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Charles Schwab checking account just for foreign travel?

Charles Schwab checking account just for foreign travel?

Old Jan 6, 2023, 12:46 pm
  #76  
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Originally Posted by pstm91
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.
I don't have many data points with currencies that have high intraday volatility so I've never been able to figure out exactly when their middle rate (that they mark up from) is set (e.g. at 8a Eastern Time previous trading day, hourly intervals, truly dynamic, etc). This isn't really an issue for CNY and HKD because both are pretty much pegged to USD, though the former more loosely than the latter.
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Old Jan 6, 2023, 9:00 pm
  #77  
 
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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).
If you're using ATMs, the rate is set by the payment processor (usually Visa or Mastercard IME). Schwab have no effect on it.
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Old Jan 6, 2023, 9:19 pm
  #78  
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Originally Posted by ft101
If you're using ATMs, the rate is set by the payment processor (usually Visa or Mastercard IME). Schwab have no effect on it.
When I pull out money from BofA and Schwab back to back at the same ATM, the former never fails to provide an inferior rate (by around 100 bp iirc). I'm not referring to BofA fixed txn fees.

I'm assuming some entity makes (a small amount of) money on the spread in the case of Schwab withdrawals. I readily admit that I don't understand exactly who that is or the mechanics involved.

Last edited by moondog; Jan 6, 2023 at 9:26 pm
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Old Jan 6, 2023, 9:26 pm
  #79  
 
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Originally Posted by moondog
When I pull out money from BofA and Schwab back to back at the same ATM, the former never fails to provide an inferior rate (by around 100 bp iirc). I'm not referring to BofA fixed txn fees.
Different payment processor perhaps (one Visa and one MC?), or some fees you're not aware of, but the actual exchange rate used is as I mentioned.
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Old Jan 9, 2023, 10:31 am
  #80  
 
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Originally Posted by ft101
Different payment processor perhaps (one Visa and one MC?), or some fees you're not aware of, but the actual exchange rate used is as I mentioned.
Interesting, I didn't realize that. I've never really put much thought into it, but I just assumed it was the opposite and that the banks set the rate and then Visa/MC took a cut. Thanks!
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Old Feb 24, 2024, 6:34 am
  #81  
 
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New debit card at expiry?

For those who have the schwab high yield investor checking visa debit card, at expiry, were you sent a new card to your address on file? I dont think I was (checked address is current on account) but did use chatbot to request a new card only after realising I had an expired card on me while wanting to use the account. Havent dug through T&C or called to inquire yet.
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Old Feb 24, 2024, 7:53 am
  #82  
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Originally Posted by SCtime
For those who have the schwab high yield investor checking visa debit card, at expiry, were you sent a new card to your address on file? I dont think I was (checked address is current on account) but did use chatbot to request a new card only after realising I had an expired card on me while wanting to use the account. Havent dug through T&C or called to inquire yet.
I communicate with them via chat about this sort of thing fairly often. I also call them on occasion. In both cases, it's pretty easy to reach a human and they are fast/efficient. They will send your new card via FedEx (or something else with tracking) if you ask nicely.
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Old Feb 24, 2024, 8:16 am
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Originally Posted by moondog
I communicate with them via chat about this sort of thing fairly often. I also call them on occasion. In both cases, it's pretty easy to reach a human and they are fast/efficient. They will send your new card via FedEx (or something else with tracking) if you ask nicely.
From your experience was it required you chat/call to receive a new card prior to old cards expiry?
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Old Feb 24, 2024, 8:22 am
  #84  
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Originally Posted by SCtime
From your experience was it required you chat/call to receive a new card prior to old card’s expiry?
I've only replaced cards prior to expiration, but I'd be surprised if they had such a requirement, or if they did, they wouldn't be able to figure out a work around. They are almost universally nice and reasonable people.

