Strategy to obtain US Amex

[Finale]

Finale, do you pay Amex using HSBC Premier?

Nope. I have a US account. What I mean about HSBC Premier is they can normally help customers open US HSBC account remotely.

 

[PointsLife1]

For all the Sarasota residents out there, did anyone happen to see the AMEX offer with Tampa Bay Buccaneers? Spend 5K and receive 1K statement credit.

Could buy a season ticket and resell most of the games, except for maybe 1 or 2 games when we all have to travel to the states to open checking accounts

 

[glasszon]

For all the Sarasota residents out there, did anyone happen to see the AMEX offer with Tampa Bay Buccaneers? Spend 5K and receive 1K statement credit.

Could buy a season ticket and resell most of the games, except for maybe 1 or 2 games when we all have to travel to the states to open checking accounts

Is it a targeted offer? I haven't saw anything on my account related to Buccaneers.

Would be keen to do an AFF catch up where we all go to the same bank branch to sign up for a bank account, who's in?

 

[glasszon]

I found this Canadian blog which details how to get a US Amex card as a Canadian, while not everything is applicable for Australians, but I think it's worth a read and it helps to explain a few things such as why the myUS address works. (“Commercial Mail Receiving Agency” = N)

Getting US Credit Cards for Canadians [2021] | Prince of Travel

Getting your very first US-issued credit card can be quite a complicated but worthwhile undertaking. Here’s the step-by-step process for how Canadians can get US credit cards and gain access to an even wider array of travel rewards points.

princeoftravel.com

Disclaimer: I have no relationship with the blog.

 

[glasszon]

HSBC premier is the only way as far as I know.

Is it possible to transfer the minimum balance required to open a HSBC premier account in Australia, get them to help setup a HSBC US account with a small balance, and close the HSBC AU premier account? That might save a trip to US if it works.

 

[albyd]

Finale thanks for mentioning Premier. I got started with Premier st my local branch yesterday. I told HSBC's International Business Centre (1300131623). I was only after the account for personal purposes and it would be funded by savings. They told me I could only open a US account through them if I was Premier. Not sure if that means they can help you without setting up Premier if you're a 'business'.

This is a little OT but my RM didn't promote anything special about Premier so interested if anyone else has gleaned any specific information. $35/month is a small price to pay not to have to go to the US specifically to open an account. Keen to hear how the strategy outlined by glasszon works.

I was surprised they said it would take 4 weeks to open the US account. It apparently also takes 4 weeks to open a non-personal account (eg SMSF or Family Trust) and it can't be an operating business.

 

[mrtupperware]

So going over the last few posts it appears the best combo is:

- Amex GT for the card you want
- Set up US bank account and transfer money from Aus to the local account to pay off the card

Is this right? Am I missing anything? I'll be in the US in April and will look at setting up a Bofa account (or Citi? seems they offer the same terms)

 

[ithongy]

Here is a video I made for those interested in opening US Bank account, obtaining credit card to build credit as non US resident.

 

[mrtupperware]

So going over the last few posts it appears the best combo is:

- Amex GT for the card you want
- Set up US bank account and transfer money from Aus to the local account to pay off the card

Is this right? Am I missing anything? I'll be in the US in April and will look at setting up a Bofa account (or Citi? seems they offer the same terms)

Also silly question but what stops you from opening an account with Bofa and another with Citi and just transferring the same $250 between them to avoid the fees? And will this speed up your credit history?

 

[PointsLife1]

I found this Canadian blog which details how to get a US Amex card as a Canadian, while not everything is applicable for Australians, but I think it's worth a read and it helps to explain a few things such as why the myUS address works. (“Commercial Mail Receiving Agency” = N)

Getting US Credit Cards for Canadians [2021] | Prince of Travel

Getting your very first US-issued credit card can be quite a complicated but worthwhile undertaking. Here’s the step-by-step process for how Canadians can get US credit cards and gain access to an even wider array of travel rewards points.

princeoftravel.com

Disclaimer: I have no relationship with the blog.

Interesting information provided regarding how to look up if a mail forwarding address is listed as commercial mail receiving agency or not and PostScanMail is a yes.

Post automatically merged: Feb 22, 2020

Interesting information provided regarding how to look up if a mail forwarding address is listed as commercial mail receiving agency or not and PostScanMail is a yes.

4283 Express Lane however is a no.

 

[lilkid28]

I made a payment via XE on Wednesday night. When should I expect it to be reflected on the Amex account?

 

[DC3]

I made a payment via XE on Wednesday night. When should I expect it to be reflected on the Amex account?

If sent to xe on Wednesday night, you would expect their confirmation of “sent” on Thursday morning. Then, within a day, or so (i.e., probably by now), you will receive the Amex alert of receiving the payment amount. You have set up alerts in your Amex account, haven’t you? The credit takes about another 48 hours to show in your account.

 

[lilkid28]

If sent to xe on Wednesday night, you would expect their confirmation of “sent” on Thursday morning. Then, within a day, or so (i.e., probably by now), you will receive the Amex alert of receiving the payment amount. You have set up alerts in your Amex account, haven’t you? The credit takes about another 48 hours to show in your account.

