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Banking

Banking Conundrum

While I was considering the possibility of making the move, multiple people warned me of Vogon levels of red tape and circular references. Apparently, in order to set up a bank account in the UK, one usually needs to have a permanent address there to list. In order to secure a place to live in the UK, one needs to have a UK bank account. Seems like a logic loop.

I did find a potential way around this thanks to the fact that HSBC has retail banking operations (meaning that they offer checking and savings types of accounts) in both the US and UK. With sufficient funds and income and such, one may be able to open accounts which then can be linked to allow free international transfers between them. This is crucial as I’ll need to be able to access funds in the US to pay certain ongoing costs here.

Then, last week, there was news that HSBC is considering closing its retail banking operations in the US. I had just started setting stuff up with them. Now looking for other options. The big trick is being able to set up an account in the UK while being in the US. More to come on this developing story.

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