For American expatriates in the UK, navigating local banking can be daunting. Regulatory hurdles, unfamiliar processes and the perception that high street banks are less welcoming are common experiences. Rather than shying away from these challenges, we draw on decades of experience and we are committed to serving US clients seeking a home for their banking while on our shores.
How does Weatherbys Private Bank stand out in serving US clients?
Weatherbys Private Bank has built a reputation for providing a welcoming, flexible, high-quality banking experience for US clients. In keeping with the “Weatherbys Way”, we are more than just a bank. As a privately owned, seventh-generation bank, we offer an extremely high level of customer service, spending time with our clients either in our offices, at their home or over the phone.
How does Weatherbys approach banking for American expatriates?
Our approach starts with a simple question: can we help this client and, if so, do our values align? If the answer is yes, we will find a way to make it work. Our focus is on building a banking relationship based on trust and understanding, with a view to a long-term partnership. It all begins with a conversation with a private banker in one of our London, Northamptonshire, Manchester or Edinburgh offices. But the conversation doesn’t need to be in person. Clients can complete video calls and application forms before they set foot in the UK, so we can open accounts by the time they arrive.
Why should an American expatriate open a bank account in the UK?
We offer a comprehensive private banking service covering day-to-day banking, FX services, cash management, savings, loans and mortgages. A UK bank account reduces currency risk, lowers fees and makes everyday banking easier. Many US clients start with a US card but often find time differences frustrating when they need to speak to their bank. Even a relatively straightforward task, such as getting a new mobile phone, can be a headache without a UK address. Opening a UK account solves these problems, especially for those spending more time in the UK, working here, or with children in UK schools.
In what ways is Weatherbys more flexible than other banks for US clients?
We don’t require US citizens to move their investments to the UK to open an account, neither do we insist on minimum asset transfers for UK residents. Many US citizens find it difficult to borrow in the UK because their US income or assets aren’t always considered in other banks’ affordability checks. Rather than relying on strict credit scores, we make informed decisions based on a full view of a client’s finances. We recognise that international and liquid assets, undrawn earnings and trust funds are vital to a high-net-worth individual’s finances.
How can you help US citizens to secure a mortgage?
US citizens seeking a mortgage in the UK often face challenges, especially if they don’t have a UK footprint. They lack a UK address, income or assets. We can offer greater flexibility by assessing international income and assets. We can also weigh up a US client’s currency options. UK properties are valued in pounds, and most mortgages are issued in pounds. If a US citizen’s income or wealth is primarily in US dollars, repaying a dollar-denominated mortgage may make more sense than repaying it in pounds, although there can be tax implications. With our expertise, Weatherbys can help. We also provide Lombard lending, secured against an investment portfolio. This can provide quick, short-term or bridging-style funding and help delay large portfolio sales for tax reasons.
How does Weatherbys ensure compliance with complex US and UK regulations for its clients?
Regulations have always required us to maintain robust records and, as you’d expect, to conduct thorough due diligence. Understanding our clients’ backgrounds and sources of wealth helps us serve them better and avoid issues later on. We are duty bound to comply with the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) for US taxpayers with accounts and financial assets outside the US. We aim to make the process as easy as possible, so clients are almost unaware of the reporting requirements in the first place.
Why is Weatherbys the right choice for American expatriates seeking private banking in the UK?
We have a long tradition of delivering exceptional service to our US and other international clients. The team, led by Simon Gardiner, Senior Private Banker, is dedicated to serving US citizens with UK banking needs. Through our professional network in the UK, we can also introduce third parties who may be suited to helping with other areas of your life, such as tax advice, investment management, immigration and estate planning. Clients are at the heart of everything we do. When you join Weatherbys, you don’t just join a bank; you become part of our family.