topic Re: Foreign banks in the US in Credit Cards

Foreign banks in the US

issac2x — Thu, 12 Jul 2018 01:32:00 GMT

Been curious lately about foreign banks that allow US citizens to app for their cards. I know banks like Barclays and Santander would count but I was thinking more along the lines of Banco do Brasil or ICBC, the lesser known ones. Any suggestions myfico?

Re: Foreign banks in the US

Anonymous — Thu, 12 Jul 2018 01:40:44 GMT

@issac2x wrote:
Been curious lately about foreign banks that allow US citizens to app for their cards. I know banks like Barclays and Santander would count but I was thinking more along the lines of Banco do Brasil or ICBC, the lesser known ones. Any suggestions myfico?

I do not think so. U.S.-based banks require all consumers to have an established credit history, unless I am missing something.

Re: Foreign banks in the US

issac2x — Thu, 12 Jul 2018 01:54:10 GMT

@Anonymous
I do not think so. U.S.-based banks require all consumers to have an established credit history, unless I am missing something.

Thanks for replying. I just wanted to know if anybody knew of other foreign banks that you could get credit cards from. I'm interested cause the SL or card design might get me to app later down the line.

Re: Foreign banks in the US

Cookiegrabber — Thu, 12 Jul 2018 08:00:44 GMT

Are you talking about foreign banks that have branches in the US? I haven't tried but I don't see why not, if they're also legally established as a foreign corporation doing business in the US (which they'd have to be) and they're marketing a US-based card in English. Banco do Brasil's English website certainly makes it sound like their credit card's US-based.

http://www.bb.com.br/portalbb/page100,500070,500080,22,0,2,8.bb?codigoMenu=17715&codigoNoticia=36919&codigoRet=17724&bread=2

Woori America Bank (US satellite of Korea's Woori Bank) offers credit cards that look completely like US cards, especially considering there is no "secured credit card" system in Korea.

https://www.wooriamericabank.com/pages/personal/lending/personal-credit-card.asp

Banco do Brasil isn't FDIC insured whereas Woori America Bank is, so that might make a difference.

Re: Foreign banks in the US

Anonymous — Thu, 12 Jul 2018 10:18:28 GMT

HSBC, Barclays along with the Royal Bank of Scotland allow US citizens to hold their products. No problems.

Re: Foreign banks in the US

Anonymous — Thu, 12 Jul 2018 11:18:47 GMT

Lord have mercy, I looked at Woori's website...typos all over it.

Re: Foreign banks in the US

Cookiegrabber — Thu, 12 Jul 2018 11:43:15 GMT

@Anonymous wrote:
Lord have mercy, I looked at Woori's website...typos all over it.

Haha, you should see the Korean version, it's like someone that's never lived in Korea translated English into Korean. The things banks with $300B do (or not do)...

Re: Foreign banks in the US

issac2x — Thu, 12 Jul 2018 13:35:37 GMT

@Cookiegrabber wrote:
Are you talking about foreign banks that have branches in the US? I haven't tried but I don't see why not, if they're also legally established as a foreign corporation doing business in the US (which they'd have to be) and they're marketing a US-based card in English. Banco do Brasil's English website certainly makes it sound like their credit card's US-based.
http://www.bb.com.br/portalbb/page100,500070,500080,22,0,2,8.bb?codigoMenu=17715&codigoNoticia=36919&codigoRet=17724&bread=2

Woori America Bank (US satellite of Korea's Woori Bank) offers credit cards that look completely like US cards, especially considering there is no "secured credit card" system in Korea.
https://www.wooriamericabank.com/pages/personal/lending/personal-credit-card.asp

Banco do Brasil isn't FDIC insured whereas Woori America Bank is, so that might make a difference.

Thanks. Knew about Banco do Brasil from the threads here their card design has me interested though the month long waiting period just to know if you've been approved is annoying.

Woori Bank I think I've seen a post about them from DOC but yeah I'll add them to the list. Wish they swapped the design for their secured card with their unsecured ones; black is much better imo.

