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Expat Advice: Financial Issues in Cardiff, UK

What is the name of the city or town that you are reporting on?

Cardiff

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

Yes, I had to open up a UK bank in order to pay for anything related to living expenses. It wasn't easy! The bank would didn't care how much money I had in my U.S. account, my credit rating, or even a personal note from my U.S. banker (which I had been told would help me get a UK bank account). The ONLY way I was able to open up an account was by having a UK friend co-sign for me. My circumstances was that I was an older student returning to do my Master's. I'm guessing any U.S. student will come up against the same problem. I can't speak for people who are being transferred over for a job. It may be easy for them.

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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Plan ahead!! Call the banks you are interested in banking with in the UK to see what you need to do. U.S. banks DO NOT have overseas branches you can belong to.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

My taxes are quite involved, so I use a tax specialist. She has been invaluable in teaching me the ins and outs. Yes, you have to file a U.S. tax return even if you earned $50 in a foreign country -- you don't have to pay taxes until you reach a certain limit, but you at least have to file a return.

What advice could you offer others about doing your taxes as an expat?

Hire an expert -- it's worth the money.

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