Originally Posted by
ccscotgb
I will be relocating to New York from Toronto for work in a couple of months and wanted to get people's thought on what the best option would be for obtaining a visa/MC credit card (I'm hoping to obtain an Amex using my history with Amex Canada to compliment it). The three options I've come across so far are TD/RBC's cross-border banking plans and HSBC's global transfer program.
TD/RBC's programs don't seem to differ much so I'm leaning towards TD because of their large presence, but I'm also debating HSBC as their global transfer program would come in handy later on (there's a high probability that I end up in the UK rather than returning to Canada). I also currently bank with TD and HSBC (Advanced, but meeting the requirements for Premier won't be a stretch if required) which is another reason I'm considering these two.
Can anyone who's done this move themselves share their experiences / provide your thoughts?
I explored all the options you did. But I moved to Washington instead last month, so TD was not an option. Also, TD doesn't seem to want to issue credit cards until you have a U.S. address / SSN.
RBC will issue you a credit card right now on the spot. I'd phone them now, so you have the Visa before you even arrive and so you start building credit. Also, when you get a SSN call RBC and give them your SSN, your credit history will start from when they issued the card.
HSBC, I also went in there to potentially open a premier account (based in Canada). I explained what I wanted but to be honest the rep seemed so clueless. Maybe you'll have more luck.
Also, Amex isn't really a transfer, they open you a new card (whatever one you want) based on your relationship with them. You get to keep your Canadian one if you want.
Another option, depending on who you are working for, some large companies have programs with the banks in the area. A local BoA opened bank accounts and I could pick any credit card with a 10K limit and no credit check needed. Just proof of my employment with my employer.
Other pains are getting a cellphone plan without credit, renting an apartment. But the biggest one nobody. talks about is your brokerage account...
It's the one I'm still trying to figure out. You'll want to get rid of your TFSA, your margin account will get put in liquidation status (Questrade), RRSP is fine though. If HSBC can hold a proper margin account in Canada that you can trade with let me know. You'll find some brokers down here like Merril Edge just show you the door without a Greencard. TD Ameritrade and Schwabs seem to open accounts for resident aliens. So you might want to research those accounts as well.
Good Luck!