Strategy to obtain US Amex

[sudoer]

Sorry folks I was looking at the wrong fee calculator tab.

I think anyone paying their US card with Wise will be better off under these changes as we're loading USD instead of sending.

The Wise commission has dropped from 0.46% to 0.40% for 'adding money' (a 13% saving on fees)

 

[Franko Costa]

Sorry folks I was looking at the wrong fee calculator tab.

I think anyone paying their US card with Wise will be better off under these changes as we're loading USD instead of sending.

The Wise commission has dropped from 0.46% to 0.40% for 'adding money' (a 13% saving on fees)

View attachment 384310

I would encourage everyone to look at interactive brokers. I just spent time with another person in AFF comparing IB vs Wise vs Revoult (he has metal revolut which has better FX rates. The clear winner is IB. The only downside is that funds need to stay with IB for 3 biz days before they can be sent out

 

[GDale]

I would encourage everyone to look at interactive brokers. I just spent time with another person in AFF comparing IB vs Wise vs Revoult (he has metal revolut which has better FX rates. The clear winner is IB. The only downside is that funds need to stay with IB for 3 biz days before they can be sent out

Sorry if it's been answered before but I don't recall seeing any DPs in recent times - is there a risk of IB locking the funds if there's no actual trading through them? Do they mind just acting as a currency converter?

A side benefit to using IB is that, based on what I've been reading on DoC, a lot of these broker funds remittances to bank accounts count as eligible deposits for the purposes of savings/checking account sign up bonuses (even when they technically shouldn't), whereas Zelle/wires/personal ACH transfers don't typically count.

 

[Martin999]

Sorry if it's been answered before but I don't recall seeing any DPs in recent times - is there a risk of IB locking the funds if there's no actual trading through them? Do they mind just acting as a currency converter?

A side benefit to using IB is that, based on what I've been reading on DoC, a lot of these broker funds remittances to bank accounts count as eligible deposits for the purposes of savings/checking account sign up bonuses (even when they technically shouldn't), whereas Zelle/wires/personal ACH transfers don't typically count.

The risk is very real if you only use ibkr for currency remittances, I’ll still personally advise only using the platform for the purpose currency remittance if you trade often/ generate a some trade monthly.

 

[Franko Costa]

I'll remember this then.

Worst case they will SD my account and I'll go back to wise

 

[QF_Flyer]

Sorry folks I was looking at the wrong fee calculator tab.

I think anyone paying their US card with Wise will be better off under these changes as we're loading USD instead of sending.

The Wise commission has dropped from 0.46% to 0.40% for 'adding money' (a 13% saving on fees)

View attachment 384310

How are you seeing this, do you add directly in USD, or load AUD then convert? I'm looking in Wise now, in the App, and loading directly in USD seems to have some incredible fees attached, unless by transfer or SWIFT (which defeats the purpose of Wise).

It's free to add in GBP (direct from a UK bank account) or AUD (by PayID from an Aussie bank account), currency conversion seems to be 0.37% ($100 AUD carries a fee of 37c).

Payment by credit or debit card carries a 0.42% fee in GBP, or in AUD 1.38% (credit)/0.37% (debit) before any forex or cash advance fees (this was worth it in the old days, when I had a card which treated these transactions as a purchase).

I'm wondering if I should actually make use of HSBC Premier or not. Citibank used to be one of my go-tos, but that's obviously not an option now.

 

[Phoenix-1]

I just (tried) to check the equifax score on a newly minted ITIN (via MyEquifax) and it asked me to verify by confirming several lines of credit taken out in 2020 and 2021. Anyone had this happen before? I denied all of it and was met with a screen telling me to call up.

 

[_TheTraveller_]

I just (tried) to check the equifax score on a newly minted ITIN (via MyEquifax) and it asked me to verify by confirming several lines of credit taken out in 2020 and 2021. Anyone had this happen before? I denied all of it and was met with a screen telling me to call up.

