Advice on UK Bank Accounts/Credit Cards for those migrating

[Guest]

We spent 5 years in Perth, as we had a buy to let property in the UK we kept our bank account and credit cards. It didn't cost us anything and both the banks we dealt with - Nationwide and Intelligent Finance were happy to have an overseas address on the account.

 

On the MBTTUK forum there are lots of people who have had problems with opening accounts, getting credit cards and their credit score, we had no such problems when we moved back and got a mortgage with the Halifax within 9 months of moving back.

 

There are other benefits of keeping a UK bank account/credit card too. It was an easy way to way for presents for UK family and friends without being stung with foreign exchange charges (you do need to keep some money in your bank account of course but you can transfer a lump sum at a much more preferential rate) and when we visited the UK it was also very handy - we just transferred a lump sum to our UK account and used our normal debit card to pay for stuff and cash withdrawals.

 

I cannot think of any disadvantage of keeping basic accounts in the UK and you may be glad you did at some point down the line - if you'd asked me at 3.5 years would we ever move back to the UK I would have said never!

[desreb]

Likewise, and it probably helps maintain a credit rating there, should you ever need access to one.

[Gbye grey sky]

We spent 5 years in Perth, as we had a buy to let property in the UK we kept our bank account and credit cards. It didn't cost us anything and both the banks we dealt with - Nationwide and Intelligent Finance were happy to have an overseas address on the account.

 

On the MBTTUK forum there are lots of people who have had problems with opening accounts, getting credit cards and their credit score, we had no such problems when we moved back and got a mortgage with the Halifax within 9 months of moving back.

 

There are other benefits of keeping a UK bank account/credit card too. It was an easy way to way for presents for UK family and friends without being stung with foreign exchange charges (you do need to keep some money in your bank account of course but you can transfer a lump sum at a much more preferential rate) and when we visited the UK it was also very handy - we just transferred a lump sum to our UK account and used our normal debit card to pay for stuff and cash withdrawals.

 

I cannot think of any disadvantage of keeping basic accounts in the UK and you may be glad you did at some point down the line - if you'd asked me at 3.5 years would we ever move back to the UK I would have said never!

 

We have maintained our bank accounts despite the fact that we consider it unlikely will return. At some future date we will be able to draw pensions and it may be preferable to get them paid in to the UK account and then transfer the money periodically using a moneyexchange company at preferred rates.

[Thom]

I did the same, Halifax for my (now paid off,) mortgage, and Lloyds TSB for general day to day accounts.