FOREIGN CREDIT CARDS FOR LOCAL USE
Getting a credit card from overseas issuer like banks abroad refers to obtaining a payment tool that is issued by a foreign bank or financial institution to an individual who does not hold residency or citizenship in that particular country.
The credit card from abroad allows non-residents to make purchases, access credit, and conduct financial transactions while staying in or traveling to a foreign country and they are specifically designed to cater to the financial needs of individuals who may not have established residency or citizenship but still require a credit facility.
The credit card from abroad for non-resident is however not always a good solution for a credit card holder as it depends on individual circumstances and it’s important to consider factors such as interest rates, fees, currency conversion costs, and credit limits.
Is it possible to get a credit card from overseas ?
Yes, but it’s not always straightforward.
✅ When It’s Possible
- If You Have Residency or Banking Ties Abroad
- Many banks issue credit cards only to people with a local bank account, residency permit, or tax ID.
- Example: You live in Country A but also have a bank account in Country B where you once studied or worked. That bank can issue you a card.
- International & Offshore Banks
- Some global or offshore banks (e.g., in financial hubs like Luxembourg, Singapore, Hong Kong, Switzerland, the Caribbean) offer credit cards to foreign nationals.
- Usually targeted at high-income or wealthy clients.
- Global Digital Banks & Fintechs
- Companies like Wise, Revolut, Monese, N26 issue cards across multiple countries.
- These are often prepaid or debit cards, but some also offer “credit” options depending on your profile.
- Secured or Prepaid Overseas Credit Cards
- Available internationally: you deposit money as collateral, and the bank issues a credit card with a limit equal (or close) to your deposit.
- Easier approval and available to non-residents in many places.
❌ The Challenges
- Proof of Address: Most credit card issuers require a local address.
- Regulatory Restrictions: Anti–money laundering (AML) laws and Know Your Customer (KYC) rules make it harder to get financial products abroad without strong documentation.
- Higher Costs: Offshore cards or non-resident accounts often come with steep annual fees, deposits, or minimum balance requirements.
- Currency Risks: Using an overseas card means exposure to foreign exchange fees unless the account is multi-currency.