Strategy to obtain US Amex

[djchuckles]

Didn't know about the ACH pull. I have an old US Wise account on my name. Might give this a try!

For larger transfers you're better of using interactive brokers (US$ 2 fee for up to US$ 90k usd). But for smaller transfers its not that big of a differrence ($3.69 aud on Wise vs $3.20 aud on interactive for AUD 1000 transfer).

The problem with the IBKR transfer is that it takes 4 business days to get your money from AU to US.

Just checked my wise. My old account has a us account in my name also at Community Federal.

I usually do straight transfer from Wise to HSBC US but never really looked at the fee difference.

Will try wise AuD to USD next time and set up the pull from Amex biz checking

 

[georgie23]

Didn't know about the ACH pull. I have an old US Wise account on my name. Might give this a try!

For larger transfers you're better of using interactive brokers (US$ 2 fee for up to US$ 90k usd). But for smaller transfers its not that big of a differrence ($3.69 aud on Wise vs $3.20 aud on interactive for AUD 1000 transfer).

The problem with the IBKR transfer is that it takes 4 business days to get your money from AU to US.

I used IBKR a bit too but have been reading that IBKR has been quite strict on people using their account for currency transfer only - I have done about 50K through them in last few months but was cautious - I wasnt sure of that was IBKR UK or EU version - any ideas?

 

[Voele]

I used IBKR a bit too but have been reading that IBKR has been quite strict on people using their account for currency transfer only - I have done about 50K through them in last few months but was cautious - I wasnt sure of that was IBKR UK or EU version - any ideas?

I do use it for investing as well, not just currency conversion. But I agree, wouldnt want to abuse the possibility too often. Getting my IBKR shut down would really suck.

 

[georgie23]

I do use it for investing as well, not just currency conversion. But I agree, wouldnt want to abuse the possibility too often. Getting my IBKR shut down would really suck.

fair enough - I dont do very much at on my IBKR - 99% would be currency - thats my issues

 

[petef]

This is the account I opened, I'm just trying to work out how to add the Visa Card to it. I'm not sure if I filled out the wrong form (I haven't been able to work out what the difference between the Schwab One and the standard international brokerage account is)

Do you know if the Visa card get sent out automatically after you sign up?

I believe Schwab one is for US Citizens, the international brokerage account is open to customers from a variety of countries.

From memory they sent the card after I deposited funds to the international brokerage account.

Also, you don't need to deposit a minimum of US$25,000 as they claim.

You should probably open a new thread if you want to discuss Schwab further, as this thread is about US Amex.

Pete.

 

[desafinado74]

Thanks for the heads up. Haven't had this issue with VPN usage with AMEX and Citi so far. Hoping I can get online access to the Citi account.

I agree, the Chase will need more of my soft skills. I'm thinking wither I wait for the new CSP (for which I haven't yet received an approval email) and activate it then try again with online banking and mobile banking) or call the banker who helped me at the Branch since my CSP got approved in a few days - he's given me his card with his work number. I don't want to give the game away so will call him as a last resort I think.

Sounds like I need to just use my AU internet connection with no VPN (seems to be the case with Chase is that right?) and just tell them I'm transitioning to work in the US and I'm currently in AU to sort out my affairs.

Yup, your last paragraph sounds about right

BTW, did you find NYC safe? Did you use the subway to get around? Or just used Uber etc ? Just asking as I am planning to visit USA in April next year.

 

[albyd]

I found NYC safe … although I think we have prospectively a false sense of safety coming from AU. Bit OT but was chatting with a friend who was telling me about their experiences in South America - really made me appreciate AU.

I used the subway to get around mostly - it’s ‘cheap’ and efficient though a little dirty & run down compared to newer systems in Asia.

Also used the ferry to get to wharfs in mid town as I was staying in the financial district which is down town.

I used Uber once when it was snowing and super cold - it was a god send.

When are you heading to NYC?

 

[Grrr]

I applied for CSP in branch and have the banker that helped me trying to push it through.

Did they ask for proof of income ? If so, what did you use ?

