Expat Advice: Financial Issues in Glasgow, Scotland

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

Glasgow

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.

No expat-focused bank.

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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?

From my own experiences and from friends' experiences, it can be very difficult finding a bank that will let one open an account in the UK - many want more documentation than the average expat has, or will just unequivocally say no. However, Bank of Scotland/Halifax was fine with opening an account for me as well as those who had tried to open accounts at many other banks before trying there.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

I have not invested.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

I would recommend getting a US dollar currency account. I don't know about other banks, but the Bank of Scotland/Halifax was willing to do this for me with no problem. A US dollar currency account allows one to keep their money in dollars so one is able to transfer money into pounds when the exchange rate is really good (or never exchange it at all). At the Bank of Scotland (I'm not sure about others) the commission charge is the same as if one was putting a cheque or whatnot into a regular account, and it comes with a US dollar chequebook.

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)?

I file my own US taxes and there's no need for us to file here.

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

The US Embassies have accountants there near tax day - take advantage of this free service!