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Avoiding Foreign Transaction Fees? (12)

12-12-2011 03:25 PM #1 rgrinny17 (Member)
Avoiding Foreign Transaction Fees?

I am using AMEX to buy intl traffic and getting hit with fees on every transaction. On some traffic sources there is another option to wire funds, but then you would obviously lose out on the credit card points.

Anyone have any clever ways to get around this?

12-12-2011 10:08 PM #2 zeno (Administrator)

Visit the US, open a bank account, get credit cards, go home. Or have $xx,xxx in cash to start an offshore bank account that will issue you cards.

12-12-2011 10:36 PM #3 shhhant (Senior Member)

if your fees are 3% and you're earning 1-2% in points, you're better off losing on your points and going with a wire.

12-12-2011 11:17 PM #4 shoent (Member)

take the points, write of the fees, as banking fees on your taxes.

12-12-2011 11:49 PM #5 rich (Member)

I have been emailing the bank of america about opening a bank account (I'm from the UK) and they said I would have to visit a branch in person as they don't open non US citizen accounts over the phone/internet which is understandable. Does anyone know how likely it is if I go over and submit an application, I just would like an idea on the chances on the conversion rate :P as it would cost a fair bit by the time I have stayed over and had a mini break

12-13-2011 12:39 AM #6 polarbacon (Moderator)

Quote Originally Posted by rich View Post
I have been emailing the bank of america about opening a bank account (I'm from the UK) and they said I would have to visit a branch in person as they don't open non US citizen accounts over the phone/internet which is understandable. Does anyone know how likely it is if I go over and submit an application, I just would like an idea on the chances on the conversion rate :P as it would cost a fair bit by the time I have stayed over and had a mini break
you shouldn't have any issue.....its rather common place......

the only kicker is in 2013 wires out will get hit with a hefty tax....you will need to file a tax return to get that money back.....I am not 100% certain on the details yet.....but it looks to be very annoying .....

BUT you will be able to keep funds in dollars which should help buying traffic....

12-13-2011 06:36 AM #7 andymin (Member)

Or get a US Dollar account outside the US at your current bank, they work the same.

12-13-2011 07:01 AM #8 polishedturd (Member)

If you call around, you can get a us account in the us without ever setting foot there. I got one at wells Fargo, did it all by post. But yeah. A dollar account in the uk is probably easier (I got one of those too, but they won't issue a card against it).

12-13-2011 07:43 AM #9 Mr Green (Administrator)

I set up a US based HSBC bank account from New Zealand. The worst thing was they wouldn't allow me to do internet banking till after I had the account for 6 months. So I opened a US dollar account at my New Zealand bank. That gets rid of a lot of fees.

12-13-2011 01:02 PM #10 polarbacon (Moderator)

Quote Originally Posted by polishedturd View Post
If you call around, you can get a us account in the us without ever setting foot there. I got one at wells Fargo, did it all by post. But yeah. A dollar account in the uk is probably easier (I got one of those too, but they won't issue a card against it).
technically they may do this but its really not allowed...and the bank and you could potential get in a whole lotta hot water for doing it (like investigated for money laundering).....ever since 9/11 they have tightened banking.....even as a us citizen you have to go into a branch and show ID.....

I would never trust a bank or a banker who says otherwise....

12-13-2011 02:44 PM #11 rich (Member)

Awesome, good excuse for a road trip - may aswell visit a branch in Vegas I'm thinking

12-13-2011 06:34 PM #12 krueger (Member)

I'm in the process of getting an offshore HSBC account as well, probably on the UK. I had to invest like $28k with HSBC (it can be on a savings account or w/e) on my country so I'll become a Premier costumer and be eligible for an offshore account.

They have AMEX, so you can issue additional cards. Perfect setup for the non-US based affiliate marketer I guess...

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