HOW DID YOU OPEN ANY VIDEO TUTORIAL WILL HELP
-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
Best Debit Card in the World? & Why?
- Thread starter TechnoFino
- Start date
arihant6
TF Buzz
very easy process. just go to schwab website. keep scanned copy of passport and any utility bill available. account opening wont take more than 15 minutes but it takes about a week for their approval after which you can fund the account with wise (as bank wire and swift have hefty charges)
How did you fund with wise? Wise doesn't support "for further credit" transactions
arihant6
TF Buzz
yeah i was scratching my head over this thing for a week. go to schwab app > more > routing number > direct deposit > use this routing number and account number in wise app. but i still dont know how to withdraw funds
They will close the account if minimum requirement isn't fulfilled. I read somewhere that heavy penalties and charges were also applied on such accounts.
So, be careful while playing with reputed US Banks!
For Funds, you can't use wise. You will have to do forex transfer from your bank account only. Else, the funds will stuck and you will have to keep going here and there for the refunds.
It looks like they recently removed the same from the website. In this case, no issues.
For Wise, I was told by Schwab's customer care that they will not accept funds from any third parties like Wise. Funds must originate from the Bank account of the account holder. But yes, if it worked for you, then it's a good development. 🙂
I found transferring funds from Indian Banks relatively easy, with no issues faced. I believe withdrawal will also go the same.
PS: Anyone who is thinking of opening and maintaining this account, please keep a note that you have to declare this in your ITR. Even if you have $1 in the account. Recently FM has removed strict actions for nondeclaration for some amount, but it's always tricky. So, don't treat this as another Indian Bank Account/Credit Card in your collection/trick. 🤐
Yes correct. If initial deposit of 25k is not done in 90 days then account will be closed. Also minimum balance of 1k is must.
This is from schwab official site (pdf attached).
"Minimum Deposit Requirement—The minimum amount that must be deposited and maintained in an account to avoid account closure. For Schwab One International® Accounts, the amount that must be maintained in an account is $1,000—lower than the Minimum Deposit Requirement."
See page 4 and 6 last paragraph
You are mistaken. 25k is for Schwab one international brokerage account (for foreigners like us). For checking account (only available for USA residents) there is no initial deposit amount. $100 offer is also for them, not for foreigners.
Here is offer link
enlightedinvestor
TF Select
What category will it fall if I am transferring funds, should I show it as my account & categorize as my oversee bank account or should I show it as entity & write my name in receiver? can anyone please explain?
You need to select the purpose as Investment.
Transfer type as entity. For investment. For further credit to your name and account. If transferring from idfc bank, dm me, I have discount coupon.
enlightedinvestor
TF Select
enlightedinvestor
TF Select
Thanks. Have sent u dm.
0006mathew
TF Buzz
@arihant6 I don't know how you were able to transfer funds for international equity investment via wise.
It is illegal under LRS to do it via entities not authorised for that particular purpose(AFAIK at present only select banks are authorised for it, some banks may have outward remittance but not international equity investment). Good luck
It is illegal under LRS to do it via entities not authorised for that particular purpose(AFAIK at present only select banks are authorised for it, some banks may have outward remittance but not international equity investment). Good luck
Last edited:
Similar threads
- Question
- Sticky
- Question
