At Charles Schwab, you can also do a wire transfer. They offer international investors their Schwab Foreign Currency Wire Transfer Service. There are several benefits of using wire transfer Charles Schwab.
- First, the cost is lower. At Schwab, they offer competitive exchange rates for your money and it means more available for investing.
- Second, the credit is faster. It is unlike bank transactions which often delay credits to your account, Schwab credits funds the same day they are received.
- Third, there are a wide options of currencies. They accept wired deposits in foreign currency and automatically convert them to U.S. dollars with no wire acceptance fees. They are also able to wire money from your Schwab account to the wire-receiving institution of your choice. So, you are able to use funds to make purchases or investments in local currencies.
- Fourth, there is a statement consolidation. They will give you assistance to keep track of transactions by automatically deducting outgoing wire fees from your account of Schwab and then documenting transactions on your regular Schwab statement.
- Fifth, All it takes to begin the exchange is a single phone call. They will help you manage the process from initiating the transfer to coordinating with the receiving bank.
However, when you use wire transfer Charles Schwab bank, deposits to your account of Schwab must be received by 6 p.m. Eastern Time for same-day credit, except if it is U.S. holidays. Schwab will not guarantee that the receiving bank will post the wired funds for the same day credit. Permit a minimum of two business days to wire funds outside the U.S. Schwab and it may also verify the instruction with the receiving bank. Then, $25 service fee will be asked by them for the cost of wire transfers . You are able to check Charles Schwab Pricing Guide for individual investors for details.
When you do a wire transfer to foreign country, you will need Charles Schwab international wire transfer form. In the form, you need to fill about yourself, choosing the frequency and amount of the wire transfer, the information of destination bank, information for further credit if applicable, and also the agreement and signature of account holder. For foreign wires, you need to complete the Verify Your Request for a Foreign Wire Transfer form. When you fill in the form, make sure that you complete all required fields and provide all telephone numbers requested in Section 1 to avoid delays. Then, you also need to verify the destination bank’s routing information to avoid losing the amount transferred.
You have to note that the form cannot be used for retirement or Schwab Bank accounts. You need to visit the website of Schwab for IRA distribution and Schwab Bank wire request forms. The team of Charles Schwab may need to confirm your instructions prior to processing your request. If they contact you for confirmation and they find the differences between the instructions that you give them by telephone and the information included in the form, they may either act on your telephone instructions or ask that you submit a new wire transfer request with the correct information.