Your relocation to London will be faster and smoother if you organize much of it stateside. Your relocation agents will be able to advise you on the details and the paperwork that you can sort out back in the States and what you will need to bring with you so you can get settled as fast as possible. This is why it is important to use London relocation services that have experience in both countries to expedite your relocation to London.
Closing Your US Bank Account?
When you are organizing the details of your move, and the opening of your bank account in London, the question will arise on whether or not to close your US bank account. This bears some thinking about. Remember that your expenses and bills won’t stop coming just because you have left the country. There will be a couple of bills that may still need to be paid after you have completed your relocation to London.
Even if you won’t be going back for a few years, you’ll want to be able to cover any surprise expenses or even ongoing expenses like storage. The best way to cover both sides of the Atlantic, from a financial perspective is to set up internet banking through your US bank and then as soon as you have opened a UK bank account you’ll be able to transfer between the two accounts easily. Remember that if you are considering immigrating to the UK then you’ll have to close everything down in the US as there are international laws about holding accounts in different countries.
The most important factor about transferring money from the United States to your UK bank account is that there may be tax levies and bills on the money that you transfer, even if you have already paid tax on them in the States. It may be an idea to hire a professional tax accountant in London as part of your international relocation.
These small details may seem insignificant when you’re packing your bags, but getting advice from your relocation agents about your finances before you leave could save you time and pounds/dollars in the future.