US Currency Credit Card for non US Residents

[mrpackethead]

Our company has a USD bank account alongside our regular NZD ones. We can use that to pay for stuff in the US.

Talk to your bank manager and see what they can do.

I have a USD account.   And for larger value payments we can use IMT's to pay for things.   But for small value purchases that ends up being expensive.     IMT costs $25-35, plus the time it takes to process.

[mrpackethead]

Just to note that the banks have the worst conversion rates, truly horrible.
I use currencyfair dot com for all my USD transactions.
As for the credit card, why does it matter if it's in USD? I can only presume it's because of the conversion fees? Because any credit card in any currency works anywhere in the world.

Sometimes i'm able to sell/buy currency from a trusted 3rd party when they have it.   Thats the most ideal thing as there is NO middle man in the middle, making a cut.   Yes, its all about the conversion rates..      I am earning in $USD.     I'm am spending in $USD.   But in order to spend USD, i have to put take the USD i earned. convert it to NZD, then pay my credit card, and then have the bank convert it back to USD.         

For anything >$2500, IMT's are probalby ok. But less than that its an expensive exercise.      I'm a bit shy of usign a dubious 3rd party.. As its putting a lot of cash at risk, withotu the relevent security.

[forrestc]

In short,
 1) no additional fees
 2) spot FX rate (I mean the market spot FX rate, not bank/card/middle-man/airport "competitive" exchange rates)
for non-local currency transactions

I currently use a couple different cards in the states (yes, probably only for US residents).   But just a couple recent international transactions from a few of the cards:

Tickets for electronica in Germany in November.   August 04, 63 EUR.   Spot market rate EUR->USD on Aug 4 was 1.16.   63*1.16=73.08.   Charge posted to my credit card $73.15 (1.161111) - so close not to matter.

Tickets for event in Canada (I'm close to the US/Canada border), purchased 4/12.   45.68CAD.  Spot rate CAD->USD on that date 0.79.   45.68*0.79=36.09USD.  Actual charge posted $36.18 USD (0.792031523).  Again - within rounding error.

There are lots of cards in the USA which don't charge any international exchange fees with a rate always close to the spot rate.   Some have annual fees, some don't.   In particular I know in the states Capital One, Bank of America, and Wells Fargo have products (or at least did the last time I checked).     There are also far more cards that do charge an additional fee on international transactions.

So these options are relatively common in the USA.   Not sure if similar products are available in your country.

I'll post an additional post about some suggestions which may or may not work for you.

[forrestc]

Does any one know of  US Dollar Credit or Debit card that Non US residents can get?
I want to be able to fund it in US Dollars.

So here are some thoughts:

First, a Credit Card isn't likely to happen.   It often takes a while for even US citizens to be able to gain one due the way the credit scoring systems work in the US.  Without a file at all, you're going to be hard pressed to find one.

You mention you visit the US regularly.   One option while you're here is to attempt to open an account with a US bank which has a debit card attached to it.   I know people have had success in the past with companies such as  TD bank, Bank of America, Capital one and the like if you can show a passport and a US address.  (Some may not even need a US address).   Depending on the exact branch, some may require a utility statement at that address to prove you live there.   Others don't have this requirement.   So it's a bit hit and miss.   And the requirements seem to change from day to day based on government anti-money-laundering regulations and the like.

Another option is to start a business in the US, and then have the business open the accounts.   However, this would likely cost you far more than you'd save, so I'd discount this option.

Be cautious about any of the above items because US immigration/border control has pretty deep access to various records, and opening accounts in the US might be seen as the first step toward illegal immigration (whether it is or not), and subject you to increased scrutiny at the border if they happen to have access to those records (although the chances of this are probably rather slim).  Also, the IRS is pretty aggressive about collecting taxes from people they think might owe them, and I do know that most banks are required to report at least certain types of account data to the IRS for this purpose.

There are also 'prepaid visa' type products which you can walk into many stores and buy

Like others, I'd recommend looking for a product which is available directly to you.   HSBC has a strong presence here and abroad.   I'm sure other banks might be similar.   

One additional resource might be some of the prepaid products.   In particular greendot.com is used fairly frequently by the growing group of consumers in the US which do not maintain a traditional bank account.   It looks like there might be some options designed for foreigners....  something to look at.

One final resource which I'm looking at is a transferwise borderless account.   This is an account which (according to my undderstanding) is a multi-currency account, which only charges you fees if you change currencies.   So as long as you don't move say USD to something else you shouldn't have any fees.   However, I'm not sure this is available to you in NZ.

[mrpackethead]

First, a Credit Card isn't likely to happen.   It often takes a while for even US citizens to be able to gain one due the way the credit scoring systems work in the US.  Without a file at all, you're going to be hard pressed to find one.

