US Charles Schwab Residency?

[BKKKevin]

This thread is for US citizens who have a Charles Schwab Brokerage account.

 

I am considering notifying Charles Schwab that I live in Thailand.

My reason is long term I don’t want to keep skirting the rules and use a family members address.

 

I would like to hear peoples experiences at the ramification of such a change?

If you made the change, how did you go about it?

 

I also have a Fidelity account that I slipped up about 10 years ago and told them I lived here….

The only thing that happened was I was restricted in what I could invest in… 

 

I was hoping it would be the same with Charles Schwab… But have read where they closed people’s accounts…

[gargamon]

You can get a Schwab international brokerage account if you live in Thailand. US citizenship not necessary. 25k minimum. You can get their wonderful ATM card with no foreign transaction fee and they pay the 250 baht foreign ATM fee. I'm sure they would convert your account.

 

They are quite strict in tax withholdings. I only keep roth stuff there do no withholdings.

[jaywalker2]

21 minutes ago, BKKKevin said:

This thread is for US citizens who have a Charles Schwab Brokerage account.

 

I am considering notifying Charles Schwab that I live in Thailand.

My reason is long term I don’t want to keep skirting the rules and use a family members address.

 

I would like to hear peoples experiences at the ramification of such a change?

If you made the change, how did you go about it?

 

I also have a Fidelity account that I slipped up about 10 years ago and told them I lived here….

The only thing that happened was I was restricted in what I could invest in… 

 

I was hoping it would be the same with Charles Schwab… But have read where they closed people’s accounts…

With your Fidelity account, how do you deal with the 2FA?

[BKKKevin]

4 minutes ago, jaywalker2 said:

With your Fidelity account, how do you deal with the 2FA?

I have a Google Voice account for texts and it can also be done via the app on my  phone or iPad…

[gamb00ler]

8 minutes ago, jaywalker2 said:

With your Fidelity account, how do you deal with the 2FA?

 

5 minutes ago, BKKKevin said:

I have a Google Voice account for texts and it can also be done via the app on my  phone or iPad…

Or if you want an actual US based mobile number, buy an UltraMobile Pay/Go sim on eBay (~15$).  Have a US based friend put it in a phone and connect to the T-mobile network to initialize the sim.  Have your US accomplice mail the sim to you in Thailand.  Configure your UltraMobile sim to use WiFi only for SMS and calls .... and Bob's your uncle.

 

I use a iPhone with esim capability.  My Thai service is on the esim and the UM uses the sim slot.   When I call someone the iPhone automatically uses the sim that was used during the last connection to the same contact.  You can also specify in your contact list which sim to use for each contact.

 

The UM service costs about $3.18 per month if you do not exceed 100 minutes or SMS using WiFi connection.

[BKKKevin]

Also you can get a Tello eSIM for $5/month

 

[landosmiles]

47 minutes ago, gamb00ler said:

buy an UltraMobile Pay/Go sim on eBay (~15$).  Have a US based friend put it in a phone and connect to the T-mobile network to initialize the sim.  Have your US accomplice mail the sim to you in Thailand.

UltraMobile PayGo is excellent, yes. However, note that many newer phones are esim (only) - you call UltraMobile to enable esim -- no need for any physical sim to transit US > Thailand. However, you do need a photo of the sim info from the US package for the info for when you call them.

[gargamon]

1 hour ago, gamb00ler said:

 

Or if you want an actual US based mobile number, buy an UltraMobile Pay/Go sim on eBay (~15$).  Have a US based friend put it in a phone and connect to the T-mobile network to initialize the sim.  Have your US accomplice mail the sim to you in Thailand.  Configure your UltraMobile sim to use WiFi only for SMS and calls .... and Bob's your uncle.

 

I use a iPhone with esim capability.  My Thai service is on the esim and the UM uses the sim slot.   When I call someone the iPhone automatically uses the sim that was used during the last connection to the same contact.  You can also specify in your contact list which sim to use for each contact.

 

The UM service costs about $3.18 per month if you do not exceed 100 minutes or SMS using WiFi connection.

Google voice is free. No sim required.

