US Currency Credit Card for non US Residents

[mrpackethead]

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.

[Neganur]

https://www.usunlocked.com/

idiotic fees etc, but definitely works. Not sure if one of those forwarder addresses is a requirement (I had one with Shipito.com at the time)

[mrpackethead]

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

[Halcyon]

What are you trying to purchase? (In case we want one.)

[andtfoot]

I have this enabled on one of my airline rewards cards:
http://velocityglobalwallet.com/
It allows conversion to different currencies behind the scenes, and I used it on a USA trip with no worries.
Maybe Air NZ or similar has one like it?

[Neganur]

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.

[Tony_G]

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?

I ask because in the case of the latter my bank doesn't charge any additional fees for foreign transaction and I get the spot rate for conversion.

It might be worth checking local banks to see if they offer the same.

TonyG

[dzseki]

It might worth to look at TransferWise. This is a middle-man type of bank transfer company, but you can have a bank card with whatever currency you want on it.  I have used their service already and I think the fees are reasonable, although I had no interest in ordering a card, so not 100% sure about that part...

[tooki]

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.

X-Y problem going on here... What is the actual problem you’re trying to solve? Website that requires US billing address? Shitty forex terms on your local card? Something else?

[Bud]

Have you talked to your bank? They may have personal US dollar accounts and US dollar credit cards along with it. Then you can transfer/convert local currrncy to the account and pay the US dollar credit card bills from it in US currency. This is what we have in Canada. Sure enough it all comes with bank and credit card currency conversion and monthly service fees.

EDIT: so the fees combined may not worth it compare to just regular credit card transactions with currency conversion fees.

[Howardlong]

Amex offer this service, at least in EMEA.

[boffin]

Most of the Canadian banks offer them; however I suspect it's limited to Canadian residents

https://www.td.com/ca/en/personal-banking/products/credit-cards/us-dollar/us-dollar-visa-card/
https://www.rbcbank.com/cross-border/us-credit-cards.html
https://www.cibc.com/en/personal-banking/credit-cards/all-credit-cards/us-dollar-aventura-gold-visa-card.html
etc etc


I did hold a Bank of America US$ VISA card at one point, but US banks need to be much much much more stringent about who holds them due to FATCA now, so they shut down the ability for a foreign resident to hold their card. Lots of banks globally won't even allow US nationals to hold bank accounts any more as FATCA compliance is too much of a pain in the ass to deal with.
http://www.spiegel.de/international/business/reaction-to-us-tax-law-european-banks-stop-serving-american-customers-a-803742.html

Your best bet is probably a global bank like HSBC, but I suspect it's difficult down under (you're in NZ?)

[mrpackethead]

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.   

[mrpackethead]

Have you talked to your bank? They may have personal US dollar accounts and US dollar credit cards along with it. Then you can transfer/convert local currrncy to the account and pay the US dollar credit card bills from it in US currency. This is what we have in Canada. Sure enough it all comes with bank and credit card currency conversion and monthly service fees.

Yes, alrady have a NZ based USD account, but they dont' have a  card to go with it.  ( its not a service they offer, and they did'tn even seem to understand why it was a good thing ).

[tooki]

If you’ve already got a USD account, maybe you could just get an AmEx/VISA/MC “gift card” when you’re in USA. They're reloadable for a fee.

[olkipukki]

I ask because in the case of the latter my bank doesn't charge any additional fees for foreign transactio and I get the spot rate for conversion.

It's hard to believe!

I am curious - what is a bank name?

[tooki]

Why is that hard to believe? Lots of credit cards do that. You just have to compare cards and find one that’s optimal for you!

[olkipukki]

Why is that hard to believe? Lots of credit cards do that. You just have to compare cards and find one that’s optimal for you!

Well, that's been highlighted above in bold, thoughts should be enough, sorry for not been clear about that.

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

[tooki]

I didn’t ask you to repeat what you don’t believe. I’m asking why you think it’s impossible, when there are cards like that. Just shop around, man!

