Credit Cards

Cross-Border US Banking and Credit Cards Mega-Thread

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Deal Expert
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Dec 11, 2005
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Jon Lai wrote: RBC Bank is a US Bank and is not the same as RBC Royal Bank. They are treated as separate entities.
They are still a subsidiary of RBC Canada and are doing a CANADIAN credit check against your CANADIAN credit record. Opening a credit card at RBC USA using your Canadian details has nothing to do with your US credit history, nor will it contribute to one. It's not the same scenario at all. I don't get why people are failing to see this, it's quite straight forward.
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Mar 23, 2004
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brunes wrote: They are still a subsidiary of RBC Canada and are doing a CANADIAN credit check against your CANADIAN credit record. Opening a credit card at RBC USA using your Canadian details has nothing to do with your US credit history, nor will it contribute to one. It's not the same scenario at all. I don't get why people are failing to see this, it's quite straight forward.
that is correct.
Newbie
Feb 20, 2007
20 posts
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I believe for those who are expat CDN's, if we initially start up an RBC USA Visa, reference our Canadian credit for the check and approval that will get the card in your hands. Since receiving and using this card I had contacted RBC USA to link my US SSN to the card, and then that way RBC USA will report your usage to the US bureaus.

So those who have a valid SSN and work permit for the US, this is a good way to build credit and have it instantly granted with your history in Canada. Each has their own circumstances, of course those who are strictly Canadian citizens without business in the US, you won't build a credit history in the US, which is probably what you refer to. :)
brunes wrote: They are still a subsidiary of RBC Canada and are doing a CANADIAN credit check against your CANADIAN credit record. Opening a credit card at RBC USA using your Canadian details has nothing to do with your US credit history, nor will it contribute to one. It's not the same scenario at all. I don't get why people are failing to see this, it's quite straight forward.
Deal Expert
Jan 27, 2006
21844 posts
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Vancouver, BC
craftsman wrote: Speaking of RBC, I was looking at their US website and I think they have new savings account which might fit the bill for those of us who aren't heavy users but like the ability to transfer funds and write the occasional check...

Preferred Money Market Account (not to be confused with the Money Market Account)
http://www.rbcbank.com/products-and-ser ... 97696.html

Earn our best interest rates on the money you're saving, while maintaining easy access when needed.

Features Include:

$1,000 minimum opening deposit
$1,000 minimum monthly balance ($5.00 monthly service fee if not met)
Higher interest rates for balances greater than $10,000
Check writing ability to access cash or make purchases - up to 6 checks per month
Easy access to funds via Online Banking, telephone and ATM


What I don't know is if the 6 checks per month are free...
As a follow-up, I talked to my branch and it turns out that you can't get this account with a Preferred Checking Account with RBC USA.

However, you can get the Money Market Investment Account with the same features including the 6 free checks a month but without the higher interest rate for balances greater than $10,000. I realize that not what the website says but I verified it with RBC USA and opened this account.

So, what I did was:

In Canada-
1. Open a CDN Day to Day Savings account so that I can get access to Online Banking.
2. Open an eSavings CDN and US dollar accounts) you really don't need these but I wanted some where to park the US funds in Canada.
3. Link all of these to my Canadian Client Card.

In the US (by phone from my Account Manager's office) (took about 30 minutes once we were connected to the Account Opening Team in the US)
4. Open a US Money Market Investment Account in the US.
5. Link it to Online Banking in the US.
6. Link the US Online Banking with the Canadian Online Banking. (They walk you through how to do this as long as you provide them with your Canadian Client Card Number)
7. Transfer $1000 US into the account to prevent the monthly fees.
8. Wait for my US ATM card and checks to arrive in Canada. (should be 2 to 3 weeks)


What I got was a "feeless" set of accounts which allow me to easily transfer funds between the US and Canada with 6 free US checks per month with online access for all accounts.

My next steps is to apply for the US VISA.
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Mar 30, 2004
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Durham Region
brunes wrote: They are still a subsidiary of RBC Canada and are doing a CANADIAN credit check against your CANADIAN credit record. Opening a credit card at RBC USA using your Canadian details has nothing to do with your US credit history, nor will it contribute to one. It's not the same scenario at all. I don't get why people are failing to see this, it's quite straight forward.
If you have a SSN or ITIN and provide it to RBC after opening the card, they will report it to a US credit bureau. If you don't have an SSN or ITIN, then you're correct.
Deal Expert
Jan 27, 2006
21844 posts
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Vancouver, BC
craftsman wrote: As a follow-up, I talked to my branch and it turns out that you can't get this account with a Preferred Checking Account with RBC USA.

However, you can get the Money Market Investment Account with the same features including the 6 free checks a month but without the higher interest rate for balances greater than $10,000. I realize that not what the website says but I verified it with RBC USA and opened this account.

