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Charles Schwab checking account just for foreign travel?

Charles Schwab checking account just for foreign travel?

Old Jun 22, 2017, 5:00 am
  #61  
 
Join Date: Dec 2009
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I have been a satisfied Schwab customer for MANY years and use both the checking and brokerage accounts frequently. Recently used the chip debit card at ATM's in three countries with zero issues...and no prior notification. Easy mobile check deposit also.

Bank wire must originate from the brokerage account but has instant transfer of funds from checking to that account so not an issue.
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Old Jun 22, 2017, 1:58 pm
  #62  
 
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Originally Posted by boucharda
Bank wire must originate from the brokerage account but has instant transfer of funds from checking to that account so not an issue.
I didn't realize this part. Interesting. What are their wire fees?
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Old Jun 22, 2017, 2:08 pm
  #63  
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Originally Posted by TravelinSperry
I didn't realize this part. Interesting. What are their wire fees?
$25 outgoing, free incoming per https://www.schwab.com/public/file/P...EG23060-31.pdf

However, ACH is free regardless of the direction if you don't mind waiting a business day or two.
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Old Jun 22, 2017, 4:06 pm
  #64  
 
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The ACH moves I have made recently are completed within 24 "business" hours if initiated early in the day (before 1500 ET I believe). I have done this from accounts at both Charles Schwab and Fidelity. Did one last week when I was buying a new car. I requested the ACH about noon on Friday and it was in the other(BOA) account first thing Monday morning.

I'm a long time user of the Charles Schwab debit card for overseas use. I've never had a problem and I've been doing it for many (>10) years.
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Old Jan 3, 2023, 1:08 pm
  #65  
 
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I know this is a bump from 6 years ago, but I had something surprising happen. At a resort in Mexico they had one of those rip off ATMs that give dollars not pesos so they can charge an extra fee. I figured Schwab would rebate the $7.95 fee but I'd be stuck with the 9.95% currency fee.

Schwab rebated both.
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Old Jan 3, 2023, 1:27 pm
  #66  
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Originally Posted by highops
I know this is a bump from 6 years ago, but I had something surprising happen. At a resort in Mexico they had one of those rip off ATMs that give dollars not pesos so they can charge an extra fee. I figured Schwab would rebate the $7.95 fee but I'd be stuck with the 9.95% currency fee.

Schwab rebated both.
I have NEVER had a problem getting fees of either variety removed by Schwab. It would be surprising if they didn't.
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Old Jan 3, 2023, 4:20 pm
  #67  
 
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Originally Posted by highops
I know this is a bump from 6 years ago, but I had something surprising happen. At a resort in Mexico they had one of those rip off ATMs that give dollars not pesos so they can charge an extra fee. I figured Schwab would rebate the $7.95 fee but I'd be stuck with the 9.95% currency fee.

Schwab rebated both.
That's unreal. I truly love Schwab's ATM debit card. Best in class.
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Old Jan 3, 2023, 5:49 pm
  #68  
 
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Originally Posted by highops
I know this is a bump from 6 years ago, but I had something surprising happen. At a resort in Mexico they had one of those rip off ATMs that give dollars not pesos so they can charge an extra fee. I figured Schwab would rebate the $7.95 fee but I'd be stuck with the 9.95% currency fee.

Schwab rebated both.
Were both fees automatically rebated in two transactions at the end of the month (with no intervention from you)?

Great product feature from Schwab.
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Old Jan 3, 2023, 5:57 pm
  #69  
 
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Originally Posted by sfvoyage
Were both fees automatically rebated in two transactions at the end of the month (with no intervention from you)?

Great product feature from Schwab.
Yes. I think the computer just recognized them both as fees. It came as a single credit reflecting the total of both fees.