 

[albyd]

Didn’t ask for proof of income just asked me to state it verbally. Had access to my Notice of Assessment if they needed proof.

 

[Grrr]

Had access to my Notice of Assessment if they needed proof.

I’ve wondered whether they would accept a non-US source of income

 

[albyd]

Glad I didn’t have to find out though I’m not at the finish line yet …

 

[levelnine]

I’ve wondered whether they would accept a non-US source of income

It's exceptionally rare for US banks to ask for proof of income.

The main exceptions are Barclays sometimes asks for it on application and Amex sometimes asks for it if you're applying for lots of cards, especially while carrying high balances, or subjects you to financial review. In these circumstances, they'll ask for a 4506C (proof of your income from the IRS).

 

[Grrr]

It's exceptionally rare for US banks to ask for proof of income.

I was just asked by Cap1 when applying for VentureOne.

Would it be likely due to the income stated - ie some sort of threshold above which they will ask ?

 

[levelnine]

I was just asked by Cap1 when applying for VentureOne.

Would it be likely due to the income stated - ie some sort of threshold above which they will ask ?

More likely if you have next to no credit file. If they haven't asked for a 4506C, I'd simply submit my Australian pay slips (no need to draw attention to them being Australian) and see what happens.

 

[djchuckles]

Any ways to make use of the Gold credits (like resy, uber and dining) easily from outside of the US?

 

[big_RED]

Here's a potentially unique scenario
I am Australian, but often travel to the US. 10yrs ago I setup a BoA bank account in person in NYC. Back then, I didn't need a SSN to setup the account. But my US father in law was with me at the time so I wonder if he had to help validate anything to get me the account.

About 6yrs ago I wanted a US Amex, so I had the AU Amex team join a 3-way call between me, them and US Amex. At the time I had an AU Amex. The US team basically asked "do I pay my card on time and do I have good credit". And that was it. I got the US Amex.

Fast forward to today. I can get my FICO score through the US Amex app. However on doing this it errors and says I need to call someone. I then thought I'd setup a Equifax account, but that seems to require a SSN.

All I stuck now without a SSN?

 

[Grrr]

If they haven't asked for a 4506C, I'd simply submit my Australian pay slips (no need to draw attention to them being Australian) and see what happens.

That would fit !

They asked for bank statements, payslips, or W2 &or Form 1099.

As I’m a contractor I don’t have payslips as such; I’ve uploaded my ATO NoA, but wonder if I should change it to bank statements.

I don’t think anyone has looked at it yet due to the weekend

 

[levelnine]

That would fit !

They asked for bank statements, payslips, or W2 &or Form 1099.

As I’m a contractor I don’t have payslips as such; I’ve uploaded my ATO NoA, but wonder if I should change it to bank statements.

I don’t think anyone has looked at it yet due to the weekend

Anything that looks obviously Australian will attract far more scrutiny than something that does not.

 

[desafinado74]

I found NYC safe … although I think we have prospectively a false sense of safety coming from AU. Bit OT but was chatting with a friend who was telling me about their experiences in South America - really made me appreciate AU.

I used the subway to get around mostly - it’s ‘cheap’ and efficient though a little dirty & run down compared to newer systems in Asia.

Also used the ferry to get to wharfs in mid town as I was staying in the financial district which is down town.

I used Uber once when it was snowing and super cold - it was a god send.

When are you heading to NYC?

I am aiming for mid April next year, hopefully the Global Entry program is open to every Aussie by then.

Funny enough, i am planning to stay at the Conrad Downtown, which is near the 911 Memorial. It is good to know that you were fine with the subway system, though there are so many funny and scary videos of the NYC subway system on Youtube

By the way, did Chase and Citi ask for a utility bill from you ?

 

[desafinado74]

I was just asked by Cap1 when applying for VentureOne.

Would it be likely due to the income stated - ie some sort of threshold above which they will ask ?

From what i read via Reddit (And mentioned by Americans) any income that is from the high 6 figures onwards (ie. 200k) will attract greater scrutiny. Personally i put USD$80k as my income and so far so good.