Strategy to obtain US Amex

[Franko Costa]

Yes, in the long run hopefully it'll average out. I also didn't make any large purchases when it was at 65c...

Yeah I just see it as swings and roundabouts

 

[Uncharted6264]

Yeah I just see it as swings and roundabouts

I would tend to agree with this wrt how I see it. My business income is primarily USD denominated so I definitely see it being an issue for AU based businesses, for me it isn’t too bad in my specific position.

In saying that I can’t lie there is a little bit of satisfaction in getting a few points “discount” based on conversion.

 

[Ko0l]

Also fyi regarding gift card purchases in Amex AU. I don't think they care. I had a FR in Amex AU back in 2020 when they had the double points and double redemption value promo.

I was putting spend on the card like no tomorrow, buying all sorts of gift cards. They asked me what were those purchases and I naively told them it was gift cards for friends and family. They didn't seem to mind too much. This was 10-20k daily purchases of gift cards over like a 2wk period.

My account is still in good standing.

 

[Ko0l]

My business income is primarily USD denominated

Thats great. The US credit cards will be perfect for you.

The credit cards are especially OP for overseas spending. FX spreads are actually lower compared to AU credit cards and in addition also earn the full amount of points.

 

[Uncharted6264]

Thats great. The US credit cards will be perfect for you.

The credit cards are especially OP for overseas spending. FX spreads are actually lower compared to AU credit cards and in addition also earn the full amount of points.

Oh yeah without a doubt, I’m very happy to not be paying 3% conversion. Everything else is gravy.

 

[Phoenix-1]

I tried to apply for Wells Fargo's online checking account and although they do accept ITIN, non resident aliens must apply in person.

 

[soliloguy]

Another DP - succeeded with getting an ITIN with Maza.
Just wondering how others went with getting new CCs with HSBC and Amex -

1) AFAIK people have only used GT so far - has anyone here attempted it with Nova Credit?

2) With HSBC US' Premier CC - did you succeed in applying online? Mine doesn't let me proceed via internet banking and asks me to apply over the phone.

3) Tips for a starter US CC? HH Amex/Everyday Amex seems to be a common one but I'm wary of Amex PUJ...

 

[mattr00]

Another DP - succeeded with getting an ITIN with Maza.
Just wondering how others went with getting new CCs with HSBC and Amex -

AFAIK people have only used GT so far - has anyone here attempted it with Nova Credit?

With HSBC US' Premier CC - did you succeed in applying online? Mine doesn't let me proceed via internet banking and asks me to apply over the phone.

From memory I went through Nova for my second card. At the time it didn’t require an SSN/ITIN but I believe it does now. Was pretty straight forward for me and approved over the phone after verification

 

[mattr00]

Minor update: calling the automated line has the “in order to retrieve your status you’ll be connected to a specialist” message which seems to be a new(?) dp.

Still with the back office team for final approval and doesn’t seem to be a way to speed this up.

Also, the agents haven’t been able to send verification messages to my Talkatone number at all, errors on their end

Minor update again. Called today and seems nothing has changed - application is being processed over the next 1-2 weeks and will receive the card or letter in the mail.

Don’t get why it’s taking so long but hurry up and wait I guess

 

[Grrr]

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

Re IBKR

Is anyone using them purely to buy FX then sending the money out ?

There was a reply further up thread where someone said there was a risk of account closure if you weren’t trading at all…

However they do advertise themselves as an FX platform, so I would have thought purchasing USD (but not trading shares etc) would be ok

Is there also still just one free transaction per month ? So if you needed to send more than one payment to a US checking account in a month there would be an additional charge ?

 

[pyramidforce]

2) With HSBC US' Premier CC - did you succeed in applying online? Mine doesn't let me proceed via internet banking and asks me to apply over the phone.

Applied over the phone, have been approved and it is in the app but no card or email saying card on its way


I had a look at IBKR and I THINK they charge a minimum of USD2.20 per forex trade? But this is also just their 0.22bp x maximum trade value, so I may be misreading.