[IanB]

I ask because in the case of the latter my bank doesn't charge any additional fees for foreign transactio and I get the spot rate for conversion.

It's hard to believe!

I am curious - what is a bank name?

I have a card like that, however it isn't quite "free currency conversion" as there is an annual charge for the card.

If you want a card with no annual fee, and also no foreign currency transaction charges or conversion fees, then yes, you will find very few available.

[bson]

I'm pretty sure Bank of America still allows opening accounts with just a passport and a U.S. address for correspondence.  But it also varies by state, and you need to show up in person at a branch to open it.

[tooki]

I'm pretty sure Bank of America still allows opening accounts with just a passport and a U.S. address for correspondence.  But it also varies by state, and you need to show up in person at a branch to open it.

I'd be very surprised if that's all it took these days. Banking rules since 9/11 have made it even harder. You have to have a SSN, or if not from USA, an ITIN or EIN, depending on the account type.

The only banks worth even trying it with are the truly international ones, like Citibank and Wells Fargo. A local bank is gonna tell you to fuck off, since they won't have a clue how to deal with this.

Moreover, as a foreigner, you don't want to get involved with anything to do with US banking if you can avoid it, because worst case, it might make you tax-liable in USA (or make you ineligible for foreign financial services (!) thanks to FATCA). That's a world of pain you're better off without. (As a US citizen, it's a world of pain I wish I could eliminate, but I can't.)

[EEVblog]

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.


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.

[Dubbie]

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.

[thermistor-guy]

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.

Talk to HSBC (business banking division) in NZ. They do a lot of foreign currency account setups (USD, CAD, etc).

Another option is to approach a US bank with passport, proof of address, etc, so that the bank can help you get an ITIN (US tax file number). Talk to the bank beforehand so you know exactly what documentation you need to take with you. Maybe do this in Hawaii, since it is closer. Watch out though - some US banks like Wells Fargo have a reputation for committing blatant fraud on their customers' accounts.

I suggest trying HSBC first.

[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.

[mrpackethead]

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.

Thanks. this ones a bit like the cards i have from AirNZ,   It lets me add cash in the base currency of issue, which i choose what it gets to converted to.   

Looks like the best thing i can do is open a bank account in the US.    I might contact a few and tell them i'm coming and ask if they will open an accoutn for me. No harm in trying.

 

[orin]

Looks like the best thing i can do is open a bank account in the US.    I might contact a few and tell them i'm coming and ask if they will open an accoutn for me. No harm in trying.

No harm indeed.  But do your research on the accounts available at the banks in question.  You might find ridiculous minimum balances or even worse monthly fees!  Read the fine print.  Often they require a monthly direct deposit...  For that reason, my salary is deposited into two different banks.  (I opened the second account so I could do a direct transfer of my rent; what's more, they gave both me and my 'referrer' $100 [taxable as interest] each for doing it!)  Unfortunately, it's unlikely you'll get a fee free account at a big national bank.

[ebclr]

I have 2 accounts that I pay nothing for maintenance, The only thing you need a balance of more than USD ,1500 for me isn't that much since I bought much more than that one simple scope is at least 500USD

[thermistor-guy]

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.

Maybe talk to HSBC in Australia:

https://www.hsbc.com.au/1/2/personal/savings/multicurrency

...Automatically accessing the correct currency to make a purchase
In Hong Kong, to make a purchase of HKD3,000 from your HKD7,000 balance, simply swipe your Everyday Global Visa Debit Card and enter your PIN to complete the transaction. HKD3,000 will automatically be deducted from your Hong Kong Dollars balance. No currency exchange is required and no overseas transaction fees will be incurred. An ATM withdrawal would work the same way.

Immediately after completing the transaction, you will see that the 'available balance' in your Everyday Global Account will reflect the transaction using HSBC Online or Mobile Banking.

One thing I've found with with bank staff is often they don't know much about banking, so they give misleading and inaccurate advice. The setup you want should be possible to arrange, but you may need to talk to someone who has genuine expertise.

