Is anyone using Charles Schwab as a Swiss investor?

Investing / Brokers
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I’ve read an old thread about Charles Schwab on this site but it didn’t answer my question. As I don’t currently meet the account minimum for Interactive Brokers to not pay monthly fees, I’m looking at Charles Schwab as an alternative. In the meantime I’ve been using Trading212, I’m happy with their service but as my portfolio grows larger I will switch to a more reputable broker. (p.s. shoot me a pm for a referral link so we both get a free share)

Is anybody using Charles Schwab to invest in ETFs? If yes, is it possible to buy US domiciled funds like VTI from Switzerland? And am I correct to assume that you will incure a 1% currency exchange fee for amounts under 100’000?

2 Likes
2

Hello there,

Regarding Interactive Brokers, you now have IBKR LITE, which I think does not have any monthly fee. Degiro should also works fine for you. If you choose that, I am happy to send you a referal.

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you can’t use the LITE offer as a Swiss resident, only US resident.

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I have a Schwab international account. You can transfer in via Revolut or Transferwise I assume but I am just using old US funds from when I lived there for a few years. Yes to VTI.

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On that note, does anybody know another US broker like IB, that allows cheap currency conversions in a DIY fashion? Schwab looks big, nice and professional, but I never opened an account because all is USD only.

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I am actively looking into opening an account with Charles Schwab International. Was wondering if anyone has had any positive or negative experiences with them as a Swiss resident since this thread was made?

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I have one (which might be a US, not UK account), but never used it for trades.

I might consider using it if IB becomes less convenient (or maybe just to benefit from SIPC guarantees).

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Last time, I checked they had a huge mark-up on conversion between CHF to USD (1% I think)

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This can be circumvented by using an intermediate like Revolut or Transferwise. However, not ideal.

10

Ok, because some financial provider accept money only from account in your name.

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Hi,
I started to open an account with Schwab in January, uploaded all the documents needed and I got an automatic message that it takes about 4-5 days to review.
After 3 weeks still nothing, so I wrote them a message in the message center why my account is still restricted, is there anything missing?
I got the automatic answer that processing time for a message takes 1 business day.
After 5 business days somebody replied that my application is still under processing and new account opening takes about 4-5 weeks…
That was 2 months ago and my account is still restricted but I didn’t write them any more, it’s just too slow, maybe I should write them again, slowly out of patience.
Meanwhile started an application with TD Ameritrade, at the end they said account opening review will take 4-5 days, it was around 3-4 weeks ago and still nothing.
No success till now…

1 Like
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I had the same experience with Charles Schwab. No one ever wrote back to my enquiries. Twice. Quite surprised by the entire thing. I guess they are not interested.

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I was also looking to open an account on Schwab / TD Ameritrade, mainly because of Thinkorswim.

I assume they have many new account opening requests at the moment, that might be the reason why it takes so long. Did not start the application though.

If I understand correctly, it is best to directly fund the account in USD because of conversion rates?

IB is very cheap in that regard