Best Debit Card in the World? & Why?

[theglobalinvestor]

So if I transfer 25k$ just for this and then transfer it back, is there any tax implications such as TCS or is it ONLY Swift fee the net cost incurred? If so, whats the estimate Swift fee for 25k$? Do we have to pay fee for both inward and outward remittance?

20% TCS upfront.

 

[theglobalinvestor]

I am just wondering whether banks (nowadays) will share the outward remittance details of 25K USD with RBI/ITD. If so, what would be the impact of that move or information.

Remember, we are getting ITD notices if we spend over 10L INR per CC in a FY. All along money is WITHIN INDIA.

Whereas, here, we are talking about moving 25K USD FUNDS OUT OF INDIA amounting to Approx 21L INR.

Take professional help or guidance before attempting this in the process of saving only a few dollar bank charges.

Be cautious n safe than being sorry later.

Yes. All A2 details are reported and uploaded to TRACES. For all remittances regardless of amount.

 

[moneyMaker]

20% TCS upfront.

then 20% TDS as well?

refund in april 🫡.

 

[telescope]

Opened schwab account. How to apply for dc?
In the support section I got a form for check and dc. There is no option for applying only dc. @TechnoFino did you get check too?

Also, will I get courier tracking details of dc? Will it come by India post or pvt courier service?

 

[NABNAB is verified member.]

Opened schwab account. How to apply for dc?
In the support section I got a form for check and dc. There is no option for applying only dc. @TechnoFino did you get check too?

Also, will I get courier tracking details of dc? Will it come by India post or pvt courier service?

You need to request for the Cheque and DC together using the same form.
It will reach to you by FedEx.

 

[telescope]

You need to request for the Cheque and DC together using the same form.
It will reach to you by FedEx.

Thank you. How much time it'll take? Do they give tracking details?

One doubt - I didn't give any specimen signature while account opening. How'll they match the signature? Signature of passport is account's signature?

 

[NABNAB is verified member.]

Thank you. How much time it'll take? Do they give tracking details?

One doubt - I didn't give any specimen signature while account opening. How'll they match the signature? Signature of passport is account's signature?

It will take some time. For me took a couple of weeks. But can differ from person to person.
They will share some tracking info through their partner, but FedEx will contact you for KYC when the shipment is booked. (for customs clearance. )
(Look for the legit call and message, many FedEx scams are going on right now 😉)

Yes, go ahead with your signature, doesn't matter I guess as you are submitting the form online from your account.

 

[mohitkamboj007]

So this fees refund is the only feature of this dc?

 

[NABNAB is verified member.]

So this fees refund is the only feature of this dc?

Yes, Zero Forex and Fee Refund.

 

[telescope]

Schwab has a toll free number from India. 0008009190027
OP may include this in post #1

 

[Anupama_Jha]

Opened schwab account. How to apply for dc?
In the support section I got a form for check and dc. There is no option for applying only dc. @TechnoFino did you get check too?

Also, will I get courier tracking details of dc? Will it come by India post or pvt courier service?

With 21L IP?

 

[telescope]

With 21L IP?

Y e s

 

[xsourabh]

Thank you. How much time it'll take? Do they give tracking details?

One doubt - I didn't give any specimen signature while account opening. How'll they match the signature? Signature of passport is account's signature?

There is an online Form for this. No signature required (it just asks you to Type in your name) & then Upload the form in Messages Centre section. Please check the pdf attached along with.

Also, Minimum Balance depends on a/c to a/c. Since the facility of Debit Card is not for all accounts. I opened the a/c few months back and they did not give me the option to apply for a Card. A few weeks back I deposited $10K and then informed Charles Schwab about the same. They allowed to apply for Debit Card via the Online Form. I received an email confirming application for Debit Card and 2 weeks later about successful issuance of card. They asked for Address Proof & Passport copy though in between. Online a/c started showing the Debit Card, and physical card is en-route (informed by the Bank, though No tracking info received yet).

 

[telescope]

It will take some time. For me took a couple of weeks. But can differ from person to person.
They will share some tracking info through their partner, but FedEx will contact you for KYC when the shipment is booked. (for customs clearance. )
(Look for the legit call and message, many FedEx scams are going on right now 😉)

Yes, go ahead with your signature, doesn't matter I guess as you are submitting the form online from your account.

Got the dc. So far so good. Faced some initial hicchups with ATM withdrawal, it was getting declined. Some calls with customer service sorted that out.
Apparantely they have pretty sensitive machine learning algorithm, which flags transactions. So, for first few transactions, need to call them to put their algo to sleep temporarily

 

[telescope]

View attachment 67484

Your card looks much nicer than the new one I just got.

View attachment 69627

These two dc are similar yet different, how? let me explain.

