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 switched to Citibank because it's easy to move money between different currency accounts and I have a US checkbook.

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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?

Be careful about using electronic money transfers because the fees are very high. Often cheaper to send a paper check if there is time. ATMs are the best bet for exchanging money in Europe, so good to be with a bank whose card is accepted on the major ATMs.

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

Being American, a lot a British 'tax free' investments are not tax free from the American IRS perspective, which is frustrating. In general sorting out the tax implications UK to US is hte biggest frustration.

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)?

Have used a local firm but was VERY disappointed by the service. It is frustrating to find qualified people who understand both the UK and US tax systems and who are responsive. Unless your employer is paying it's much too expensive to use one of the big accounting firms.