Charles Schwab - need information

[devilclam]

Hey hive mind,

After reading this post and hearing good things from friends, I decided to open a Charles Schwab account.

For those of you that use it to withdraw cash from the ATM, which banks do you use?

From my understanding you're supposed to decline currency conversion to get the ATM fee rebate.Today I tried Santander and it told me the fee price and that it would convert to local currency with no option to decline the conversion without cancelling the transaction. Then I went to a Link ATM and it mentioned a fee (like 13,000 pesos!) but no currency conversion, so I risked it. Unfortunately, it looks like it attached the fee to the amount that I withdrew from my account, so I'm not sure I'll get a refund.

Any tips for ATMs that play ball with Schwab?

I don't really need much cash these days since the blue dollar/peso are at equilibrium, but I was hoping to get better bang for my buck by using an ATM instead of paying WU fees.

 

[gracielle]

No problems after 15 years with them

Ditto

 

[pmacay]

I've had a Schwab account for over 30 years, their motto is everything is free, so lots of free choices in buying mutual funds. I don't buy individual stocks so I don't know about fees for that at Schwab. I recently closed my credit union, which I was really happy with, and opened a Schwab banking account, just to consolidate my finances. I used the Schwab debit card in a USA airport to get some dollars, and was charged $3.50 but Schwab later credited my account the fee. I haven't used the ATM card in Argentina so I can't comment on that.

 

[Gringo80]

I've had a Schwab account for over 30 years, their motto is everything is free, so lots of free choices in buying mutual funds. I don't buy individual stocks so I don't know about fees for that at Schwab. I recently closed my credit union, which I was really happy with, and opened a Schwab banking account, just to consolidate my finances. I used the Schwab debit card in a USA airport to get some dollars, and was charged $3.50 but Schwab later credited my account the fee. I haven't used the ATM card in Argentina so I can't comment on that.

Ditto. I've been with Schwab for 25 years with no problems. I particularly like the phone support. Whatever the issue, they answer the phone quicker, resolve the issue and get me off the phone quicker than anyone else I deal with. I had to open a Schwab Bank Account to get a debit card. I used to use it alot in B.A., never a problem. They'd refund the fees at the end of the month.

 

[Johngwyn]

Want to open an account with them. Does anyone have one, and how good are they?

I am looking for a place that has mutual funds, checking accounts with ATM access, and debit cards.

Right now I'm with a company that only has mutual funds. I have a money market account there, but all I can do is write checks for $250 and up which no one outside the US accepts.

Any ideas?

I don't know much about investment companies, and am bogged down. But this board has come to my rescue in the past, and I trust it will do so once more....!

You might be interested in CS international if it is still avaliable at the moment.
Some of my friends had their CS account closed due to spending extensive amount of time abroad(more than six months).
And many U.S based brokers follows the same rule, that you must be a resident in the U.S, regardless if you're a U.S citizen or not.

Alternatively, you can try MooMoo, I opened one myself by providing an address and a lease contract in BA, it was opened within a week.
although MooMoo itself doesn't provide debit cards, for that purpose you can try with Robinhood.(RB doesn't allow overseas residence neither).
Good luck with your investment journey.

 

[pmacay]

Two of my Argentines friends had been long term customers at CitiBank and Wells Fargo and a few years ago the banks closed the accounts with no notice and sent them a check for the balance. They did say it was because they didn't live in the USA. I'm a USA citizen, live in Buenos Aires full time for the last 25 years, have my DNI, but I do have a USA mailing address with www.usabox.com that I use for my financial institutions paperwork. I don't know if laws are changing with people living abroad, I certainly hope my accounts don't get closed down. BTW USA box is a nice service, they scan every letter and you can see it online and tell them to throw it away or hold it, every few months I have them ship my papers using DHL and it comes right to the house as long as it's just paper and not packages. My Argentine/neighbor/friend is using FaceBank https://facebank.pr/ for her USA $$$ virtual bank which includes a debit card and she's happy with it.

 

[LuckyLuke]

Two of my Argentines friends had been long term customers at CitiBank and Wells Fargo and a few years ago the banks closed the accounts with no notice and sent them a check for the balance. They did say it was because they didn't live in the USA. I'm a USA citizen, live in Buenos Aires full time for the last 25 years, have my DNI, but I do have a USA mailing address with www.usabox.com that I use for my financial institutions paperwork. I don't know if laws are changing with people living abroad, I certainly hope my accounts don't get closed down. BTW USA box is a nice service, they scan every letter and you can see it online and tell them to throw it away or hold it, every few months I have them ship my papers using DHL and it comes right to the house as long as it's just paper and not packages. My Argentine/neighbor/friend is using FaceBank https://facebank.pr/ for her USA $$$ virtual bank which includes a debit card and she's happy with it.

I've been worried something like this will happen eventually. My SEP-IRA already threatened to close my account and I withdrew virtually all the funds, but 8 months later, it's still open. Time will tell...I will be opening a Schwab account going forward. Out of curiosity, are you using your US mailing address or your Argentine mailing address for the Schwab statements? I was told if I use a US mailing address, they will not open an international account, which I suppose could cause the same problem later on when they realize I'm not there.

 

[Gringo80]

I've been worried something like this will happen eventually. My SEP-IRA already threatened to close my account and I withdrew virtually all the funds, but 8 months later, it's still open. Time will tell...I will be opening a Schwab account going forward. Out of curiosity, are you using your US mailing address or your Argentine mailing address for the Schwab statements? I was told if I use a US mailing address, they will not open an international account, which I suppose could cause the same problem later on when they realize I'm not there.

Right. Giving my US bank or broker any indication that I live outside the US is asking for trouble.

 

[pmacay]

I've been worried something like this will happen eventually. My SEP-IRA already threatened to close my account and I withdrew virtually all the funds, but 8 months later, it's still open. Time will tell...I will be opening a Schwab account going forward. Out of curiosity, are you using your US mailing address or your Argentine mailing address for the Schwab statements? I was told if I use a US mailing address, they will not open an international account, which I suppose could cause the same problem later on when they realize I'm not there.

I'm not sure I understand, what is an "international account" at Schwab? I opened mine a long time ago when I still lived in the USA so I didn't designate it as international, I just opened the account. I have all my bank statements go my USA box address in Miami. But banks know this is not a "real" home address, even though the address is not "PO BOX", but a numbered address, they still know it's not a real home address. I had problems with one financial institution sending a credit card there because it was not a "real" address, but it's been working fine now for years with them sending debit cards and credit cards to my Miami USA box address.

 

[islandemoji]

Hey hive mind,

After reading this post and hearing good things from friends, I decided to open a Charles Schwab account.

For those of you that use it to withdraw cash from the ATM, which banks do you use?

From my understanding you're supposed to decline currency conversion to get the ATM fee rebate.Today I tried Santander and it told me the fee price and that it would convert to local currency with no option to decline the conversion without cancelling the transaction. Then I went to a Link ATM and it mentioned a fee (like 13,000 pesos!) but no currency conversion, so I risked it. Unfortunately, it looks like it attached the fee to the amount that I withdrew from my account, so I'm not sure I'll get a refund.

Any tips for ATMs that play ball with Schwab?

I don't really need much cash these days since the blue dollar/peso are at equilibrium, but I was hoping to get better bang for my buck by using an ATM instead of paying WU fees.

I occasionally will take out money at an ATM with my Schwab card here if I need cash quickly and am between WU transfers. I've always been reimbursed the fee at the end of the month.