Another one on Money
Mar 15, 2024 17:55:06 #
PaulBrit
Loc: Merlin, Southern Oregon
Dear good people,
I am a London-born guy but am now living in Southern Oregon, near Merlin, very happily.
I am also a US Citizen.
Inevitably me and my wife, she was also born in London, receive UK Pensions and I also receive some sterling investment income that currently goes into the Yorkshire Building Society. But I am getting hassle from the YBS!
In general UK banks charge too much for non-resident customers.
I have researched online and come across Wise and Revolut. I know nothing about them. Are you familiar with these organisations?
Anyone else who is in a similar situation? Because I would love to hear from you!
I am a London-born guy but am now living in Southern Oregon, near Merlin, very happily.
I am also a US Citizen.
Inevitably me and my wife, she was also born in London, receive UK Pensions and I also receive some sterling investment income that currently goes into the Yorkshire Building Society. But I am getting hassle from the YBS!
In general UK banks charge too much for non-resident customers.
I have researched online and come across Wise and Revolut. I know nothing about them. Are you familiar with these organisations?
Anyone else who is in a similar situation? Because I would love to hear from you!
Mar 15, 2024 22:22:00 #
Wise and Revolut are not full service banks. Why not use a regular bank?
Mar 16, 2024 06:06:04 #
PaulBrit
Loc: Merlin, Southern Oregon
John, I used to use a UK bank but their charges were significantly higher. Plus, to open a new account with a UK bank would require me to attend the bank in person. That’s my understanding.
Mar 16, 2024 08:11:07 #
PaulBrit wrote:
John, I used to use a UK bank but their charges were significantly higher. Plus, to open a new account with a UK bank would require me to attend the bank in person. That’s my understanding.
What's wrong with a US bank?
Mar 16, 2024 08:15:45 #
PaulBrit
Loc: Merlin, Southern Oregon
My UK investments do not pay in other currencies other than the pound sterling.
Mar 16, 2024 09:31:50 #
PaulBrit wrote:
My UK investments do not pay in other currencies other than the pound sterling.
My pensions (regular and army) are paid directly into my US bank. The pensions are *paid* in pounds, but they get exchanged to dollars on the way. The conversion probably costs something, and you never know how much will be paid in each month, but other than that, it works fine.
Mar 16, 2024 09:46:17 #
PaulBrit
Loc: Merlin, Southern Oregon
Let me explore that. I guess next Monday as the banks won’t be open on the week-end?
Mar 16, 2024 09:49:56 #
Mar 16, 2024 10:06:28 #
Mar 16, 2024 10:42:22 #
Might consider a credit union. I switched over to one for my accounts over 50 years ago. Usually lower car loan interest rates and great customer service. Mine is big on security and fees are almost non-existent. Just my 2 cents worth.
Mar 16, 2024 10:42:23 #
PaulBrit
Loc: Merlin, Southern Oregon
And now my Yorkshire Building Society account is working perfectly! Ugly Hedgehog has quite an effect! ;-)
Mar 16, 2024 10:44:49 #
PaulBrit
Loc: Merlin, Southern Oregon
whatdat wrote:
Might consider a credit union. I switched over to one for my accounts over 50 years ago. Usually lower car loan interest rates and great customer service. Mine is big on security and fees are almost non-existent. Just my 2 cents worth.
Are you saying that a credit union based in the UK will be alright for me?
Mar 16, 2024 12:49:25 #
PaulBrit wrote:
Dear good people, br br I am a London-born guy bu... (show quote)
And you can't switch to an Oregon bank, because....
Mar 16, 2024 12:54:12 #
PaulBrit
Loc: Merlin, Southern Oregon
ecblackiii wrote:
And you can't switch to an Oregon bank, because....
Because they are UK Pension payments and dividends from UK investments.
Mar 16, 2024 13:06:47 #
PaulBrit wrote:
Because they are UK Pension payments and dividends from UK investments.
So, if the money can't be sent to a US bank (as I believe it can), move back to the UK to live. You made the choice. If you don't like the consequences, you can change the decision.
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