I'm still not changing the review of the resort though. :-)
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Old Jan 4, 2023, 10:05 am
  #70  
 
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I have never had any issues with Schwab rebating ATM fees, and I have had the card for years exclusively for withdrawals abroad. However, the past couple of years, I've been paying closer attention to the rates they use and notice sometimes they are not nearly as good as what the big banks are reporting and now I'm thinking that's how they "get you" for rebating all fees. Has anyone else noticed that? FWIW, my last few trips where I withdrew cash were to Portugal, Germany, Romania, and Russia (pre war).
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Old Jan 4, 2023, 10:30 am
  #71  
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Originally Posted by pstm91
I have never had any issues with Schwab rebating ATM fees, and I have had the card for years exclusively for withdrawals abroad. However, the past couple of years, I've been paying closer attention to the rates they use and notice sometimes they are not nearly as good as what the big banks are reporting and now I'm thinking that's how they "get you" for rebating all fees. Has anyone else noticed that? FWIW, my last few trips where I withdrew cash were to Portugal, Germany, Romania, and Russia (pre war).
My only reference foreign currency has been CNY for the past year+, but in this case, ~50 basis points over the middle rate is what I've been seeing consistently.
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Old Jan 6, 2023, 4:58 am
  #72  
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Originally Posted by pstm91
However, the past couple of years, I've been paying closer attention to the rates they use and notice sometimes they are not nearly as good as what the big banks are reporting and now I'm thinking that's how they "get you" for rebating all fees. Has anyone else noticed that?
What reports are you looking at, and from what big banks? Are you using ATM/debit cards from the other banks at the same time in the same ATM?
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Old Jan 6, 2023, 7:51 am
  #73  
 
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Originally Posted by cbn42
What reports are you looking at, and from what big banks? Are you using ATM/debit cards from the other banks at the same time in the same ATM?
I work for a Wall St. Broker/Dealer and am able to follow current rates. I wish I had a recent specific example for you, but my experiences were from several months ago. I just remember looking at my Schwab statement a few days after I made a withdrawal as I was curious and noticing it was substantially off (in Schwab's favor) from what the rate at the time was (at that time I was in Romania). I just happened to see this thread the other day and it reminded me of that time, so I wanted to see if others had experienced the same thing. While it's great they will reimburse the fees, I feel like they are just making up for it with their rates.
I used to have the Morgan Stanley Premier Wealth Management debit card, which also reimbursed fees globally, and I never had any issues with the exchange rates.
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Old Jan 6, 2023, 9:09 am
  #74  
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Originally Posted by pstm91
I work for a Wall St. Broker/Dealer and am able to follow current rates. I wish I had a recent specific example for you, but my experiences were from several months ago. I just remember looking at my Schwab statement a few days after I made a withdrawal as I was curious and noticing it was substantially off (in Schwab's favor) from what the rate at the time was (at that time I was in Romania). I just happened to see this thread the other day and it reminded me of that time, so I wanted to see if others had experienced the same thing. While it's great they will reimburse the fees, I feel like they are just making up for it with their rates.
I used to have the Morgan Stanley Premier Wealth Management debit card, which also reimbursed fees globally, and I never had any issues with the exchange rates.
How far from the middle rate was it? I used to keep track of my withdrawals on an xls, but got bored with the project because the data never really changed.

ETA: I see you mentioned that you were in Romania. Since the RON/USD rate is rather volatile, analysis can be a little tricky (compared to currencies that are more closely aligned with USD), but if you had ~5 data points over the course of a month, you'd probably get a decent approximation of the actual markup.

Last edited by moondog; Jan 6, 2023 at 10:06 am
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Old Jan 6, 2023, 11:12 am
  #75  
 
Join Date: Apr 2017
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Originally Posted by moondog
How far from the middle rate was it? I used to keep track of my withdrawals on an xls, but got bored with the project because the data never really changed.

ETA: I see you mentioned that you were in Romania. Since the RON/USD rate is rather volatile, analysis can be a little tricky (compared to currencies that are more closely aligned with USD), but if you had ~5 data points over the course of a month, you'd probably get a decent approximation of the actual markup.
I wish I could remember, but I didn't note it and it was a little while ago now. You are correct about the RON but I also noticed it when I was in Germany. Like I said, I wish I had written it down at the time and could give you a specific example... I'll be in Madrid in a few weeks and will make a few withdrawals and will take notes.
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