Re: Foreign banks in the US

issac2x — Thu, 12 Jul 2018 13:45:57 GMT

@Anonymous wrote:
HSBC, Barclays along with the Royal Bank of Scotland allow US citizens to hold their products. No problems.

Didn't know Royal Bank of Scotland allows us to have their products thanks Dinosaur.

Re: Foreign banks in the US

K-in-Boston — Thu, 12 Jul 2018 13:50:04 GMT

@issac2x wrote:
@Anonymous wrote:
HSBC, Barclays along with the Royal Bank of Scotland allow US citizens to hold their products. No problems.
Didn't know Royal Bank of Scotland allows us to have their products thanks Dinosaur.

"In August 2015 The Royal Bank of Scotland Plc, ceased its activity in USA."

Must be a UK resident for all cards, and a mainland UK resident for some of them.

Re: Foreign banks in the US

K-in-Boston — Thu, 12 Jul 2018 13:59:17 GMT

It looks like RBC offers cross-border accounts, and while it appears that they offer Canadian residents US checking and credit cards, they don't appear to offer the reverse. Fortunately with so many no-FTF cards, it wouldn't make sense even as often as I get up there.

Re: Foreign banks in the US

issac2x — Thu, 12 Jul 2018 14:00:03 GMT

@K-in-Boston wrote:
@issac2x wrote:
@Anonymous wrote:
HSBC, Barclays along with the Royal Bank of Scotland allow US citizens to hold their products. No problems.
Didn't know Royal Bank of Scotland allows us to have their products thanks Dinosaur.

"In August 2015 The Royal Bank of Scotland Plc, ceased its activity in USA."
Must be a UK resident for all cards, and a mainland UK resident for some of them.

Darn was interested to see their cards too. Thanks for the heads up K-in-Boston.

Re: Foreign banks in the US

issac2x — Thu, 12 Jul 2018 14:16:49 GMT

@K-in-Boston wrote:
It looks like RBC offers cross-border accounts, and while it appears that they offer Canadian residents US checking and credit cards, they don't appear to offer the reverse. Fortunately with so many no-FTF cards, it wouldn't make sense even as often as I get up there.

Just googled them shame their cards look nice.

Re: Foreign banks in the US

kilroy8 — Thu, 12 Jul 2018 14:25:04 GMT

I would be afraid to do business with foreign banks. There are so many forms that you run across that ask about foreign interests, bank accounts, etc. I would be afraid to pop up on big brother's radar.

Re: Foreign banks in the US

Anonymous — Thu, 12 Jul 2018 14:30:53 GMT

@kilroy8 wrote:
I would be afraid to do business with foreign banks. There are so many forms that you run across that ask about foreign interests, bank accounts, etc. I would be afraid to pop up on big brother's radar.

Credit cards shouldn't be an issue. And, if you deal with the US-based part, neither are bank accounts, e.g. Barclays High Yield Savings reports interest on a 1099 just like any other us bank. The complication arises if you have money in a foreign bank abroad. I have some money in a Bank of Scotland account in the UK and if the value is greater than $10K I have to report that I have it, and any interest earned is also reportable.

But for just applying for a credit card, no issue.

Re: Foreign banks in the US

issac2x — Thu, 12 Jul 2018 14:50:26 GMT

@kilroy8 wrote:
I would be afraid to do business with foreign banks. There are so many forms that you run across that ask about foreign interests, bank accounts, etc. I would be afraid to pop up on big brother's radar.

Edit: Should have refreshed before I posted but yeah longtimelurker said it better then me.

Re: Foreign banks in the US

K-in-Boston — Thu, 12 Jul 2018 15:11:28 GMT

@issac2x wrote:
@K-in-Boston wrote:
It looks like RBC offers cross-border accounts, and while it appears that they offer Canadian residents US checking and credit cards, they don't appear to offer the reverse. Fortunately with so many no-FTF cards, it wouldn't make sense even as often as I get up there.
Just googled them shame their cards look nice.