Yes got a confirmation on Thursday morning. Yup set up alerts, been checking until this morning but nothing reflected yet. Hopefully this weekend or by early next week then..

 

[DC3]

... Yup set up alerts, been checking until this morning but nothing reflected yet ...

Amex alerts by sms.

Mine have come through within 18 hours of advice from xe of payment sent. Might be worthwhile double checking your alert preferences in the AMEX account.

 

[glasszon]

Just a warning to others, Amex apparently sends out a 1099 form for referral bonus, as they consider referral bonus to be taxable income, there's no conclusive evidence whether they only do it above the $600 USD threshold, so I strongly wouldn't recommend anyone to utilise the Amex US referral programme as Amex might do something to your account if they can't locate a SSN/ITIN for the 1099 form. Not worth the headache for the relatively small referral bonus.

AMEX sending out 1099s for referral bonuses - FlyerTalk Forums

American Express | Membership Rewards - AMEX sending out 1099s for referral bonuses - Apparently, we'll now pay tax on the imputed cash value of AMEX referral bonuses: " American Express is sending out Form 1099 for referral bonuses earned during the calendar year 2018. Amex values Hilton points...

www.flyertalk.com

 

[cwd]

This is a little OT but my RM didn't promote anything special about Premier so interested if anyone else has gleaned any specific information. $35/month is a small price to pay not to have to go to the US specifically to open an account. Keen to hear how the strategy outlined by glasszon works.

The biggest features of Premier are Global View (Seeing all your accounts from the one internet banking - you still need to go to the other country's site to do anything other than see balances though, but the login is simplified if going from one to the other), and free (and instant) Global Transfers. I doubt this is worth $35/m though.

Having said that....I would imagine it's possible to switch the country that achieves Premier status to one that doesn't charge a fee. Looking at the US, they only require USD75k, which is a relatively low amount compared to other markets. If you earn the status there, you can use that to have Premier status for free in Australia. ie. they will waive the $35/m fee on the Cash Management Account (I've been doing this). Investments count towards the relationship balance, so you don't have to leave it sitting there as cash. Watch out for the US estate tax though....

So I haven't tried this, but it might be possible to:
1. Open HSBC AU Premier account
2. Have them open an HSBC US account
3. Transfer required savings to HSBC US and have status earned directly there (not sure what their response would be when you ask to do this...)
4. Drop earned HSBC AU Premier status, and have it shared from your US account, removing the $35/m fee

A great option for converting currency is Interactive Brokers - mid-market rate + USD2. Transfer in AUD from Australia, and transfer out to your US account in USD. (no you can't transfer out to a 3rd party AFAIK).

 

[lunne]

Can you use the American Express Westpac Altitude Black Card to do a AE Global Transfer?

 

[lilkid28]

Amex alerts by sms.

Mine have come through within 18 hours of advice from xe of payment sent. Might be worthwhile double checking your alert preferences in the AMEX account.

Still no update from Amex that received payment from XE. Should I be worried and contact XE or Amex?

 

[glasszon]

Still no update from Amex that received payment from XE. Should I be worried and contact XE or Amex?

YMMV, but Amex received my payment from XE within 24 hours of the transfer.

Post automatically merged: Feb 24, 2020

The biggest features of Premier are Global View (Seeing all your accounts from the one internet banking - you still need to go to the other country's site to do anything other than see balances though, but the login is simplified if going from one to the other), and free (and instant) Global Transfers. I doubt this is worth $35/m though.

Having said that....I would imagine it's possible to switch the country that achieves Premier status to one that doesn't charge a fee. Looking at the US, they only require USD75k, which is a relatively low amount compared to other markets. If you earn the status there, you can use that to have Premier status for free in Australia. ie. they will waive the $35/m fee on the Cash Management Account (I've been doing this). Investments count towards the relationship balance, so you don't have to leave it sitting there as cash. Watch out for the US estate tax though....

So I haven't tried this, but it might be possible to:
1. Open HSBC AU Premier account
2. Have them open an HSBC US account
3. Transfer required savings to HSBC US and have status earned directly there (not sure what their response would be when you ask to do this...)
4. Drop earned HSBC AU Premier status, and have it shared from your US account, removing the $35/m fee

A great option for converting currency is Interactive Brokers - mid-market rate + USD2. Transfer in AUD from Australia, and transfer out to your US account in USD. (no you can't transfer out to a 3rd party AFAIK).

Sounds like a great option, but not many of us can afford a cool 75k USD sitting with HSBC US, do anyone wants to try those steps except the HSBC US Premier part and see whether HSBC US will let you keep the account after you close down the HSBC AU Premier account?

 

[blacksultan]

Can you use the American Express Westpac Altitude Black Card to do a AE Global Transfer?

You should be able to log into your account and check . It’s the same log in portal so you should be able to . Besides Amex US now uses nova credit to access your Australian credit file .