[bamnutsak]

2 hours ago, jaywalker2 said:

With your Fidelity account, how do you deal with the 2FA?

 

You can use the Fidelity app for 2FA.

 

Google Voice also works for 2FA.  Google Voice also works for myVoice for auto routing of calls, and account pre-verification. They even call you back if you get cut off.

 

I do have UltraMobile as well, and GV and UM numbers are registered with Fidelity.

 

SWIFT wire transfers are free, but I had to set up a first party standing wire transfer (to my Bangkok Bank and SCB accounts) order, in person at a Fidelity branch in the U.S.  With a MSG (Medallion Signature Guarantee). I have to call in a transfer, even though both BBL and SCB accounts show up in my transfer options.

[gamb00ler]

3 hours ago, gargamon said:

Google voice is free. No sim required.

But... there are a few US financial institutions that will not send 2FA to it.

 

I do love my GV, though.  I've had it almost from the day it was first publicly available.  I just checked... signed up June 15, 2010.

[jaywalker2]

3 hours ago, bamnutsak said:

 

You can use the Fidelity app for 2FA.

 

Google Voice also works for 2FA.  Google Voice also works for myVoice for auto routing of calls, and account pre-verification. They even call you back if you get cut off.

 

I do have UltraMobile as well, and GV and UM numbers are registered with Fidelity.

 

SWIFT wire transfers are free, but I had to set up a first party standing wire transfer (to my Bangkok Bank and SCB accounts) order, in person at a Fidelity branch in the U.S.  With a MSG (Medallion Signature Guarantee). I have to call in a transfer, even though both BBL and SCB accounts show up in my transfer options.

I've avoided the Fidelity app because I don't want important stuff on my phone but Fidelity really pushes you in that direction. My main worry is that Google Voice might someday go the way of Skype. If that happened, I guess I would have to bite the bullet and install an authenticator, which I've avoided doing because if you lose your phone your lose access to your accounts. At least that's the way it seems to me.

[Everyman]

14 hours ago, BKKKevin said:

This thread is for US citizens who have a Charles Schwab Brokerage account.

 

I am considering notifying Charles Schwab that I live in Thailand.

My reason is long term I don’t want to keep skirting the rules and use a family members address.

 

I would like to hear peoples experiences at the ramification of such a change?

If you made the change, how did you go about it?

 

I also have a Fidelity account that I slipped up about 10 years ago and told them I lived here….

The only thing that happened was I was restricted in what I could invest in… 

 

I was hoping it would be the same with Charles Schwab… But have read where they closed people’s accounts…

Have you ever heard the expression “no good deed goes unpunished?”

 

I think you’re making a hassle for yourself for no good reason.

[Khyron]

I have a schwab account, also have a US address. I believe the old adage, don't ask, don't tell. 

 

I did a wire transaction with Schwab through my computer last week using a VPN, my cell phone has a SIM from Mint. I don't use that phone for phone calls in Thailand, but I can get texts via WI-FI to authenticate transactions. 

It is a real US phone number, so no fear of it being "found out" like GV.

 

Mint is $180 a year, I turn off the cell data and roaming so the only thing it is used for is wi-fi in a home environment.

 

There is an older phone used as a walking around phone with a Thai sim, no US banking apps on there.

[bamnutsak]

1 hour ago, Khyron said:

I did a wire transaction with Schwab through my computer last week using a VPN

 

Did you transfer funds to an account here in Thailand, in your name?

 

Do you make similar transfers often?

 

Do you have a Schwab ATM card? Do you use it here?

 

 

[gargamon]

11 hours ago, gamb00ler said:

But... there are a few US financial institutions that will not send 2FA to it.

 

I do love my GV, though.  I've had it almost from the day it was first publicly available.  I just checked... signed up June 15, 2010.

I have a couple of 2fa's(mainly Canadian) that now give the option of voice delivery of the security code in addition to the SMS. For me the US institutions have not been an issue with SMS to GV. Having local sims in Canada and the US would be problematic. Canadians get raped by their phone companies compared to the US.

