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Discussion Starter · #1 ·
Hi,

I will probably be taking an assignment in the UK next year, as my employer is US based they want to deposit my pay in to a US bank account, any recommendations on the cheapest / most convenient way to have access to the money in the UK (credit cards / debit cards / checkbooks / cash points / etc)?

Matt
 

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We are in a similar situation. Us company paid in usd into USA bank account. We opened an account with Lloyd's TSB offshore. We opened a sterling account, a usd account and a euro account. Our thought was to have the company direct deposit into the usd account and transfer from there but the hr department never made the change. They still deposit into our other USA account that they deposited into before. Since we still support our kids in the USA it has worked out fine. We make a transfer twice a month after direct deposit into the sterling account and it costs 35usd for each transfer and takes about 4 days. It's not ideal but it works for us and save us money we feel in the long run in foreign transaction fees and we have local banking options and proof of residency with bank statements.
 

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Did you contact Lloyd's offshore? We didn't do the regular uk account but Lloyd's TSB offshore account. They are located in the jersey isles. Another option is perhaps HSBC in the USA if you have time. They suggested we open and account with them in the USA and once the account was open to open a sterling account with them.

With the new regulations for reporting for international bank accounts on USA citizens it sounds like a lot of uk banks are not willing to have USA citizen customers anymore. If you can find a local uk bank that is willing to open an account you can do as we do and just do an international funds transfer between your accounts each paycheck as we do.
 

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Discussion Starter · #5 ·
I think I will end up stuck with my current relationship with HSBC, they have refused point blank to add my wife's name to my checking account so unless I can get her a credit card she is going to have to operate on pre-paid credit cards.... Frankly I am racked off that HSBC are taking this stance, I find their attitude to be very upsetting...
 

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Have you contacted HSBC about opening a sterling account with them? They would not allow us to open one without a current relationship with them in the USA. Perhaps you can add your wife to that application? Then you could just bank local in sterling, avoid foreign transaction fees and just transfer directly to that account each pay period.
 
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