What is your experience with a Charles Schwab checking account?

[connda]

Since Charles Schwab hoovered up TDAmeritrade and it's US customers, I'm considering opening a checking account now that I'm an official CS brokerage customer.
If you have a US-based Charles Schwab checking account, what are your experiences regarding their services for expats overseas. Pros and cons.

[cdemundo]

I have had a Schwab investor checking account for many years, 20 years I guess.

Can use ATMs in Thailand and all ATM fees are refunded at end of month.

 

Recently SCB ATM stopped allowing withdrawal amounts over 5000THB so I  just do multiple withdrawals if needed.

That ATM is the one I use most, I don't know if that restriction has been placed by other banks.

I have never had a problem with the card being honored by the ATM of any bank in Thailand.

 

If you are going to write checks I have no info as I have not written checks on the account.

Maybe 10  years ago I had scammers get access to my account (2 withdrawals in several days), Schwab refunded my money never happened again.

 

I am happy with the account, I mean it does everything as expected.

Can't think of any cons.

[connda]

56 minutes ago, cdemundo said:

I have had a Schwab investor checking account for many years, 20 years I guess.

Can use ATMs in Thailand and all ATM fees are refunded at end of month.

 

Recently SCB ATM stopped allowing withdrawal amounts over 5000THB so I  just do multiple withdrawals if needed.

That ATM is the one I use most, I don't know if that restriction has been placed by other banks.

I have never had a problem with the card being honored by the ATM of any bank in Thailand.

 

If you are going to write checks I have no info as I have not written checks on the account.

Maybe 10  years ago I had scammers get access to my account (2 withdrawals in several days), Schwab refunded my money never happened again.

 

I am happy with the account, I mean it does everything as expected.

Can't think of any cons.

Perhaps the term "checking account" is a bit dated.  Who uses checks.  I haven't used one since I left the US 17 years ago.  Debit account?  Anyway, I place to deposit and withdraw money. 

Just curious. Will they send their debit card to Thailand or do you need to send it to your address of record in the US and have it forwarded? 

[ningnong]

The debit card would be handy but if it were me I'd definitely have it sent to your address of record in the US and get it forwarded. You may also need to call a toll free number to activate the card so that's something else to consider.

 

I use the debit card at Bangkok Bank ATMs. The last time was end on January and I was able to withdraw the ATMs max of 25,000 baht at that time.

 

I keep cash parked in the Schwab SWVXX money market fund paying around 5% these days. When I need money in Thailand I move funds from the money market to the checking and do free ACH pushes to my Wise multi currency USD account (also paying around 5% interest) or do an ATM withdrawal with my debit card.

 

I've done some basic comparisons between ATM withdrawals and Wise transfers and they look like they come out pretty close for the amount of Baht received.

[cdemundo]

1 hour ago, connda said:

Perhaps the term "checking account" is a bit dated.  Who uses checks.  I haven't used one since I left the US 17 years ago.  Debit account?  Anyway, I place to deposit and withdraw money. 

Just curious. Will they send their debit card to Thailand or do you need to send it to your address of record in the US and have it forwarded? 

They do still call the account "Investor Checking".

Yes they will send to Thailand, my card stopped reading and I called and asked.

I cleaned it with hand sanitizer and it worked again so haven't had one sent yet.

[biervoormij]

I have a US account and asked prior to moving to Thailand about using a Thai address and they told me I would have to move to an international account. I use a mail forwarding service in the US and use that address on the account.

 

There was a  thread on here that someones accounts was going to be closed because they were living in Thailand but the OP never posted what happened.

[gamb00ler]

6 hours ago, ningnong said:

I keep cash parked in the Schwab SWVXX money market fund paying around 5% these days. When I need money in Thailand I move funds from the money market to the checking and do free ACH pushes to my Wise multi currency USD account (also paying around 5% interest) or do an ATM withdrawal with my debit card.

 

I've done some basic comparisons between ATM withdrawals and Wise transfers and they look like they come out pretty close for the amount of Baht received.

I use almost the same strategy as you do.  Except I just go to Bangkok bank and do a teller cash advance using Schwab debit card and then deposit into my savings account.

 

SWVXX is a flexible investment that pays about the same as 9 month CD's without the hassle of a fixed term or having to renew.