US bank recommendations please

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US bank recommendations please


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Old 30th June 2017, 05:20 PM
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Default US bank recommendations please

HI there
I mostly live in London but have a USA address, too. I need to open a USA bank account so I can wire money from it to my UK account inexpensively (through HiFx or other exchange firms) from time to time and also use low-cost UK ATMs. Have been banking with BofA and am fed up! Any suggestions would be appreciated.

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Old 30th June 2017, 05:24 PM
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If you follow the FATCA threads on Facebook and other social media you will know that many US banks and most US brokers are refusing business from overseas Americans without APO/FPO addresses. Although some credit unions will accept your business you may find them unable to handle your fund wires. Don't close your existing account until you have a successful working arrangement elsewhere. It does make a difference if you have a valid US address and a US credit score, perhaps a US credit card.


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Old 30th June 2017, 05:28 PM
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Thanks for your swift reply. Yes, I have a US address & credit card. I was just wondering if anyone had a bank they had used successfully for wire transactions, etc. I definitely won't close current account until I have new one.

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Old 30th June 2017, 05:33 PM
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Quote:
Originally Posted by fromtucson View Post
Thanks for your swift reply. Yes, I have a US address & credit card. I was just wondering if anyone had a bank they had used successfully for wire transactions, etc. I definitely won't close current account until I have new one.


USAA Bank in San Antonio has been recommended. If they will take your business as a nonmember of USAA and living overseas.


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Old 30th June 2017, 08:09 PM
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I have an HSBC account in both the US and UK, and can transfer money globally without any fees

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Old 30th June 2017, 08:34 PM
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Thanks for that. Did you open the USA account before or after you moved to the UK?

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Old 1st July 2017, 09:24 AM
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I did open the US account first, they also allowed me to open the UK account before moving (I had a permanent address in the UK at that time to live with my spouse). The requirements may have changed since then, I know banks now almost unanimously require proof of UK address before opening an account, but I chose HSBC specifically for the ability to transfer globally without fees

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