Schwab UK : experiences

Investing / Brokers
1

Was curious to know from anyone that would be willing to share her or his experience with investing via Charles Schwab UK in a “Schwab International Account”. It looks like a decent option if I got that right:

  • no custody/account fee?
  • 5$ per trade plus apparently an “Exchange Process Fee”, but I think IB might have that too

PS: Assuming that you’re transferring USD there to avoid their hefty 1% FX fee (and ignoring some other fees like 25$ cash wire out fee, or the 50$ account closure fee)
PPS: And it’s 25’000$ minimum balance

Anyone would be so kind to share experiences with Schwab UK/International Account?

1 Like
2

The issue I see with Schwab: It’s really expensive to transfer USD directly from a bank in Switzerland. You will need to go trough IB.
You also have a minimum of 25k.

3

yes, that would be the plan.

yes, it comes only after the stash is at a certain size and probably after the IB portion is over 100k.

4

Is it possible to transfer money from IB to a generic IBAN (not your own account)?

5

I don’t think so. Does Schwab not give you a personal IBAN :scream: ?

6

I don’t think so: https://international.schwab.com/public/file/SERVICE-FORMS-ROUTING-INCOMINGWIRE-CSCO-FOREIGNCURRENCY

IB is doing the same and doesn’t give personal IBAN

7

true. then i dont think the IB trick would work :sob:

8

actually it seems to work fine :tada:

9

There is a form to request a transfer to an account that is not yours. But you have to state a good reason for that, and they have to manually approve it. It’s because of money laundering reasons I guess.

10

Schwab UK accounts aren’t available in Switzerland. You’ll get an account with Schwab USA.

11

0% commission now, same as a few others

12

post dates back to aug18