For many expatriates from the UK and other parts of the world, relocating to the United States represents both opportunity and change — not just in lifestyle, but in how you manage your finances. Establishing the right savings and banking structure early on is essential to ensure your money remains accessible, secure, and working efficiently across borders.
Banking as an Expat
The U.S. banking system offers an extensive range of options — from major global institutions to local community banks. However, for newcomers, opening a savings account can feel complicated. Most banks require:
- A passport and proof of legal residency or visa.
- A Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Proof of a U.S. address, such as a lease or utility bill.
For UK nationals, global banks such as HSBC, Barclays, and Citi often offer international account setups before arrival, helping to simplify the process.
Choosing the Right Savings Account
When selecting a savings account, consider:
- Interest rates and monthly fees. U.S. interest rates are currently higher than those in Europe, making dollar savings attractive.
- Accessibility. Online banking and global transfer capabilities are essential for expats managing assets in more than one country.
- Currency flexibility. Multi-currency or offshore accounts can help reduce exchange-rate risk if your income remains in sterling.
- Tax implications. U.S. residents are subject to local taxation on worldwide income, including interest earned on savings.
UK and U.S. dual citizens, in particular, must ensure all accounts and investments remain compliant with both IRS and HMRC reporting rules.
Expert Cross-Border Financial Advice
Managing wealth across multiple jurisdictions can be complex — especially when pensions, investments, or property are still held in your home country. A cross-border financial adviser can help you:
- Structure savings and investments tax-efficiently.
- Manage currency exposure.
- Plan for long-term goals such as retirement or education.
At Blacktower Financial Management, we’ve been helping UK and U.S. expatriates protect and grow their wealth internationally since 1986.
📞 Book your complimentary consultation today to discuss the best savings and financial planning solutions for life in the U.S.