Opening US Bank Account and transferring money before moving

[Precisely 95]

Hey all helpful immigration people.

 

I will be moving to the US soon and I want to open a US Bank account and transfer my savings there.  Is there a way I can do this while I'm still in the UK and without a social number. How did you handle this? Is there a link to a post somewhere that already covers this?

 

[Wuozopo 4,290]

It will be much easier if you walk in a bank once you're there and have a SSN. Otherwise they have to classify you as a foreigner, get forms filled out. When you get there, you will be a permanent resident not a foreigner.

 

I have used Transferwise to move money from the U.K. 

 

There's some valid reasons why keeping your UK account open might be a good idea. If I find the thread, I'll copy them. Don't have time to elaborate now.

Edited March 19, 2019 by Wuozopo

[fip & jim 452]

I think you'll have trouble finding a bank in the US that will allow you to open an account without SSN. 

 

It's easy enough to manage transactions and closing an account from here with online banking, as long as you've informed your UK branch of your address in the States. Maybe transfer your savings into your current account (that's what I did), then you can transfer it once you're set up here. 

[SusieQQQ 11,585]

Agree it’s easier to open an account once you are in the US, then just transfer the funds over. If they are more than $10k you’ll fill in a form for the US bank to confirm source of funds  (part of anti money laundering effort) but otherwise not a hassle at all. 

[Precisely 95]

OK, thanks all. That actually makes life much easier, for some reason I thought I had to close my accounts at home when I moved.

Edited March 19, 2019 by Apelcina

[Wuozopo 4,290]

I did not fill out a form when I moved about $20,000 over. That is handled automatically by Transferwise and the receiving bank. They have a responsibility to report under the banking part of the Patriot Act.

[fip & jim 452]

7 minutes ago, Apelcina said:

OK, thanks all. That actually makes life much easier, for some reason I thought I had to close my accounts at home when I moved.

No. It's only savings you musn't have, because of tax reasons. Check with your bank about the pros and cons for the accounts they offer. I went in branch a week before emigrating so they could change my address to the US and there have been no issues. 

 

Edited March 19, 2019 by fip & jim

[SusieQQQ 11,585]

6 minutes ago, Wuozopo said:

I did not fill out a form when I moved about $20,000 over. That is handled automatically by Transferwise and the receiving bank. They have a responsibility to report under the banking part of the Patriot Act.

Maybe you forgot the info you gave them - according to Transferwise itself the reporting is required.

https://transferwise.com/us/blog/international-wire-over-10000 - see the info under the section “What documents should I need if I’m making an international wire transfer of $10,000 or more?”

 

I don’t think I actually filled out a form per se, but I definitely remember having to provide the information about source of funds.

Edited March 19, 2019 by SusieQQQ

[Precisely 95]

11 minutes ago, fip & jim said:

No. It's only savings you musn't have, because of tax reasons. Check with your bank about the pros and cons for the accounts they offer. I went in branch a week before emigrating so they could change my address to the US and there have been no issues. 

 

When you say savings is an issue do you mean if I still have something like an ISA open? If I just have a current account then that shouldn't cause issues?

[fip & jim 452]

1 minute ago, Apelcina said:

When you say savings is an issue do you mean if I still have something like an ISA open? If I just have a current account then that shouldn't cause issues?

Yes. I mentioned that because I forgot my son's ISA and they brought that up when I went in branch. 

 

Current account is not a problem but you need to check with your bank/building society about their t & c. Obviously as a K1 I no longer had a regular income going in. My building society were fine about that. 

[Wuozopo 4,290]

50 minutes ago, SusieQQQ said:

Maybe you forgot the info you gave them - according to Transferwise itself the reporting is required.

https://transferwise.com/us/blog/international-wire-over-10000 - see the info under the section “What documents should I need if I’m making an international wire transfer of $10,000 or more?”

 

I don’t think I actually filled out a form per se, but I definitely remember having to provide the information about source of funds.

 

I thought you meant I had to go in my Texas bank and give them a form. Actually I had no questions from Transferwise except how much and account numbers. I was transferring from me to me. I have been with the UK bank 30 years and the Texas bank about 9 years. Maybe I didn't raise any suspicion because these were not new accounts. I have filed FBAR and FATCA for 10 years. 

Correction on amount. I looked it up. It was $14,970 and I don't remember how much the other transfer was. 

 

[Ontarkie 13,980]

~~Moved to Taxes and Finances, from General Immigration Discussion~~