So, what I did was:

In Canada-
1. Open a CDN Day to Day Savings account so that I can get access to Online Banking.
2. Open an eSavings CDN and US dollar accounts) you really don't need these but I wanted some where to park the US funds in Canada.
3. Link all of these to my Canadian Client Card.

In the US (by phone from my Account Manager's office) (took about 30 minutes once we were connected to the Account Opening Team in the US)
4. Open a US Money Market Investment Account in the US.
5. Link it to Online Banking in the US.
6. Link the US Online Banking with the Canadian Online Banking. (They walk you through how to do this as long as you provide them with your Canadian Client Card Number)
7. Transfer $1000 US into the account to prevent the monthly fees.
8. Wait for my US ATM card and checks to arrive in Canada. (should be 2 to 3 weeks)


What I got was a "feeless" set of accounts which allow me to easily transfer funds between the US and Canada with 6 free US checks per month with online access for all accounts.

My next steps is to apply for the US VISA.
Another follow-up...

Applied for a RBC Bank VISA Signature Black Credit Card with no annual fee and got accepted. Please note that they do use your Canadian credit history for the application.

On a side note - I found out that the user fees on the RBC eSavings Account are brutal (upwards of $5 per transaction) is be sure you know what's you are doing before doing the transaction! I'm used to BMO's package were I get an huge amount of transactions for free with my minimum balance.
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Mar 23, 2004
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CorSter wrote: If you have a SSN or ITIN and provide it to RBC after opening the card, they will report it to a US credit bureau. If you don't have an SSN or ITIN, then you're correct.
well most of us here wont have a SSN/ITIN so...
Deal Addict
Nov 10, 2006
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If I were to get the US based RBC Visa credit card, is there a free way to pay off my bills without having a chequing account in the States? I am thinking of closing my Royal Embassy Checking account as they will not waive the fees for me.
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Thrasher wrote: If I were to get the US based RBC Visa credit card, is there a free way to pay off my bills without having a chequing account in the States? I am thinking of closing my Royal Embassy Checking account as they will not waive the fees for me.
open a savings instead at rbc will do the trick.
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Nov 10, 2006
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angel_wing0 wrote: open a savings instead at rbc will do the trick.
Can you pay bills from a savings account? And is it possible to have just the savings account without the chequing?
And for that savings account to not incur any fees I have to keep a $300 balance and can do up to 6 debit transactions per month, right?
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Thrasher wrote: Can you pay bills from a savings account? And is it possible to have just the savings account without the chequing?
And for that savings account to not incur any fees I have to keep a $300 balance and can do up to 6 debit transactions per month, right?
http://www.rbcbank.com/products-and-ser ... 97696.html

Looks like u have to go for the Preferred Money Market Account in order to be able to pay bills.
Deal Expert
Jan 27, 2006
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Vancouver, BC
Thrasher wrote: That sux. I don't want to keep $1K in that account at 0.05% interest rate..
If you think about the fact that you don't have to pay the $5 per month, that's $60 per year which is 6% of $1,000...
Deal Expert
Jan 27, 2006
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Vancouver, BC
craftsman wrote: Another follow-up...

Applied for a RBC Bank VISA Signature Black Credit Card with no annual fee and got accepted. Please note that they do use your Canadian credit history for the application.

On a side note - I found out that the user fees on the RBC eSavings Account are brutal (upwards of $5 per transaction) is be sure you know what's you are doing before doing the transaction! I'm used to BMO's package were I get an huge amount of transactions for free with my minimum balance.
Another follow-up....

Just received my RBC Bank VISA Signature Black Credit Card in the mail today. I received a letter yesterday stating that they had to do a credit check for me to get the card...

That was only 10 days from when I applied and I applied on a Saturday over the phone... No wonder so many Americans get themselves into credit card troubles with cards being so easy to get!
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Jan 27, 2006
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angel_wing0 wrote: +1, still sucks compare to no monthly fee chequing, but at least it's something.
I know but I'm doing the same thing with my BMO accounts here... Min balance and saving on the $25 per month bank fee package... That's $300 a year in bank fees!
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Mar 23, 2004
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craftsman wrote: I know but I'm doing the same thing with my BMO accounts here... Min balance and saving on the $25 per month bank fee package... That's $300 a year in bank fees!
They should have a $5000 mbm for that account.
Sr. Member
Sep 24, 2010
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Toronto
craftsman wrote: ... No wonder so many Americans get themselves into credit card troubles with cards being so easy to get!
Just wondering how is the lending criteria (relative to Canadian criteria) for US based credit card. I mean the criteria for credit score, income requirements or the already existing credit limits.

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