A debit card is just fine.   I dont' need the credit. I just need a way to spend the money.

There are also 'prepaid visa' type products which you can walk into many stores and buy

The only issue with that is that i need to go to the US with a backpack full of cash.   Thats an interesting way to get lots of interest from immigration both leaving our country. and arriving into any other country. Not to mention its just a pain to carry..

Like others, I'd recommend looking for a product which is available directly to you.   HSBC has a strong presence here and abroad.   I'm sure other banks might be similar.   

yes, they may be an interesting banking option.     

I was'nt able to find an easy option for this on google, but when you have a hard problem EEVblog is the ultimate source of useful informaiton, even if its off topic.

I'm wondering if there is a Hong Kong Based card.. they are somewhat more 'open'

[Kjelt]

Paypal has credit and debit cards, is that an option?

https://www.paypal.com/us/webapps/mpp/credit-line-and-card-services

[tooki]

SPENDY.  Id' be better off paying the bank to covert money..  US--> NZD -->>USD

Well you asked for cards. Ofc any bank can do USD transactions.

Just to note that the banks have the worst conversion rates, truly horrible.
I use currencyfair dot com for all my USD transactions.

Actually, the banks are far from the worst. That honor goes to the Travelex counters and ATMs at airports! Absolute crazy ripoffs, those are!

I personally use transferwise.com to shuffle money between CH, US, and UK.

[tooki]

First, a Credit Card isn't likely to happen.   It often takes a while for even US citizens to be able to gain one due the way the credit scoring systems work in the US.  Without a file at all, you're going to be hard pressed to find one.

A debit card is just fine.   I dont' need the credit. I just need a way to spend the money.

A debit card is tied to a bank account, which means you'd still need a way to get the money into the country — and you don't have nearly the buyer protections of a credit card.

You still haven't said whether you've checked all the big banks for USD credit cards. I know for a fact that they're available here in Switzerland, for example. (You can get cards in USD and EUR, in addition to CHF.) Surely a bank that offers USD accounts would be able to advise you on USD cards to spend the money in that account?!?

[IanB]

Most of my income is in USD.   I live in New Zealand...

What is not made clear in this thread is the geographical location of your USD income? Is the income landing in the USA, NZ or somewhere else?

It seems to me that wherever your income goes it should end up in a bank account of some sort, and that bank should be able to issue a card drawn on that account?

[orin]

Does any one know of  US Dollar Credit or Debit card that Non US residents can get?
I want to be able to fund it in US Dollars.

So here are some thoughts:

First, a Credit Card isn't likely to happen.   It often takes a while for even US citizens to be able to gain one due the way the credit scoring systems work in the US.  Without a file at all, you're going to be hard pressed to find one.

When I moved here in '86, American Express was the only company that would deal with me initially as far as a 'credit' card was concerned and that was because I already had a UK issued AmEx card.  I think the conversation went something like: "Certainly, sir.  What's your new address?"

FWIW, getting the AmEx card in England in 1985 was a game... you waited for a friend/coworker to get one of those "Refer a friend and get half a dozen bottles of wine" offers.  Then you took the referral, applied for the card and split the loot when it was approved.  Of course, you had to be somewhat reputable to get approved.

They also used to have no foreign transaction fees on my card, but raised the ante (bigger fee per year for the super duper gold card or whatever it's called) so I use a Capital One card instead for foreign transactions.

[shteii01]

Is the intent to get around the fact that some sites will only sell to US based cards or is it an attempt to minimize the cost of the transaction in foreign currency?

Most of my income is in USD.   I live in New Zealand, but i travel to the US frequently and purchase quite a lot in USD, via Credit Card.      So i take USD, convert it to NZD to pay my Credit Card, and then buy things in USD.    The bank ends up collecting twice to the tune of about 6-7% across the FX.     I dont' need credit,  so a debit card is just fine.     

The 'Travel' cards such as the AirNZ one, let you have Forgein Balances, but they only let you pay in the local currency.

In grocery store today I saw a Prepaid Visa Debit card.  You buy card for 3 USD, at the checkout load it with money.
https://usa.visa.com/pay-with-visa/cards/prepaid-cards.html

next time u in us, get one
just make sure they don't start charging fees if card is not active after a while

[mrpackethead]

What is not made clear in this thread is the geographical location of your USD income? Is the income landing in the USA, NZ or somewhere else?

It ends up in a USD account, but it is in New Zealand. ( with the same bank that i also have a NZD account ).

It seems to me that wherever your income goes it should end up in a bank account of some sort, and that bank should be able to issue a card drawn on that account?

you woudl think so, but Foreign currency accounts dont' have that offering.   I can receive USD in and pay it out again in USD or transfer it to my NZD accounts but do you think i can get a debit card thats associated with it.    It just doe'snt exisit it seems.