Re banking expertise: I often do wire transfers from a local USD account to foreign USD accounts. All sorts of things can go wrong with wire transfers, especially if they involve an intermediate bank. The local branch staff will tell me fairy tales about what's involved, how long it takes and how much it costs. I know they're fairy tales because I've established a personal contact in that bank's operational centre who manages the actual transfers, someone with genuine expertise. These days, when something goes wrong, I contact my expert directly.

[tooki]

I’m still unconvinced that no bank in Australia offers USD credit cards.

Thermistor-guy’s point about bank staff not knowing what’s possible and/or how to do it cannot be emphasized enough.

[mrpackethead]

Im in NZ.  I can get a card that works in USD, the problem is that i cnat' pay the bill in USD. they will only let me pay it in NZD.

[tooki]

Oops, sorry, I misread the little country icon!

I still think that thermistor-guy could be right, that the bank employees might not know about obscure products, and that some bank there might indeed have “native” USD cards (by which I mean payable in USD; everyone knows you can pay USD with any card, nobody was confused on this point), especially for businesses.

[Gary.M]

What about PayPal? Receive money into your PayPal account in usd. Buy from supplier using PayPal in usd. Increasingly I'm finding us suppliers all seem to accept it. BTW, where in NZ are you?

[forrestc]

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...?

Some of it is 'earn your business', I.E. I'm more likely to carry a card with this feature.

But another part is that the banks do make money off of every transaction.   Visa/MC in particular charge up to 2-3% to the merchant when accepting credit cards.   International can even be more.   So it probably doesn't cost them all that much to not charge add-on chargers for international fees.

[mrpackethead]

What about PayPal? Receive money into your PayPal account in usd. Buy from supplier using PayPal in usd. Increasingly I'm finding us suppliers all seem to accept it. BTW, where in NZ are you?

Paypal fees are quite high.  3% to receive a payment..     Thats not going to fly, compared to $25USD For a wiretransfer.   ( 3% of $10k is 300, vs $25 )..   Paypal good for low value payments. though.

Im in Porirua.

[Gary.M]

What about PayPal? Receive money into your PayPal account in usd. Buy from supplier using PayPal in usd. Increasingly I'm finding us suppliers all seem to accept it. BTW, where in NZ are you?

Paypal fees are quite high.  3% to receive a payment..     Thats not going to fly, compared to $25USD For a wiretransfer.   ( 3% of $10k is 300, vs $25 )..   Paypal good for low value payments. though.

Im in Porirua.

Porirua. I spent a few years commuting out there when I worked for AWA.

[Gary.M]

Came across this service today. It has a borderless account facility, and says it will be offering a debit mastercard sometime soon..

https://transferwise.com

[tpowell1830]

Sorry, more questions. So you get paid in $, does that mean you work for a US company? Also, do you get paid direct deposit into your account? if you say yes to both, then you should not have a problem opening a US bank account. Does NZ have Wells Fargo, Capital One, B of A?

[mrpackethead]

Sorry, more questions. So you get paid in $, does that mean you work for a US company? Also, do you get paid direct deposit into your account? if you say yes to both, then you should not have a problem opening a US bank account. Does NZ have Wells Fargo, Capital One, B of A?

No.  The company is a NZ company.   We have a USD account ( in New Zealand ) which we receive $USD into.            I do not have a US address.

[tpowell1830]

Sorry, more questions. So you get paid in $, does that mean you work for a US company? Also, do you get paid direct deposit into your account? if you say yes to both, then you should not have a problem opening a US bank account. Does NZ have Wells Fargo, Capital One, B of A?

No.  The company is a NZ company.   We have a USD account ( in New Zealand ) which we receive $USD into.            I do not have a US address.

Again, sorry, you don't have to answer, but, since it is a NZ company, why do they pay you in US$? Also, if it is because you asked for it, wouldn't it be cheaper if you got paid in NZ dollars and then convert to US$?


