend to put inordinate holding periods on checks for them to 'clear' when they all clear in three days maximum. It's an opportunity for them to have you make a mistake and to collect more fees. Meanwhile they earn money on the cash they won't let you have.

I do beg to differ here. The USA bank systems are the most user friendly that I know of. Definitely easier than the British banks I have dealt with.
"Inordinate holding periods" and "the need to get more money from you" or "you to make more mistakes etc" is definitely not part of my experience here.
I cannot for the life of me see why "they" would be out "to get you "? ??
This a first world country for heavens sake !

[synthia]

Originally Posted by gkloken

I do beg to differ here. The USA bank systems are the most user friendly that I know of. Definitely easier than the British banks I have dealt with.
"Inordinate holding periods" and "the need to get more money from you" or "you to make more mistakes etc" is definitely not part of my experience here.
I cannot for the life of me see why "they" would be out "to get you "? ??
This a first world country for heavens sake !

What? Please re-read the post you quoted. Nowhere does the poster write any of the things you put in quotes in your post. Where did all that come from? All the poster did was point out some differences between the American and US banking systems.