BTW, I was just thinking more about Fedex since my last post. The reason I request this is because I don't really have a secure way to receive regular mail; simply explaining this has always been sufficient to get the expedite fee waived.
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Old Feb 24, 2024, 8:44 am
  #85  
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Moderator Note: There are existing discussions on Schwab in the Credit Card forum. Please follow the thread as it relocates.
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Old Feb 24, 2024, 11:51 am
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Originally Posted by SCtime
New debit card at expiry?
Are there credit or debit card issuers who do NOT automatically send new (renewal) cards prior to expiration?

Originally Posted by highops
… 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’ve only had typical fixed fees reimbursed, usually $3.95 to $5.95. Do you recall and are you at liberty to state the $ amount of that 9.95% (wondering if Schwab (and Chase) have any limits)?

I’ve been using USAA as my day-to-day checking account for may years, quite pleased with that service from USAA in good part because ACH and mailed Bill Pay payments are not deducted from my account balance until they’ve been transmitted (ACH) or deposited/cleared (mailed). That’s in contrast to Chase and/or Schwab (when I last did a test payment a few years ago) where mailed Bill Pay payments are deducted from account balance when they’re mailed resulting in no quick/simple way to confirm the payment was received. OTOH, USAA does not reimburse ATM fees. (Kinda like rewards credit cards, for maximal efficiency need multiple accounts.)
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Old Feb 24, 2024, 12:02 pm
  #87  
 
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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.
I can't speak to the debit card but I think as we're end-users here we're not going to get WS bank rates.

Originally Posted by ft101
If you're using ATMs, the rate is set by the payment processor (usually Visa or Mastercard IME). Schwab have no effect on it.
that's correct, it seems.

Originally Posted by pstm91
Interesting, I didn't realize that. I've never really put much thought into it, but I just assumed it was the opposite and that the banks set the rate and then Visa/MC took a cut. Thanks!
I have text alerts set up for my Schwab when making non-US withdrawals; the texts inform me of the amount I have withdrawn in USD. I then go to Visa's exchange rate calculator and enter the foreign amount I have withdrawn and it ties to the USD amount I received in the text. Visa's official FX rate calculator can be found here and they mark-up the FX based off of European Central Bank's rate (as it will be noted when using the calculator): https://usa.visa.com/support/consume...alculator.html

I do wish Schwab had a MC debit card so I can compare rates. Here is MC's calculator: https://www.mastercard.us/en-us/pers...-currency.html

When I use credit cards internationally (e.g., Chase, Citi [the ones without FX fees]) their rates don't seem to match the Visa and MC calculator. It's slightly worse than the Schwab debit card...

There's no longer a calculator for AMEX but the few times I've used it the rates were worse than the other two.
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Last edited by nas6034; Feb 24, 2024 at 12:29 pm
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Old Feb 24, 2024, 12:38 pm
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Originally Posted by Dr Jabadski
SNIP
Ive only had typical fixed fees reimbursed, usually $3.95 to $5.95. Do you recall and are you at liberty to state the $ amount of that 9.95% (wondering if Schwab (and Chase) have any limits)?
END SNIP
The total rebated was $17.90
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Old Feb 26, 2024, 8:43 am
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Originally Posted by Dr Jabadski
Are there credit or debit card issuers who do NOT automatically send new (renewal) cards prior to expiration?
In fact I had come across this blog post which made me ask: https://travelwithgrant.boardingarea...-card-expires/

Also, after having called schwab about this, in my case it seems though I had changed addresses about a year ago and updated it fully through schwabs processes, schwab failed to inform visa so visa sent the two new cards to my old address, one prior to expiration of my old card and one subsequent to expiration my my chatbot request (or at least this is what schwab said - that schwab made a mistake). My chatbot request was confirmed by email with my NEW address included in the email too. All three US credit reporting bureaus also had my updated address for over a year. Seems like a potential security issue for schwab/visa. Ive never heard of this happening, so consider it a warning for those who change addresses up to 15 months of expiration of their schwab visa cards
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Old Feb 26, 2024, 9:35 am
  #90  
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Originally Posted by SCtime
.... schwab failed to inform visa so visa sent the two new cards to my old address, ....
VISA does not issue or administer card accounts. No doubt Schwab outsources card fabrication and fulfillment to a third party, but it isn't VISA.
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