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Moving home, want to close UK bank account 
29th-Jan-2012 10:32 pm [money]
I've been working fulltime in the UK for the past year and a half, and I've got an account with Barclays. I want to close this and transfer all of it to my Canadian TD account. I'm not sure what's the best way to go about this -- has anyone here done the same before?

I'm thinking that I'd have to talk to Barclays first, close the account and get a cheque from them (do they give you a cheque when you close your account? or cash or what?), then take it to a forex firm to get it converted to CAD. They would then would give me...what? Another cheque? Which I would then deposit when I get home.

Does this sound right, or is that not what would happen, or is there a better way? How much can I expect to lose in the conversion?
29th-Jan-2012 10:47 pm (UTC)
You can probably get them to just wire transfer everything to your Canadian account and then close your UK account. There will be a fee (possibly from both banks), but it'll be done immediately and you'll know pretty much what it'll cost and the exchange rate is going to be.

30th-Jan-2012 01:34 am (UTC)
I had HSBC wire the amount I wanted into my American (Bank of America) account. Instead of closing my HSBC account, I made it dormant with about 10 quid in it, for future travel purposes. All I have to do is reactivate it and transfer money into it to use it again. No fee other than the wire fee, which I can't remember how much it was. I went over my options with a bank officer prior to making my choice... I honestly can't remember what else we talked about.
30th-Jan-2012 02:27 am (UTC)
I did this in reverse, but I just wired my remaining CAD balance to my UK account before closing it. I think the fees came out to about £45 or so.
30th-Jan-2012 08:06 am (UTC)
I think I removed all but a token amount from US account (to cover late coming cheques) transferred the bulk minus my travelling money through paypal and a month later closed the account from home. That should be feasible. You just need to have money somewhere to tap in case of an emergency while travelling/getting resettled.
30th-Jan-2012 05:27 pm (UTC)
I was studying in London and while I was getting all my ducks in a row to close my bank account with Natwest I was told it would take three business days to close. Unfortunately, I went in to talk to them on Friday afternoon and my plane back to the States was on Monday. So the woman said that I could transfer the money and when the balance was at zero, send a letter asking to close my account and include the debit cards cut in half through the chip.
30th-Jan-2012 07:58 pm (UTC)
It can all be done electronically; it will cost a bit, but you don't need to worry about physically carrying the money!
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