Yeah, my vanity and ego want the RBC Avion Visa Infinite Privilege. A $399 AF card that apparently doesn't come with any of the reimbursements that would usually come with an AF like that. But it looks like it earns 1.25 RBC points that are worth 2 to 2.33 cpp on travel booked through their portal, so it's essentially a 2.5 - 2.92% back on travel card which could be pretty lucrative.

Also, here's something you'd never see on a US bank's credit card application page:

Please note, this premium card can impose higher acceptance costs on merchants.

Re: Foreign banks in the US

issac2x — Thu, 12 Jul 2018 15:56:32 GMT

@K-in-Boston wrote:
@issac2x wrote:
@K-in-Boston wrote:
It looks like RBC offers cross-border accounts, and while it appears that they offer Canadian residents US checking and credit cards, they don't appear to offer the reverse. Fortunately with so many no-FTF cards, it wouldn't make sense even as often as I get up there.
Just googled them shame their cards look nice.
Yeah, my vanity and ego want the RBC Avion Visa Infinite Privilege. A $399 AF card that apparently doesn't come with any of the reimbursements that would usually come with an AF like that. But it looks like it earns 1.25 RBC points that are worth 2 to 2.33 cpp on travel booked through their portal, so it's essentially a 2.5 - 2.92% back on travel card which could be pretty lucrative.

Also, here's something you'd never see on a US bank's credit card application page:
Please note, this premium card can impose higher acceptance costs on merchants.

Hefty AF for an almost 3% but if you travel alot it I guess it could be worth it. Also I'm not familiar with the Infinite Privilege and if it has more benefits then the regular Infinite but it should factor into the favorability of the card as well.

Wow they actually noted that merchants could get charged higher fees. As you stated US banks would never do that and if they did it'd be buried in the card holder benefits pamphlet or something similar.

Re: Foreign banks in the US

coldfusion — Thu, 12 Jul 2018 17:51:53 GMT

@issac2x wrote:
@K-in-BostonAlso I'm not familiar with the Infinite Privilege and if it has more benefits then the regular Infinite but it should factor into the favorability of the card as well.

The only direct difference I'm aware of is that the Infinite Privilege has a much higher minimum income requirement than the Infinite, not of any significant difference in benefits. I don't know if that also translates to a higher minimum SL and/or higher maximum CL as well.

To put it another way, without concrete evidence to the contrary I'm sure the term exists as much for ego stroking of the cardholder as much if not more than to define a significant difference in benefits.

Re: Foreign banks in the US

UncleB — Thu, 12 Jul 2018 19:36:41 GMT

@issac2x wrote:
@K-in-Boston wrote:
@issac2x wrote:
@K-in-Boston wrote:
It looks like RBC offers cross-border accounts, and while it appears that they offer Canadian residents US checking and credit cards, they don't appear to offer the reverse. Fortunately with so many no-FTF cards, it wouldn't make sense even as often as I get up there.
Just googled them shame their cards look nice.
Yeah, my vanity and ego want the RBC Avion Visa Infinite Privilege. A $399 AF card that apparently doesn't come with any of the reimbursements that would usually come with an AF like that. But it looks like it earns 1.25 RBC points that are worth 2 to 2.33 cpp on travel booked through their portal, so it's essentially a 2.5 - 2.92% back on travel card which could be pretty lucrative.

Also, here's something you'd never see on a US bank's credit card application page:
Please note, this premium card can impose higher acceptance costs on merchants.
Hefty AF for an almost 3% but if you travel alot it I guess it could be worth it. Also I'm not familiar with the Infinite Privilege and if it has more benefits then the regular Infinite but it should factor into the favorability of the card as well.

Wow they actually noted that merchants could get charged higher fees. As you stated US banks would never do that and if they did it'd be buried in the card holder benefits pamphlet or something similar.

Wow... that's not much of a card for the AF. I have three no-AF cards that give me 3% back on travel so that's not too impressive.

I wonder what other 'perks' it has... I know there must be something.