US Charles Schwab Residency?

[edwarda909]

On 3/3/2025 at 2:21 PM, kimothai said:

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

If you have a ipad with a stylus they will accept  your signature, but not a copy and paste

[Tookea]

On 3/2/2025 at 2:59 PM, 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.

His point was that he didn't want to keep skirting around the rules. 

[RocketDog]

On 3/3/2025 at 4:21 AM, Everyman said:

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

 

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

That's my reaction as well. If you go asking questions and looking for trouble someone will accommodate you.

 

I'll assume the OP has his reasons and move on.

 

I have studied the Thai tax rules, don't owe tax, so I keep records every year to prove such and I won't go looking for a TIN number.

 

Note that those who have and posted here were told the same thing or met with bewilderment from the tax office.

 

Let sleeping authorities alone.

[NoDisplayName]

On 3/2/2025 at 2:19 PM, 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 also have Fidelity.  About ten years ago, my debit card withdrawals and/or transfers to Thailand alerted them I was out of the US.  They wanted a US utility bill to prove residence.  Since then I am not allowed to purchase US-registered mutual funds.  I could keep any already in the account, but could not add to holdings.

 

When 2FA went into effect, there were some difficulties, but I've had Fidelity add my Thai cellphone number to the account and now can receive OTP codes.  I've also removed "enhanced" security so that OTP is not required at each login.

 

Last month opened Schwab accounts for myself and the wife, using our Thai addresses.  Same limitation - no purchase of US-registered mutual funds.

 

As for Schwab, the $25K opening balance and minimum balance requirements have been cancelled.  Schwab accepts foreign cell numbers for OTP codes.

[TallGuyJohninBKK]

2 hours ago, NoDisplayName said:

Last month opened Schwab accounts for myself and the wife, using our Thai addresses.  Same limitation - no purchase of US-registered mutual funds.

 

So, were those new accounts for you and your wife Schwab International accounts reporting your Thai addresses, OR,  Schwab U.S. accounts with the added restriction against being able to purchase any U.S. mutual funds?

[jas007]

I have this problem now.  I have several brokerage accounts, so my US Schwab account is not an urgent mater.  I have stocks in it, but they're long term holdings and I wasn't really planning on selling any of those stocks, anyway, so I've been lazy, I guess, and I've put it off. 

 

Before Schwab, it was a T.D. Ameritrade account.  When it was switched over to a Schwab account, I got all the usual instructions about how to log into my new Schwab account.  So, one weekend, I did.  It worked fine, but then by Monday morning I was no longer able to log in without calling them first.  Or maybe it was a 2FA problem?  Anyway, I decided I needed to switch it over to a Schwab International account and I called them, but no one ever called me back. Since I didn't really care too much one way or the other, I sort of forgot about it.

 

Maybe I should start establishing accounts I can access from Thailand without too much difficulty.

 

I like the idea of the State Department Federal Credit Union.  I can do that any time, and I can direct some or all of my government pension into that account.  Having that might make the brokerage thing easier.  And a credit card?   

[NoDisplayName]

2 hours ago, TallGuyJohninBKK said:

 

So, were those new accounts for you and your wife Schwab International accounts reporting your Thai addresses, OR,  Schwab U.S. accounts with the added restriction against being able to purchase any U.S. mutual funds?

 

International accounts, using our Thai address and our Thai cellphone numbers.  I requested and received debit card and checks on my account.

 

An additional restriction on the international accounts is no beneficiaries.

 

I've set up push/pull link to my Fidelity account, my credit union and Wise.  Also have a standing order with Schwab to transfer cash (no shares) one way to the wife's account.  All of this can now be done online without calling a rep.

[TallGuyJohninBKK]

3 hours ago, NoDisplayName said:

An additional restriction on the international accounts is no beneficiaries.

 

That's a curious restriction. 

 

In your contacts with Schwab, did you get any info on how, for their intl accounts, they would handle a situation where the accountholder has passed away, and there's no beneficiary allowed to be listed on the account?

 

[NoDisplayName]

14 hours ago, TallGuyJohninBKK said:

 

That's a curious restriction. 

 

In your contacts with Schwab, did you get any info on how, for their intl accounts, they would handle a situation where the accountholder has passed away, and there's no beneficiary allowed to be listed on the account?

 

 

I must have asked that somewhere along the line, but I don't recall at the moment.....

 

Fidelity does have beneficiaries, and the DIY Thai will should be acceptable, but additional work is required.  If a US-based lawyer isn't handling probate, then the wife must do a final tax return and apply for a tax clearance certificate, which can take up to a year for the IRS to produce.

 

As for Schwab, my account is mainly to pass gifts through to the wife, so shouldn't have much in the way of assets.  My notes will have PW and ID, so she could simply use the standing order to transfer any cash to her account.  She can either send a SWIFT from her account or we link to a Wise account for her.  I haven't considered I might outlast, but I suppose I must prepare for that eventuality, as well.

[JimGant]

On 3/2/2025 at 2:19 PM, BKKKevin said:

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.

 

As I recall, I just went online to my Schwab account and changed both my legal and my mailing address to my Thai address. My account is an IRA account, not brokerage. It holds stock mutual funds, and the only activity is a once per year sale to meet RMD requirements. This is all done online. Don't know if I could 'trade', i.e., sell a mutual fund and buy a new one with the proceeds.... But, I have no plans to do so.

 

Unlike an international brokerage account, my US IRA account allows for beneficiaries. Which is an absolute requirement, since I have no US Will, as I don't need one -- all my US assets are financial, thus pass on via beneficiary or POD designations.

 

If you're an active trader, I'm sure you'd have to switch to a Schwab international account, if you decided to tell them where you really live.