[bamnutsak]

1 hour ago, gargamon said:

For me the US institutions have not been an issue with SMS to GV

 

Yes, my success rate with 2FA SMS via GV is 100%.

 

I use it on ~ 25 sites/apps.

 

Used twice this morning, Amazon and Experian. Also accepted one inbound voice call from family in the U.S.

 

A lot of people say it doesn't work but they rarely share any details.

 

I will note that unusual network configurations can stymie a Google Voice connection. 

 

So using a VPN, or a remote PC, will not work as GV cannot 'find' you.

 

Check your connection where possible with an outbound and inbound SMS and call, perhaps to a friend/family still in the U.S.

 

 

After I made my most recent transfer from Fidelity (Friday evening) I did receive a call back from the Fidelity rep. (in Utah, where they have a large call center, I'm told) reconfirming my identity (asked to repeat my name for their verification system. They call back ~ 20% of the time, probably a fraud prevention script. These call backs come within ~ 10 minutes or less.

 

 

[gamb00ler]

11 hours ago, jaywalker2 said:

I guess I would have to bite the bullet and install an authenticator, which I've avoided doing because if you lose your phone your lose access to your accounts. At least that's the way it seems to me.

I am not 100% certain but I don't think the authenticator MUST be on your phone.  The LOGIN.gov website uses an authenticator that I've installed on my desktop browser.

 

More info here: https://www.lenovo.com/us/en/glossary/authenticator-app/

 

[gamb00ler]

36 minutes ago, bamnutsak said:

Yes, my success rate with 2FA SMS via GV is 100%.

I do have one financial institution that would not send SMS to my GV number.  I can no longer remember which company refused(SMS never arrived) my GV number.  It happened a couple of years ago and since I then I've used my UM sim for several institutions.  GV does work fine in most cases.  I have also heard that if you ported a previous mobile number to GV that subsequently it is still viewed as a legitimate US based mobile number.

[jaywalker2]

52 minutes ago, gamb00ler said:

I am not 100% certain but I don't think the authenticator MUST be on your phone.  The LOGIN.gov website uses an authenticator that I've installed on my desktop browser.

 

More info here: https://www.lenovo.com/us/en/glossary/authenticator-app/

 

I know that the Nortin VIP authenticator can be installed on your laptop, which at one time was the only one Fidelity allowed you to use. The others -- Microsoft, Google, etc. -- seem to be focused on the phones. When I talked to Fidelity they said they recommended putting it on the phone. I have heard horror stories though about people who have lost their phone and gotten locked out of all their accounts. Maybe I'm too old for tech of this nature.

 

 

[gamb00ler]

9 minutes ago, jaywalker2 said:

The others -- Microsoft, Google, etc. -- seem to be focused on the phones

It wasn't easy to find the brand of the authenticator I use.  I use the Google authenticator in the form of a Chrome extension.  That extension does work in my Brave browser.

[bunnydrops]

2 hours ago, bamnutsak said:

So using a VPN, or a remote PC, will not work as GV cannot 'find' you

I have not had that problem. My VPN is on all the time.

[bamnutsak]

1 minute ago, bunnydrops said:

I have not had that problem. My VPN is on all the time.

 

It depends on your network configuration.

 

Where are you running your VPN?

 

That said, if it works carry on.

[bunnydrops]

2 minutes ago, bamnutsak said:

 

It depends on your network configuration.

 

Where are you running your VPN?

 

That said, if it works carry on.

Not sure what you mean. I am here in Thailand, VPN through SF.

[bamnutsak]

Do you have a network-wide VPN or are you running it on one device?

 

Is that the same device that is running Google Voice?

 

What is "SF"? The VPN target city? 

 

Again, if it's working just carry on.

 

 

[bunnydrops]

23 minutes ago, bamnutsak said:

Do you have a network-wide VPN or are you running it on one device?

 

Is that the same device that is running Google Voice?

 

What is "SF"? The VPN target city? 

 

Again, if it's working just carry on.

 

 

Same device, San Francisco

[bamnutsak]

1 minute ago, bunnydrops said:

Same device, San Francisco

 

Yes, that is the proper configuration if you want to use GV behind a VPN.

