Expat Advice: Financial Issues in London, UK

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

London

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.

I moved all bank accounts to foreign-based banks. Citibank offers dual currency--this is very convenient to receive cheques from the US and pay the one remaining US-based bill.

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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?

Learn the 'language' of banks in the hist country--get a glossary of terms. Do not expect to do anyhting in England except by direct debit and standing order. Do not expect cheques to clear quickly, and when they do banks will still 'hold' them to protect against withdrawals.

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

The UK is much more expensive than the US. Be careful to budget and stick with it. Since most things are debited automatically, you must take care. The cost of living in London is a major jump from most US cities.

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)?

Expat firm for US taxes, I do my owm UK taxes.

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

Be aware of the days you spend in the US, and document them for taxes later. Be aware of the difference in the tax year, i.e. calendar v. fiscal. Be aware of how taxes work in the host country. Make sure you are not taxes the 'emergency' national insurance or medical amounts by gettting the correct administrative work done, e.g. National Insurance interview and number in the UK. Keep all pay stubs and remember that, like in the UK, both are due around the same time, so plan to spend time on them. Also, be aware of what benefit your spouse can add to a joint return, even if he/she is not a US citizen.