Yes it's standard but in most instances, you can't check your credit file with an ITIN. Some have managed to make it work including myself but others haven't been able to access it on all 3.

 

[Phoenix-1]

Yes it's standard but in most instances, you can't check your credit file with an ITIN. Some have managed to make it work including myself but others haven't been able to access it on all 3.

Thanks. Surely it's not normal to be queried about credit cards that predate the existence of the ITIN though?

 

[levelnine]

Thanks. Surely it's not normal to be queried about credit cards that predate the existence of the ITIN though?

A lot of ID verification in the US involves asking questions about addresses/credit lines/employers/other information that may or may not belong to you. You then have to pick the ones that are correct.

 

[Phoenix-1]

A lot of ID verification in the US involves asking questions about addresses/credit lines/employers/other information that may or may not belong to you. You then have to pick the ones that are correct.

That clears it up. Thank you.

 

[Ecco]

Just seeking advice from anyone who has opened a US bank account lately when in the US. Was it ok just to have a passport and drivers licence? Was any proof of address required as well when opening the account? I've got a relation's address there. TIA

 

[Finale]

I just (tried) to check the equifax score on a newly minted ITIN (via MyEquifax) and it asked me to verify by confirming several lines of credit taken out in 2020 and 2021. Anyone had this happen before? I denied all of it and was met with a screen telling me to call up.

That happened to me. Called and was asked to fax a copy of passport and ITIN. Faxed but never heard back. They were pretty hopeless. I had to try 4 or 5 times and the last one about a year later went through fine. Had to use different emails.

 

[_TheTraveller_]

That happened to me. Called and was asked to fax a copy of passport and ITIN. Faxed but never heard back. They were pretty hopeless. I had to try 4 or 5 times and the last one about a year later went through fine. Had to use different emails.

There are also risks for your credit report splitting if you get a mismatch. I've had that happen. Unfortunately it took 2-3 months for it to fix itself.

 

[Phoenix-1]

That happened to me. Called and was asked to fax a copy of passport and ITIN. Faxed but never heard back. They were pretty hopeless. I had to try 4 or 5 times and the last one about a year later went through fine. Had to use different emails.

Different emails to re-do a credit check? Were you able to get approved for cards before it got sorted?

 

[_TheTraveller_]

Different emails to re-do a credit check? Were you able to get approved for cards before it got sorted?

You don't need credit bureau's involvement or access to your report to get approved for cards with an ITIN. Some people on here don't have access to EQ/EX/TU at all and still apply with their ITIN. Any time you're approved for a card with an ITIN, it gets reported to your credit report. The credit report exists regardless of whether or not you have access to see the report.

It's useful to track your credit journey but not a requirement. It might not be worth the effort depending on your tolerance for bureaucracy.

 

[Finale]

Different emails to re-do a credit check? Were you able to get approved for cards before it got sorted?

Just to get the account. Was approved many times before. My first card was 2016 and didn't get EQ account until 2022. I wouldn't worry about it.

There are also risks for your credit report splitting if you get a mismatch. I've had that happen. Unfortunately it took 2-3 months for it to fix itself.

When I called them, I was told they just needed to verify my identity before granting the access. Hope there was no issue with mine. It could be that my ITIN wasn't in the file when I applied for the first time.

 

[mrsquare]

Equifax was pretty simple to register for an account for and gain access to their report as they accept ITINs, may need to call up to verify identity but once verified, all good. However, for EX and TU, you’ll have to snail mail a request in to get a hard copy of your report that then gets snail mailed to you.

Too much effort in my opinion, at the moment at least. Though I might take a closer look at it in the future as I’ve had issues with Chase application, they didn’t like my credit report or just cause I didn’t have any accounts with them.

 

[mrsquare]

I'll remember this then.

Worst case they will SD my account and I'll go back to wise

Wouldn’t there be a risk of the funds being trapped in the account or would they have to refund that.

 

[mike0430]

I wonder of anyone has used certified passport as part of ID when applying chase please? Is this acceptable?
Its certified by JP in Aus. thanks.