US Bank account with Low Fee Credit Card

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Forums › Finance and wealth management › US Bank account with Low Fee Credit Card

networkn

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#103551 10-Jun-2012 18:33

Hi There!

I have been considering what we spend a year in the US and thinking we could save currency conversion fees and the like if we had a USD account. Also it would be useful if I could tie a very low fee credit card to it meaning I'd always know what my Exchange rate would be. The obvious hurdle is I don't have a US Address.

Anyone got any ideas?

PenultimateHop

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#638568 10-Jun-2012 18:40

I think the most obvious problem is going to be your lack of social security number and US credit history, lacking both will make doing anything banking related with a US based US bank very difficult. You would be better off talking to Citi or HSBC in New Zealand to see what they could do for you, or holding a USD account with any other NZ bank - obviously this will not give you a USD denominated credit card, however you could get an American Express International Dollar Card...

khull

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#638610 10-Jun-2012 20:37

SSN (or equivalent) is a requirement. Citi or HSBC will likely not entertain you unless you bring a certain amount of deposit to your account.

My advise is to forget about the credit card. Next time you travel to the States, bring documents and open an account at a local bank BoA or Chase with a debit card and when you get your account, be sure to hold on to it for dear life.

PenultimateHop

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#638630 10-Jun-2012 21:09

khull: SSN (or equivalent) is a requirement. Citi or HSBC will likely not entertain you unless you bring a certain amount of deposit to your account.

Citi and HSBC will both open USD accounts (and US domiciled accounts) from outside the US, but it is typically done through their Gold/Premier/Corporate banking units.

My advise is to forget about the credit card. Next time you travel to the States, bring documents and open an account at a local bank BoA or Chase with a debit card and when you get your account, be sure to hold on to it for dear life.

That works - but bear in mind that many banks will still turn you away without an SSN or TIN. Finding a bank near a university that's popular with foreign students may be a way to handle it.

sbiddle

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#638633 10-Jun-2012 21:15

So if this just for purchases from the US from within NZ?

You should just get a ANZ Travel Card or one of the many US$ cards. Had you topped it up a few months ago you could have enjoyed the benefits of it when it was at 85c

networkn

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#638639 10-Jun-2012 21:28

Those cards don't work on every site, I have a OneSmart from KB with US Cash on it, at 84c.