Strategy to obtain US Amex

[kyanar]

I did a test transaction yesterday morning with revolut, I transferred $AUD 200(USD$143.75) to citi global. The amount that hit citi in the afternoon was USD $139.83

So I just tested again myself, and it appears that Revolut have indeed changed provider for their international payments, as while I have a payment in July of over $800 with the exact amount making it to the other end, I am now losing $3.93 from the amount. Appears when they "left beta" and changed provider, they started incurring (albeit small) fees. They used to use Currency Cloud. Appears that's no longer the case (at least they aren't using their underlying bank, ANZ).

Fees still beat Transferwise's $20 or so, for the same FX rate.

 

[LordGarlic]

Update : Sent & received US $450 From Citi - Amex account, nothing charged on either end which is good news. The transfer took about 12 hrs which was longer than I expected, but no big deal.

Now, if we could bed-in Revolut - Citi USD transfer (either free or with a small $4 flat fee as indicated by some earlier), then it’s to xe.

I wonder if it is due to the amount that was transferred??

 

[blacksultan]

Update : Sent & received US $450 From Citi - Amex account, nothing charged on either end which is good news. The transfer took about 12 hrs which was longer than I expected, but no big deal.

Now, if we could bed-in Revolut - Citi USD transfer (either free or with a small $4 flat fee as indicated by some earlier), then it’s to xe.

Is that sent as a wire transfer? so if I send to my checking account instead of Amex would there be incoming wire fees?

 

[kyanar]

I wonder if it is due to the amount that was transferred??

It won't be. Banks charge incoming and outgoing wire fees as a fixed amount. If it's from Citi AU -> Chase US, that amount will either always be X or always be zero, because it goes via the "legacy" networks.

Is that sent as a wire transfer? so if I send to my checking account instead of Amex would there be incoming wire fees?

Citi AU sends it as a domestic wire (Fedwire network). If your checking account has a fee for incoming domestic wires, then you will be charged it.

If your checking account is Citi US, just send it as a "Transfer to overseas Citi account" from your Citi AU USD account, and it's fee free and instantaneous.

 

[blacksultan]

It won't be. Banks charge incoming and outgoing wire fees as a fixed amount. If it's from Citi AU -> Chase US, that amount will either always be X or always be zero, because it goes via the "legacy" networks.



Citi AU sends it as a domestic wire (Fedwire network). If your checking account has a fee for incoming domestic wires, then you will be charged it.

If your checking account is Citi US, just send it as a "Transfer to overseas Citi account" from your Citi AU USD account, and it's fee free and instantaneous.

My account is with HSBC Premier. I could do the same but with both banks the forex rate would be poorer.

 

[PointsLife1]

Is the below anything to worry about? My latest statement

Summary of changes, Effective August 1, 2020
How to make payments -
We will no longer accept payments made in a foreign currency or a payment drawn on an account at a bank located outside of the U.S

 

[kyanar]

Is the below anything to worry about? My latest statement

Summary of changes, Effective August 1, 2020
How to make payments -
We will no longer accept payments made in a foreign currency or a payment drawn on an account at a bank located outside of the U.S

It means you'll have to make a domestic payment or ACH Direct Debit payment from a US account. Be interesting to know if they plan to block domestic wires and require ACH credit as well, in which case you're going to need a US checking account.

 

[PPS_SYD]

Is the below anything to worry about? My latest statement

Summary of changes, Effective August 1, 2020
How to make payments -
We will no longer accept payments made in a foreign currency or a payment drawn on an account at a bank located outside of the U.S

If it was effective 1 August, then nothing to worry about since we are well past that date and nothing's changed in the way we pay.

 

[blacksultan]

Has anyone received a form 1099 from Amex for receiving referral bonus points ? Can one apply for an ITIN using the same ?

 

[PointsLife1]

Has anyone received a form 1099 from Amex for receiving referral bonus points ? Can one apply for an ITIN using the same ?

If paying tax I see no reason why not, was thinking about the referrals and a shame we all couldn’t refer each other and get some more extra benefits.

 

[lalatraveller]

The recent discussions about SSN made me think about my own. I left US many years ago and have since lost track of my SSN. Does anyone know if there is a way to obtain it from OZ? No chance of travel to US until next year due to obvious reasons.

If you have had an SSN, presumably you are either a US citizen or green card holder. Unless you have renounced, or formally turned in your green card, you have an annual tax reporting obligation in the USA, so take care about contacting the IRS if you have been flying under the radar.

 

[blacksultan]

If paying tax I see no reason why not, was thinking about the referrals and a shame we all couldn’t refer each other and get some more extra benefits.

I was thinking more in terms of qualifying for an ITIN . Let me know if anyone needs a referral !

 

[PPS_SYD]

If you have had an SSN, presumably you are either a US citizen or green card holder. Unless you have renounced, or formally turned in your green card, you have an annual tax reporting obligation in the USA, so take care about contacting the IRS if you have been flying under the radar.

I was on work permit visa, don't think there are any reporting requirements anymore.

 

[PPS_SYD]

Does anyone know the implications of topping up Revolut with Amex? Is this seen as cash advance or do Amex levy a fee of any kind?

 

[LordGarlic]

Does anyone know the implications of topping up Revolut with Amex? Is this seen as cash advance or do Amex levy a fee of any kind?

I dont think it accepts amex. only Visa and Mastercard

 

[blacksultan]

I dont think it accepts amex. only Visa and Mastercard

As far as I know no money transfer service accepts Amex

 

[PPS_SYD]

As far as I know no money transfer service accepts Amex

You are probably right, but for some reason I feel like I read somewhere people topping up Revolut in UK with Amex. May be not.

On a different note, are transfers to Revolut an overnight thing? Sent some across from my CBA A/c in the morning & not there yet.

 

[albyd]

Shame but no Amex for Aussie accounts. I've always topped mine up from Credit card and funds have shown instantly - though they have a very small CC top up limit initially until you establish a record with them of successful top ups which haven't bounced then you can do larger top ups. Now, we have BSB and A/c numbers for them, can just transfer from 'normal' Aussie bank account to fund it. I've not topped up in this way before so not sure how long that takes. ANZ are their back end bank - not sure if that allows them access to instant transfers from other NPP banks or is an overnight process.

Just beware if topping up from credit card, some card providers treat it as a cash advance and others as a purchase (and even pay points). I've found Westpac treats it as a cash advance now so not worth the cost. St George is treating it as a purchase but not eligible for points. Macquarie treats it as a cash advance too. They're the only data points I have. Interested in other data points.

 

[pyusha]

On a different note, are transfers to Revolut an overnight thing? Sent some across from my CBA A/c in the morning & not there yet.

My transfer from CBA debit card was instant.

 

[blacksultan]

Has anyone recently received a personalised letter for the ITIN from Amazon or similar? Or the ITIN itself on that basis?