Here is a website with some info. 
https://www.business.com/articles/what-non-residents-need-to-consider-when-forming-a-company-here-in-the-us/

[mrpackethead]

Again, sorry, you don't have to answer, but, since it is a NZ company, why do they pay you in US$? Also, if it is because you asked for it, wouldn't it be cheaper if you got paid in NZ dollars and then convert to US$?

So, the vast majority of my business is done with compays who are US based.  ( and china ).    Having them pay in $NZD is just too hard logstically and from a sales perspective hard work.       Thats one reason.   The 2nd reason is that a lot of my costs are in $USD..   ( materials for example )..          Theres no point in converting USD --> NZD and then back to USD again.   ( to pay my bills! ).    Keeping it in USD makes a lot of sense.     All i need to do, is to convert my margin in $NZD.. ( aka my profit ).  It potentially saves 5%. 

[mrpackethead]

Came across this service today. It has a borderless account facility, and says it will be offering a debit mastercard sometime soon..

https://transferwise.com

This looks like exactly what we want!  Unforuantly right now, its not avaialble if you are outside of Europe. :-(

[tautech]

Came across this service today. It has a borderless account facility, and says it will be offering a debit mastercard sometime soon..

https://transferwise.com

This looks like exactly what we want!  Unforuantly right now, its not avaialble if you are outside of Europe. :-(

Just looked at the rates for https://transferwise.com and they're lower than what I use for shifting NZD funds in USD to suppliers:
https://www.ofx.com/en-nz/
Used to be NZ Forex but after a name change is now OFX = OZ Forex.
NZD10k+, zero fees. 
Better spot currency conversion rates than banks !

US version:
https://www.ofx.com/en-us/

You do the spot deal then pay OFX from whatever A/C you wish to whatever recipient you wish in the currency of your choice. Bit of fluffing around to get all your recipients setup and become comfortable with the process but it's really a breeze after a bit.
Initially they'll ring you soon after doing a spot deal just to check it's all above board and when they see you've got a handle on it they'll leave you alone to get on with it. eg. one night I did a late deal and they rang me from the UK within a few minutes as it must have seemed outside my normal deal hours.

Very satisfied OFX user !

PS. A buddy that was shifting enough funds overseas yearly put me onto OFX as they were saving him $25K/year with better conversion rates ! 

[tpowell1830]

Again, sorry, you don't have to answer, but, since it is a NZ company, why do they pay you in US$? Also, if it is because you asked for it, wouldn't it be cheaper if you got paid in NZ dollars and then convert to US$?

So, the vast majority of my business is done with compays who are US based.  ( and china ).    Having them pay in $NZD is just too hard logstically and from a sales perspective hard work.       Thats one reason.   The 2nd reason is that a lot of my costs are in $USD..   ( materials for example )..          Theres no point in converting USD --> NZD and then back to USD again.   ( to pay my bills! ).    Keeping it in USD makes a lot of sense.     All i need to do, is to convert my margin in $NZD.. ( aka my profit ).  It potentially saves 5%.

Ok, so what is your business, what does it do? The reason that I ask is that, other than the suggestions in the article that I sent you, you could consider partnering with a US business that is complementary to yours. This would get you an address and a business license in the US. If we knew what your business was, perhaps it could be an EEVBlog member who could partner with you, maybe someone who wants NZ/AUS business, or needs your expertise/service/technology?

[mrpackethead]

"Transfers to most countries take 1-2 business days. To stay in the loop, track your transfer online."

Meh. I often get transfers from NZ-->Hong Kong in a couple of hours.

[forrestc]

Came across this service today. It has a borderless account facility, and says it will be offering a debit mastercard sometime soon..

https://transferwise.com

This looks like exactly what we want!  Unforuantly right now, its not avaialble if you are outside of Europe. :-(

I'm in the US....  I opened one of their borderless accounts and have had 2 customers globally send money to it.   So far, we've found it to be very useful and transfers are much faster.     One transfer was in AUD to via an Australian bank transfer, and the other was in EU using an IBAN.    So far it's cost us nothing, but I've also not moved any money between currencies or sent it anywhere.