Help.. Money Matter Suggestion Needed

NZPoint · Jul 18, 2006

I am really in need of a good suggestion here as loosing money every where, Please advice Read on for full story

Currently New Zealand residence and of-course I do lots of domain name purchases, payment for reseller hosting, online purchases and so on, all these done by Credit Card and in US$.. OK, these are kind of outgoings now in comings would be vise verse and also in US$.

Is there anyway of doing the transactions in US$ without it being converted to NZ$?

Thanks

Duckinla · Jul 18, 2006

I think I can tell you exactly how to handle this issue. My boss is a canadian resident but does a lot of business and travel in the U.S., even a second home. He was dealing with the same conversion cost issue for years. He finally solved it after 20 years of trying.

Basically you need to get a secured U.S. credit card which means if you want a $1,000 credit card, you have to give them $1,000 a security. If you want a $10,000 credit card, you need to let them hold $10,000 of your dollars. It's a crappy deal, but it will save you from all that exchanging. Easist thing is to have the $1,000 card and pay it off multiple times during the month.

Most likely you would have the card at the same bank that you have your U.S. bank account. When your funds go into the U.S. bank account, us them to pay off the credit card.

Does this make sense?

NZPoint · Jul 18, 2006

Hi Duckinla,

Thanks for your reply.. yes it does make sense, but where do i get that secured US credit card?

I will do a search on this, but if you can find out what is the name of the bank, or who does this secure US credit card i appreciate it. but there is one thing, this has to be done throught some US bank, wont they need a social security No?

Thanks again

Duckinla · Jul 18, 2006

If you don't have a U.S. bank account now, you should start there. Probably contact some big banks like Bank of America. once the account is opened, you can probably send all your U.S. funds there and quickly open the secured credit card.

NZPoint · Jul 18, 2006

Duckinla said:
If you don't have a U.S. bank account now, you should start there. Probably contact some big banks like Bank of America. once the account is opened, you can probably send all your U.S. funds there and quickly open the secured credit card.

Thanks again, but seems like your not getting it, I am not a US resident and I dont have Social Security Number, as I said before, I did called even tried to apply online, on the phone and on the net, both asking for social security number, or else cant open any kind of account.

Duckinla · Jul 18, 2006

Yes, I didn't understand you were having trouble with the bank account, only the credit card. The two are independant though. You can probably get the credit card without having an account...but you will need a way to pay that credit card from U.S. funds before exchange. I can ask someone at my company how they set up U.S. bank accounts.

NZPoint · Jul 18, 2006

I could transfer founds from my foreign currency account which i hold to any type of account, i am not sure about the part if can get credit card without having a bank account!!