Originally Posted by
ThirtyOne
I apologise if I was short with you. Your contributions just weren't helpful since they did not actuallly address my questions, and I've received nothing but misinformation from Amex themselves. I have no patience left for cryptic half-answers and nebulous allusions to regulatory roadblocks after three days of Amex CSRs shrugging their shoulders. I asked here because the calibre of answer is usually higher and better.
Your "mistreatment" by Amex is not reason enuff. Anyhow, i wasn't being cryptic - the banking rules in Canada is one of the biggest reasons.
Originally Posted by
ThirtyOne
Sure I'll give you that. But that doesn't address the outside Canada part of my question. No IDCs outside Canada, no USD in Canada. Fine, I accepte the inability of Amex to offer a USD card in Canada, but why are we barred from an IDC issued from outside Canada?
Actually, most countries' banking rules prevent non-residents from opening accounts in other countries. In the US, you need a US address to get a credit card. In the UK, you need to be at least on the electoral roll (wc implies having a UK address). Those kind of rules are in place due to KYC regulations - "know your customer" and Anti-money laundering.
Also, even if you were to obtain an IDC based out of the UK or Bermuda for example, the issuer would have no way of coming after you if you choose not to pay up. Its called risk management from the issuer's point of view. Does that make sense now?