Doing a quick lookup revolut vs oanda.com for mid market rate, I got 1000 Aud for 675.98 vs 679.xx for a savings of approx 3.5 AUD or 0.35%. If the ibkr rate is just 0.22bp and not AUD2.2 per trade (although even at AUD2.2 it is still cheaper) this is a small but measurable saving every month.

I would have thought that when you buy currency on IBKR, you are trading just like when you buy TSLA or something. Surely that should count as trading and not lead to account closure?

 

[Tiki]

For those of you who use a mail forwarder, does Chase ever send anything in snail mail other than actual cards? I have email/online switched on for everything but not sure if I am missing anything.

Sadly my friend who let me use his address passed away a few months ago and I don't know his partner enough to ask for favours like mail forwarding. I still use the address on my profile but Chase has my Aussie address as a mailing address.

I can still get Chase cards because of my history with them but I am starting from scratch now if I need a physical mailing address. At this stage in the game, there aren't many cards I can still get that aren't Chase. I've been locked out of Amex - POJ and I've already had all their products in the past that I can afford and don't have huge SUBs. Cap 1 doesn't like me. Also I am spooked with the Citi and Cap 1 over-zealous fraud prevention, just have a look on Flyertalk to see how this is screwing up lots of people. I just don't want to deal with it. The only attraction was TK but I can still book TK with Chase via UA and AC.

Are there any mail forwarders who don't make you subsribe by the month even if you don't get mail? Maybe one or 2 physical cards a year tops.

 

[Uncharted6264]

2) With HSBC US' Premier CC - did you succeed in applying online? Mine doesn't let me proceed via internet banking and asks me to apply over the phone.

I applied fully online, I just went to the regular application page and went from there and ticked “already have premier in another country”

 

[Franko Costa]

Re IBKR

Is anyone using them purely to buy FX then sending the money out ?

There was a reply further up thread where someone said there was a risk of account closure if you weren’t trading at all…

However they do advertise themselves as an FX platform, so I would have thought purchasing USD (but not trading shares etc) would be ok

Is there also still just one free transaction per month ? So if you needed to send more than one payment to a US checking account in a month there would be an additional charge ?

I have been using them for 3-4 months straight only for this purpose.

I transfer ~25k a month through it and no issues yet

 

[Grrr]

I have been using them for 3-4 months straight only for this purpose.

So an Aus IBKR account with primary currency AUD, then purchase USD, and transfer to your US checking account ?

And one fee free transfer per month ?

 

[levelnine]

does Chase ever send anything in snail mail other than actual cards?

Statements if you haven't switched everything to paperless, rejection letters for new card applications, 1099 forms (though wrong time of year for them), junk mail (eg checking account promos).

 

[Franko Costa]

So an Aus IBKR account with primary currency AUD, then purchase USD, and transfer to your US checking account ?

And one fee free transfer per month ?

It says 1 free transfer, but I can't remeber as I don't really care if I pay $1 for $25k transfer

The biggest issue is that the funds need to be there for 3 biz days before they can go out so if you need funds in a hurry, then use wise

 

[ZzzzLying]

I applied fully online, I just went to the regular application page and went from there and ticked “already have premier in another country”

I applied online, too. But got an email from HSBC US, asking for RM to add me to GCD, or a RM letter. I contacted HSBC AU but seems like they don't know how to do it. Did you got similar request?

 

[velli25]

For those with the HSBC US account - how long before you can generate a statement? I changed my address but am unable to generate a statement on the new account yet.

Also applied for a Chase card. In hindsight I may let the application fizzle out so I can apply for a Business card first to keep under the 5/24. Is it difficult to open a Chase Biz card without any history or business cards previously (I just got my ITIN a week ago)? The Chase Ink is 120k until 5th Sept. In terms of verification do they accept Wise or will I need to use a HSBC bank statement? I seem to be in PUJ for most AMEX charge cards and Hilton cards

 

[Grrr]

For those with the HSBC US account - how long before you can generate a statement? I changed my address but am unable to generate a statement on the new account yet.

I did online chat and was told that they could generate an interim statement, but that it would have to be physically mailed out.

I said sure, but then a new statement was available the next morning online !

I think this was about 1 week after account opening. Worth a shot anyway