International bank accounts
Discussion
Hi there, hoping to call on the collective PH knowledge to help me with some problems i've been having.
I'm a British Passport holder, but have been living in the tri-state area for the last 8 months, and i've got some questions about moving money around.
I have a Barclays account in the UK, with nothing in there other than the remnants of my student overdraft. I'd like to pay this off, so that the account does not very much other than accumulate interest on the 200 quid or so that'd be in there (ie $400 - ouch to the exchange rate!).
Longer term i'd like to move money from out here, USA, to the UK, for paying off my student loan, and hopefully in the longer term to go towards a mortgage etc in London, as i'd like to buy a property there in the future (VERY long term).
Out here I have a PNC account, which is great, and very convenient for me, but i'm wondering if things couldn't be easier....
Does anyone have any experience of being in my shoes with regard to banking transatlantically on a personal basis, rather than as a business?
I see several options here, and would love to know any more options or the best options.
1 - Try to set up an HSBC account that works internationally, although they made it very tricky before i came out here to do that, and after banking with them as a kid (14-16), I don't much like them.
2 - Do the same thing with Barclays. I'd prefer this, but don't see how it'd work as out here it's all very bank-centric, and the only barclay's i've seen out here are offices in Wilmington, not a branch.
3 - Pay a chunk of dollars to clear up my UK account for now, and then save in a bank account out here. Then, when the exchange rate is better (maybe blind faith here) i can move a chunk of cash across for student loan payments/mortgage etc. I'd do this using my US account and UK account seperately, without trying to link them.
Rambling... So I guess what i'm trying to ask is, what does anyone else do in situations similar to this? Is it worth getting a bank account linked in both the US and the UK?
Any and all opinions much appreciated, and in case the type of questions didn't alert you to it, i'm a total fool on all things related to personal finance.
Thanks, Alex
I'm a British Passport holder, but have been living in the tri-state area for the last 8 months, and i've got some questions about moving money around.
I have a Barclays account in the UK, with nothing in there other than the remnants of my student overdraft. I'd like to pay this off, so that the account does not very much other than accumulate interest on the 200 quid or so that'd be in there (ie $400 - ouch to the exchange rate!).
Longer term i'd like to move money from out here, USA, to the UK, for paying off my student loan, and hopefully in the longer term to go towards a mortgage etc in London, as i'd like to buy a property there in the future (VERY long term).
Out here I have a PNC account, which is great, and very convenient for me, but i'm wondering if things couldn't be easier....
Does anyone have any experience of being in my shoes with regard to banking transatlantically on a personal basis, rather than as a business?
I see several options here, and would love to know any more options or the best options.
1 - Try to set up an HSBC account that works internationally, although they made it very tricky before i came out here to do that, and after banking with them as a kid (14-16), I don't much like them.
2 - Do the same thing with Barclays. I'd prefer this, but don't see how it'd work as out here it's all very bank-centric, and the only barclay's i've seen out here are offices in Wilmington, not a branch.
3 - Pay a chunk of dollars to clear up my UK account for now, and then save in a bank account out here. Then, when the exchange rate is better (maybe blind faith here) i can move a chunk of cash across for student loan payments/mortgage etc. I'd do this using my US account and UK account seperately, without trying to link them.
Rambling... So I guess what i'm trying to ask is, what does anyone else do in situations similar to this? Is it worth getting a bank account linked in both the US and the UK?
Any and all opinions much appreciated, and in case the type of questions didn't alert you to it, i'm a total fool on all things related to personal finance.
Thanks, Alex
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