I am an American who spent 23 years in the UK. From that time, I possess a state pension and a couple of tiny private pensions. These pensions are paid into a UK bank account. Some of the money from these pensions is spent in the UK when I visit old friends once a year.
My UK bank told me recently that they would soon shut down accounts for people who no longer live in the UK. I need to decide what to do with this money. Recently, I moved a few thousand pounds to a Wise account. I plan to change most of that to US funds. It has been recommended that I transfer the bulk of my UK savings (<50k) to a US account.
What happens if I transfer more than $10k worth of my savings to the US? Also, any advice as to how I should proceed if I want my UK pensions paid into a US bank? I don’t need to do that. I could just have it paid into my Wise account. It doesn’t make any interest there, but it makes so little interest in my UK account that it doesn’t really make much difference.
