Royal Palm Bay Villas, Orlando, Kissimee, Florida , USA.

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The Americans may have invented the concept of credit and charge cards but in generally their banking system is behind ours in terms of convenience and integration. Most banks are still regional, serving a state, county or even town. Few are truly national; one of these, Bank of America, being the largest in the country. There is no cheque guarantee system which means that few retail outlets will accept them. Most organisations will not take out of state cheques. However, credit cards are acceptable nearly everywhere and charge cards, although not so readily usable, can be an asset. The debit card system has taken off in recent years, as it has over here. Best of all dollar travellers cheques can be used as cash virtually anywhere which avoids the penalty of commission charges. Of course sterling travellers' cheques and cheques drawn on UK banks are not recognised. All Master cards and Visa credit and debit cards are readily accepted although UK debit card purchases are processed as credit rather than debit transactions. Cash can be withdrawn from ATMs but the charges can be quite steep. Some US banks charge for providing this service and the only UK high street financial institution which does not is the Nationwide Building Society, although their credit cards are liable to the same cash advance charge as in this country. If you own property in Florida it makes sense to open an American bank account so that you can easily pay regular bills and receive payments if you rent it out through a management company. But be careful not all US banks offer all the services and internet access that we expect in the UK . Otherwise, regardless of how long you are staying in the States, it is just as easy to use the international facilities offered by your home bank.

The problem to establishing yourself in America is that you do not have a credit rating because you lack a credit record. This is particularly problematic if you are looking to purchase property with a loan. Some US banks will lend to foreigners, often at unfavourable rates, but most will not consider you. So it means going to loan companies who specialise in British nationals which is like entering into a hire purchase agreement at home. To be avoided if at all possible. Again some UK banks and building societies will entertain loans for the purchase of property abroad and these can be the most attractive alternative. But watch the rates of interest and the security required. You do not want your main home to be at risk if your purchase in Florida goes wrong.

I cover the question of relevant insurance under the Holiday Rental Home, Property Purchase, and Car Hire articles. However, whether you are a visitor or a foreign resident you need to ensure that you and your belongings are fully insured. Health insurance is a particular problem because of the extremely high cost of medical treatment in America . Most holiday insurance policies, whether single or multiple trip, have a maximum number of days continuous cover, usually between thirty and ninety. Longer periods can be negotiated but at a price. Unless you live there it is always better to take out insurance cover before leaving home, and ensure cover of at least £1 million.