Credit Card From Offshore Institution

I don't know the answer, but is there an advantage to your approach, rather than just using US credit cards (ones with no Foreign Transaction Fees)? Inquiring minds want to know.

The inquiring mind might want to be aware that U.S. credit cards are so-called "chip + signature" whereas those used in Europe are "chip and PIN". :-)

Why does that matter? Try paying for a parking space in Europe at an unmanned kiosk with a U.S. credit card. The machine will insist on you to insert your PIN number which, of couse, a U.S. credit card does not have. And so you cannot park there! The same situation applies to many other unmanned payment kiosks in Europe such as those for purchasing train tickets or gasoline.

PS: The PIN number I am talking about has nothing to do with the one commonly used in the USA for getting cash advances from an ATM machine! That PIN will not work when trying to pay for something at an unmanned kiosks in Europe...

I was betting that is where you would be going. This past fall, I used one of my US chip cards at an unmanned gas pump and it failed. So I used my other one and entered the PIN as requested, and it worked. Will it work again? Who knows.

Does anybody know the answer to my original question?

Those forms are for financial assets such as bank and brokerage accounts. It's hard to see how a credit card counts as a financial asset.

I have foreign credit cards which I pay from foreign bank accounts. I report the accounts, not the cards.

That's why I would like to get a European credit card and solve this PIN issue.

So... you used a U.S. credit card for payment in Europe and entered its PIN (the one used for cash advances at ATMs etc.) and it worked? Good for you! I've never been successful in doing that...

BTW as an alternative to getting a European credit card, Andrews Federal Credit Union, Suitland, Maryland, offers a couple of chip + PIN credit cards: Visa Titanium Rewards and Visa Platinum Rewards. I don't have them so I don't know whether or not they work seamlessly in Europe.

If you want a chip+pin card, get a chip+pin card. This spreadsheet lists some available from banks in the US:

If you want a foreign chip and pin debit card, that's a lot easier. For anyone who lives in the northern US, drive up into Canada, walk into a branch of any of the large Canadian banks, and tell them you are a US resident and want to open a savings account and get a debit card. I've done it, it's entirely legal, all you need is two forms of ID such as your passport and your US driver's license. All Canadian credit and debit cards are chip+pin, and you can easily move money back and forth using a service like Transferwise or xe.com. If you bank at TD Bank in the US and open an account at TD Canada Trust, I think they will do transfers internally, abeit probably not at a wonderful exchange rate.

ObTaxes: if you do this and your bank account balance ever exceeds US$10,000, don't forget to file your FBAR.

Wow, whoever put together the spreadsheet did an excellent job!! Thanks, John, for sharing.

I hadn't thought about using a chip+PIN debit card when traveling in western Europe. Are they commonly accepted at unmanned kiosks over there? Anybody tried?

Yes, they are. I've used a chip+pin debit card to buy gas in the middle of nowhere in Iceland.

Schwab Bank chip & pin debit card worked in England & Italy and I assume it would work elsewhere. No foreign transaction fees and all ATM fees rebated.

Isn't it true that you only have to "report the accounts" if the balance is $10,000 or more any time during the year?

Yes.