[mrpackethead]

Forgive me if my interpretation is wrong, but are you looking for an off shore to conceal your US income from NZ government?
If so, get an off shore account in HK, BVI or Delaware.

No not at all. All i'm trying to do is avoid making the banks rich by paying FX buy/sell

I know some HK banks offer accounts to non HK citizens for as little as 5000 HKD deposit, as long as you can prove you have a business.
They don't care if you are concealing your wealth or dodging tax, they only care if you are laundering money through them.
As long as you can prove you're not laundering money, they will happily open an account for you.

You will need a HK company title, which is cheap to have (mine costs $700 per year and $1000 upfront). Many CPAs in HK offer off shore company services.

Can you provide a link to one.

[ebclr]

Just open and fund a US account on a US bank who have a Visa Debit Card,  Most foreigns can do that only with a passport. 

[thermistor-guy]

https://www.hsbc.co.nz/saving/savings-account/premier-multi-currency-account/more-details

[mrpackethead]

https://www.hsbc.co.nz/saving/savings-account/premier-multi-currency-account/more-details

Sadly, this one wont' work.  While you can have the multi-currency accounts,  there is no way to connect that to a card. I gave them a call today and asked..

Best option so far is to set up in Hong Kong.

[mrpackethead]

Just open and fund a US account on a US bank who have a Visa Debit Card,  Most foreigns can do that only with a passport.

Can you suggest one? I've had no luck in finding one who will do that. This would be a perfect solution!

[mikeselectricstuff]

Tickets for electronica in Germany in November.   August 04, 63 EUR.   

People actually pay for Electronica ?
IME Exhibitors are usually falling over themselves to give out free ticket vouchers. Next time  hit up any exhibiting comany you've ever dealt with .

[mrpackethead]

Tickets for electronica in Germany in November.   August 04, 63 EUR.   

People actually pay for Electronica ?
IME Exhibitors are usually falling over themselves to give out free ticket vouchers. Next time  hit up any exhibiting comany you've ever dealt with .

Only slighty off topic.  10 Points mike.

[ebclr]

Go to any branch of

Wells Fargo
Citibank
Bank of America

You only will need a passport with a valid Visa, nothing more, But you must be is the USA at open time

[olkipukki]

There are lots of cards in the USA which don't charge any international exchange fees with a rate always close to the spot rate.  Some have annual fees, some don't.   In particular I know in the states Capital One, Bank of America, and Wells Fargo have products (or at least did the last time I checked).     There are also far more cards that do charge an additional fee on international transactions.

So these options are relatively common in the USA.   Not sure if similar products are available in your country.

That's really cool!
Wondering what a reason why card issuers allow this service where they are very likely loosing money (assuming no annual fees at all)?! Did they assume a customer would not able to settle a balance by the end of a interest-free period and start charge nn% interest...?

[Discotech]

Not sure if they offer service in NZ but I use Revolut over here in UK to buy stuff in $'s and Euro's (and pretty much any other currency) when needed as they're cheaper than my bank for the exchange rate

[IanB]

That's really cool!
Wondering what a reason why card issuers allow this service where they are very likely loosing money (assuming no annual fees at all)?!

I find this puzzling too. When I have looked at credit cards in the USA, the cards with no annual charge offer very few added benefits, and they also have punitive charges for late payments and other things. I have a card like this with no annual fee, and they once hit me for a foreign transaction fee on a charge made in US dollars by bank in New York. When I complained to customer service they brushed me off with the comment that the card company is entitled to levy fees whenever they like at their discretion, and they were not able to reverse the fee.

[tooki]

There are lots of cards in the USA which don't charge any international exchange fees with a rate always close to the spot rate.  Some have annual fees, some don't.   In particular I know in the states Capital One, Bank of America, and Wells Fargo have products (or at least did the last time I checked).     There are also far more cards that do charge an additional fee on international transactions.

So these options are relatively common in the USA.   Not sure if similar products are available in your country.

That's really cool!
Wondering what a reason why card issuers allow this service where they are very likely loosing money (assuming no annual fees at all)?! Did they assume a customer would not able to settle a balance by the end of a interest-free period and start charge nn% interest...?

They don’t make money on annual fees. They make it on interest charges from the many customers who carry a balance (the industry calls those of us who pay off our balances in full “deadbeats”!!!), and from the transaction fees they charge the merchants.

[electrotwelve]

I maybe late to the party but MasterCard offers something called a Borderless Prepaid card. It’s isually used if you are traveling to another country and want to be able to make transactions in local currency. You load the card in USD and then spend it in just about any currency. Not sure if you can use the card online though. Also there are no transaction fees, just the currency conversion fees when you load the card.