Financial advice needed - Extended stay in the USA

[Adj]

Hi all,
First want to say, thanks for a fantastic site! I've been trawling through the material on this site for many an hour, gleaning much useful information.

I am planning to move to the US, together with my wife, for a period of 10 months on a J exchange visa. At this stage we won't be receiving a income from any US sources, but I will still be receiving an income from an employer in Australia (into my usual CWB bank account).

After doing a lot of reading on this site, I've come up with a few ideas on how to make this all work smoothly, and I'm just after some confirmation that I'm on the right track.
Of course, helpful advice would always be appreciated as well.

I have a Visa and Amex through CWB and was planning to use these for all bills and purchases (hotels, restaraunts, etc).

To access cash, my original idea of purchasing a CWB Travel Card is seeming like an increasingly bad idea. Instead I am now considering getting a Wizard 28 Degrees card and topping it up using BPay. From what I understand, I should be able to withdraw cash from the CREDIT account and, provided that I have sufficient additional funds, I won't have to pay any fees (other than an ATM fee that some banks will charge).

My other option, and I'm not sure if this is a good one, it to open an account with an American bank nearby to where I am staying and internationally transfer a large sum of money over.

I'm not yet certain what is going to be the best way to pay my monthly rent, but I have read that some people use their PayPal account to pay straight from their Oz bank accounts.

I hope the above makes sufficient sense, and I'm looking forward to some comments or advice from anyone who can help.

Thanks
Adrian

 

[Fantic125]

Welcome to AFF!

The 28 degrees card is a better option than a travel card due to lack of fees, and ISTR that if you use a Chase ATM you don't pay an ATM fee either (maybe check the Wizard/28 degrees thread again - I'm pretty sure it's mentioned there).

As you will be there for 10 months it would be worthwhile investigating if you are able to apply for/obtain a US credit card (or two) for yourself and your wife, as some of them have some really good introductory offers (20k, 50k miles) which can be credited to your FF account! :shock:

It may also be worthwhile you looking at Flyertalk.com (US equivalent to AFF, but of course the people here are much nicer!), and the new site MilePoint.com for further info!

Good luck in the LOTFAP!

 

[Adj]

Thanks the reply Fantic,

I will check out those sites.
I think you are right regarding the ATM fees. I noticed on the site that they were careful to point out that there may be some charges from some ATMs, but these are not fees associated with Wizard. So if you pick the right machines there should be no fees. Shouldn't be too much of a problem.

I will have to look into the US credit cards...

 

[odysseus]

As you will be there for 10 months it would be worthwhile investigating if you are able to apply for/obtain a US credit card (or two) for yourself and your wife, as some of them have some really good introductory offers (20k, 50k miles) which can be credited to your FF account! :shock:

If they only have the J-1 visa (and not residency) they won't be able to get a credit card from my experience, in spite of having a bank account. I think risk of flight is too great, and the US also cut down on credit a lot more during the GFC in any case.

Aside from that, what's proposed sounds quite good. There may be other ways to extract the best, but the plan so far seems good as is.

 

[Sprucegoose]

Thanks the reply Fantic,

I will check out those sites.
I think you are right regarding the ATM fees. I noticed on the site that they were careful to point out that there may be some charges from some ATMs, but these are not fees associated with Wizard. So if you pick the right machines there should be no fees. Shouldn't be too much of a problem.

I will have to look into the US credit cards...

You may find US credit cards harder to obtain than in Aus, unless you have an employer that sponsors you.

a credit history takes a while to build in America, rather than Aus where it is assumed and we go about destroying it!!

 

[dfcatch]

Once you have your bank account opened, you can use two PayPal accounts (one linked to US account, and one linked to OZ account) and transfer between them.

This is one of the most popular for those working temporarily in the States.

 

[straitman]

Amex has a facility to get a US CC if you have one of their cards in Oz. I would certainly have a look but I do not know the whole process.

 

[Adj]

Thanks guys,

I like the idea of using PayPal to move money between accounts.
Getting a US credit card and the associated benefits would be a bonus, but at this stage my priority is to make sure I can easily access my money to buy the neccessities and pay bills (without it costing me a fortune for the privelege).

I didn't mention in my first post that this is a whole new experience for us, apart from a couple of holidays to SE Asia we have never been out of the country. So any advice from those who have had experience with these kind of things would be appreciated.
The date is getting closer, and the nerves are starting to kick in!