1. If you look carefully, OP's dc is from charles schwab bank while that of @theglobalinvestor is from charles schwab one international brokerage account.
2. The schwab bank dc is linked to technofino's schwab checking account, while the other one is linked to schwab one brokerage account.
3. Schwab Bank Visa debit issued by Charles Schwab Bank whereas, Schwab One Visa debit is issued by Bank of New York Mellon (BNY Mellon, (erstwhile PNC bank) )
4. The BIN of the Charles Schwab Bank, Schwab investor checking account dc is 480990, while the bin of schwab brokerage dc is 424689
5. Schwab Bank dc is contactless and can be added to gpay/applepay, while the other cannot be added to mobile wallets and has no contactless feature.
6. Schwab Bank dc can be managed from the app, you can turn on/off from mobile app/web, while the BNY Mellon dc has no such facility. There is absolutely no control available in app/web. This is a big con.
7. Schwab Bank checking account is not available to non-resident foreigners. Schwab One international brokerage is available for foreigners of select countries.
8. Schwab bank checking account has Zelle, venmo, etc, whereas schwab one international brokerage account doesn't support Zelle. (Zelle is kind of America's UPI or instant mobile payment system).

Now, the good part of BNY Mellon dc:
9. Schwab Bank dc and BNY mellon dc both has the same ATM fee reversal. The good thing about BNY mellon dc is that the ATM fee reversal happens when the transaction is posted in the account (within 48 hours), but Schwab Bank dc reverses fee only at the end of month.
10. Not sure about this point but still writing here. Schwab bank dc plastic quality is not that good compared to BNY Mellon dc (again, not sure about this)

 

[quino]

These two dc are similar yet different, how? let me explain.

1. If you look carefully, OP's dc is from charles schwab bank while the global investor's is from charles schwab.
2. The schwab bank dc is linked to technofino's checking account, while the other one is linked to brokerage account.
3. Schwab Bank Visa debit issued by Charles Schwab Bank whereas, Schwab One Visa debit issued by Bank of New York Mellon (BNY Mellon)
4. The BIN of the Charles Schwab Bank, Schwab investor checking accoint is 480990, while the bin of schwab brokerage dc is 424689
5. Schwab Bank dc is contactless and can be added to gpay/applepay, while the other cannot be added to mobile wallets and has no contactless feature.
6. Schwab Bank dc can be managed from the app, you can turn on/off from mobile app/web, while the BNY mellon dc has no such facility. There is absolutely no control available in app/web.

Now, the good part of BNY Mellon dc:
8. Schwab Bank dc and BNY mellon dc both has the same ATM fee reversal. The good thing about BNY mellon dc is that the ATM fee reversal happens when the transaction is posted in the account (within 48 hours), but Schwab Bank dc reverses fee only at the end of month.

nice. post your dc pic too

 

[telescope]

These two dc are similar yet different, how? let me explain.

1. If you look carefully, OP's dc is from charles schwab bank while that of @theglobalinvestor is from charles schwab one international brokerage account.
2. The schwab bank dc is linked to technofino's schwab checking account, while the other one is linked to schwab one brokerage account.
3. Schwab Bank Visa debit issued by Charles Schwab Bank whereas, Schwab One Visa debit is issued by Bank of New York Mellon (BNY Mellon, (erstwhile PNC bank) )
4. The BIN of the Charles Schwab Bank, Schwab investor checking account dc is 480990, while the bin of schwab brokerage dc is 424689
5. Schwab Bank dc is contactless and can be added to gpay/applepay, while the other cannot be added to mobile wallets and has no contactless feature.
6. Schwab Bank dc can be managed from the app, you can turn on/off from mobile app/web, while the BNY Mellon dc has no such facility. There is absolutely no control available in app/web. This is a big con.
7. Schwab Bank checking account is not available to non-resident foreigners. Schwab One international brokerage is available for foreigners of select countries.
8. Schwab bank checking account has Zelle, venmo, etc, whereas schwab one international brokerage account doesn't support Zelle. (Zelle is kind of America's UPI or instant mobile payment system).

Now, the good part of BNY Mellon dc:
9. Schwab Bank dc and BNY mellon dc both has the same ATM fee reversal. The good thing about BNY mellon dc is that the ATM fee reversal happens when the transaction is posted in the account (within 48 hours), but Schwab Bank dc reverses fee only at the end of month.

Added few more points

 

[quino]

Added few more points

can you also include how to get checking account only, or the brokerage account only or both

 

[telescope]

can you also include how to get checking account only, or the brokerage account only or both

Schwab doesn't offer only checking account. Every schwab account has a linked brokerage account.

Checking account is not available to non-resident foreigners. As a resident Indian you can only open schwab one international brokerage account.

Go to website, fill the form. Upload passport copy and submit. It'll take 1-2 weeks for account opening. After that wire $25k or you can also transfer $25k worth of stocks if you have it in any other US brokerage account.

 

[newIntern]

You can use this brokerage account to trade or invest in the US market. You can also use it as a regular bank account to receive and send funds.

I invest in US index funds using SIP, was also considering using IndMoney to buy US stock, how is Schwab international brokerage account compared to IndMoney?

has someone compared loading money in these 2? which is beneficial after all charges and everything?