Strategy to obtain US Amex

[georgie23]

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

I have initiated first transfer using IBKR to US AMEX Checking account. Sending over 2K as a test transfer. A couple of questions please

1. 3 business day clearing - this is from AUD landing into IBKR before we can transfer them to USD - is that correct - any idea why?
2. Can you just leave curency in base account AUD and request to withdraw x amount to US Checking via ACH? - I had to do a manual conversion but was curios if this can be autoconverted when needed like Wise
3. Fees are quoted at 0.0022% but with $2USD minimum - I couldnt find the link to this but saw it in google as per below - 2K AUD = 1363.80 USD with a fee of 2.94 AUD ( = 2.005 USD)
4. When it lands in Amex checking - is there a holding block before can be used to pay for credit card?
5. Not sure if can add a second US checking account to the one IBKR - anyone done this?

Cheers

Client initiated standalone FX conversion commissions are 0.0022%, with a minimum of USD 2.20 (inclusive of GST where applicable). Note IBKR do not apply any additional FX spread on the prevailing FX rate for client initiated FX conversions.

Commissions & Fees | Interactive Brokers Australia Pty. Ltd.​

 

[Uncharted6264]

Out of curiosity, with regards to business credit cards, do the transactions strictly have to be business related ? Or you can use the cards to buy groceries, and other personal expenses ?

You can buy anything you like as long as you pay it back (or pay interest on it haha), amex won't mind. Tax office might have something different to say about it, though.

I have an SSN and apply as a sole proprietor. But I was thinking to put the Aussie address as my AirBnb. I have a long standing relationship with Chase. I am a bit worried that I am pushing the upwards limits of how much credit they will give me. I would use that Ink Unlimited as partial payment for a car and take advantage of 1 year 0% to pay it off (with the bulk in cash/equiv). So basically with the forex 3% it's a one year car loan at 3% that gives 90k UR.

I'd be wary myself of listing anything other than US info, I don't wanna be looked at with any type of scrutiny

I have initiated first transfer using IBKR to US AMEX Checking account. Sending over 2K as a test transfer. A couple of questions please

1. 3 business day clearing - this is from AUD landing into IBKR before we can transfer them to USD - is that correct - any idea why?
2. Can you just leave curency in base account AUD and request to withdraw x amount to US Checking via ACH? - I had to do a manual conversion but was curios if this can be autoconverted when needed like Wise
3. Fees are quoted at 0.0022% but with $2USD minimum - I couldnt find the link to this but saw it in google as per below - 2K AUD = 1363.80 USD with a fee of 2.94 AUD ( = 2.005 USD)
4. When it lands in Amex checking - is there a holding block before can be used to pay for credit card?
5. Not sure if can add a second US checking account to the one IBKR - anyone done this?

Cheers

Client initiated standalone FX conversion commissions are 0.0022%, with a minimum of USD 2.20 (inclusive of GST where applicable). Note IBKR do not apply any additional FX spread on the prevailing FX rate for client initiated FX conversions.

Commissions & Fees | Interactive Brokers Australia Pty. Ltd.​

I'll be following your path - please keep us up to date with progress on this

 

[soliloguy]

Wait - can you get your first Amex sent to Australia?! Thought it raised flags...

 

[maverick1]

I have initiated first transfer using IBKR to US AMEX Checking account. Sending over 2K as a test transfer. A couple of questions please

1. 3 business day clearing - this is from AUD landing into IBKR before we can transfer them to USD - is that correct - any idea why?
2. Can you just leave curency in base account AUD and request to withdraw x amount to US Checking via ACH? - I had to do a manual conversion but was curios if this can be autoconverted when needed like Wise
3. Fees are quoted at 0.0022% but with $2USD minimum - I couldnt find the link to this but saw it in google as per below - 2K AUD = 1363.80 USD with a fee of 2.94 AUD ( = 2.005 USD)
4. When it lands in Amex checking - is there a holding block before can be used to pay for credit card?
5. Not sure if can add a second US checking account to the one IBKR - anyone done this?

Cheers

Client initiated standalone FX conversion commissions are 0.0022%, with a minimum of USD 2.20 (inclusive of GST where applicable). Note IBKR do not apply any additional FX spread on the prevailing FX rate for client initiated FX conversions.

Commissions & Fees | Interactive Brokers Australia Pty. Ltd.​

Not sure on the 1st question but I guess they might be following a T+2 settlement cycle for FX like equities.
I leave balances in both A$ and US$. US$ for trading and also if the rate is good as it is at the moment I usually buy some and keep.
I tend to avoid small value transactions to make it more efficient and usually do10K AUD conversion at a time unless the rates are very volatile, pay $3or $4 regardless of the size upto A$10/12k.
When you transfer it will show you the value date of the transfer it's usually the next business day. Funds are available to use from midnight New York time on the value date.
No holding period in Amex.
I've linked Amex, C1 and HSBC and transferred to them before without any issues.

 

[djchuckles]

Whoever Ross is - thank you for using my Tello referral code!

 

[georgie23]

Wait - can you get your first Amex sent to Australia?! Thought it raised flags...

yes you can - no issue with GT

Post automatically merged: 52 minutes ago

Not sure on the 1st question but I guess they might be following a T+2 settlement cycle for FX like equities.
I leave balances in both A$ and US$. US$ for trading and also if the rate is good as it is at the moment I usually buy some and keep.
I tend to avoid small value transactions to make it more efficient and usually do10K AUD conversion at a time unless the rates are very volatile, pay $3or $4 regardless of the size upto A$10/12k.
When you transfer it will show you the value date of the transfer it's usually the next business day. Funds are available to use from midnight New York time on the value date.
No holding period in Amex.
I've linked Amex, C1 and HSBC and transferred to them before without any issues.

thanks for all the great info - appreciate it

 

[soliloguy]

yes you can - no issue with GT

Do you change your mailing address to an Australian one then?

 

[georgie23]

Do you change your mailing address to an Australian one then?

No Just phone up GT
Wait 10 days from original approval
state moving to US but not there yet and are travelling can they send replacement card to AU address as didnt receive original one

 

[DC3]

Do you change your mailing address to an Australian one then?

No. We are moving/living in the US.

Anyway, from memory, any updated address is done through the US Amex website, and only allows for a US address. Some have posted that they are travelling and get a replacement card mailed to Oz (after 10 days).