[PeterA]

I have had an account with Schwab for a about 5 years now. They have my Thai phone number. They know I live in Thailand. They also have an address for me in the US. All documents are done on-line. 

If I remember right, I had to call them to set it up, but it might not be needed now. 

[Presnock]

23 hours ago, BKKKevin said:

This thread is for US citizens who have a Charles Schwab Brokerage account.

 

I am considering notifying Charles Schwab that I live in Thailand.

My reason is long term I don’t want to keep skirting the rules and use a family members address.

 

I would like to hear peoples experiences at the ramification of such a change?

If you made the change, how did you go about it?

 

I also have a Fidelity account that I slipped up about 10 years ago and told them I lived here….

The only thing that happened was I was restricted in what I could invest in… 

 

I was hoping it would be the same with Charles Schwab… But have read where they closed people’s accounts…

If any problems occur, consider the State Department Credit Union.  Do not have to be a US govt employee or state department  affiliated at all.  They gladly provide one an account even  though one has a home address telephone number from a foreign country.  They provide varied credit cards.  keep a regular eye on charges and advise you of anything suspicious.  I had my BOA account of 50 years terminated as I had not US address or phone.  They provided great service now for 5 years.  No problems with them at all.  You can contact them at "sdfcu.org".  Best of luck

[kimothai]

23 hours ago, BKKKevin said:

This thread is for US citizens who have a Charles Schwab Brokerage account.

 

I am considering notifying Charles Schwab that I live in Thailand.

My reason is long term I don’t want to keep skirting the rules and use a family members address.

 

I would like to hear peoples experiences at the ramification of such a change?

If you made the change, how did you go about it?

 

I also have a Fidelity account that I slipped up about 10 years ago and told them I lived here….

The only thing that happened was I was restricted in what I could invest in… 

 

I was hoping it would be the same with Charles Schwab… But have read where they closed people’s accounts…

I transitioned to Charles Schwab International account from a Morgan Stanley account which would be a very similar transition.  I did the entire transition from Thailand online (just follow the directions as per the Charles Schwab International website).  My Thai address and phone number is the information that is used for the account.  I was also able to receive a debit card and check book (which I probably will never use) that were mailed to my Thai address.  I've even received phone calls from Schwab on my Thai number to see if I needed anything.  No need to use a USA address to skirt the regulations.  The only difference (that I know of) is that you are not allowed to have mutual funds with the "International" account (I tried and was informed that the law changed a few years ago and I was disallowed).  Everything else such as stocks. ETF's, preferred, bonds, treasuries are all good to go.  If you have mutual funds, (I'm guessing) you may have to convert to ETF before you transition over or maybe they will allow after.   You are also allowed to use the Thinkorswim platform.  The Schwab website nor the T/S platform require a VPN.  Recommend you have access to printer/scanner to do the transition as there are a few papers to print. sign. scan. return.  I considered the entire transition to be quite simple and straight forward.   

[kimothai]

4 minutes ago, kimothai said:

I transitioned to Charles Schwab International account from a Morgan Stanley account which would be a very similar transition.  I did the entire transition from Thailand online (just follow the directions as per the Charles Schwab International website).  My Thai address and phone number is the information that is used for the account.  I was also able to receive a debit card and check book (which I probably will never use) that were mailed to my Thai address.  I've even received phone calls from Schwab on my Thai number to see if I needed anything.  No need to use a USA address to skirt the regulations.  The only difference (that I know of) is that you are not allowed to have mutual funds with the "International" account (I tried and was informed that the law changed a few years ago and I was disallowed).  Everything else such as stocks. ETF's, preferred, bonds, treasuries are all good to go.  If you have mutual funds, (I'm guessing) you may have to convert to ETF before you transition over or maybe they will allow after.   You are also allowed to use the Thinkorswim platform.  The Schwab website nor the T/S platform require a VPN.  Recommend you have access to printer/scanner to do the transition as there are a few papers to print. sign. scan. return.  I considered the entire transition to be quite simple and straight forward.   

Forgot to mention: Security codes/OTPs are sent directly to your Thai number.