Charles Schwab Debit Card/Checking/Brokerage Acct

[FarangBuddha]

Regarding the address thing, their application form does require you to provide a "Home/Legal" addrees within the U.S. (no box numbers) but on the same applicaiton form you can provide a separate "Mailing Address" where box numbers are OK. I will be including a military APO mailing address. The application form includes a couple different addresses to mail the application to depending on which State you live in or if you are sending from a APO address.

The problem I have had with opening a Schwab Bank account is that not only do they require a real street residence address in the United States but also a USA phone number where you can be reached. I believe this has to do with the "know your customer" banking regs post 9-11. If you live full-time in Thailand and don't have a USA number where you can be reached, they will not open the account. I know because when I was back home on a trip and opened one of their checking accounts and got the debit card and all but I gave them a phony phone number. I then returned to Thailand. Apparently, during their new account verification process, they actually call the number and since it was a phony, they locked, and eventually, closed the account. .

I was able to open one of their "international" brokerage accounts and it's easy to trade with this online from Thailand.

[jfchandler]

FarangBuddha... tsk tsk... absolutely no reason for that...

Repeat after me.. slowly... MagicJack.com, MagicJack.com

$40 one-time equipment purchase, $20 annual service fee after that. Absolutely no other fees, and unlimited calling to any number anywhere in the U.S. and Canada from anywhere in the world where you have a decent Internet connection and USB jack available.

Best part, pick your own area code for your MagicJack number in almost any part of the country, and voila... you're in the U.S. phone business.

[jfchandler]

PS - Schwab debit card withdrawal from AEON on Monday afternoon (1/3). 30.11 exchange rate.

[FarangBuddha]

FarangBuddha... tsk tsk... absolutely no reason for that...

Repeat after me.. slowly... MagicJack.com, MagicJack.com

$40 one-time equipment purchase, $20 annual service fee after that. Absolutely no other fees, and unlimited calling to any number anywhere in the U.S. and Canada from anywhere in the world where you have a decent Internet connection and USB jack available.

Best part, pick your own area code for your MagicJack number in almost any part of the country, and voila... you're in the U.S. phone business.

Yes but I don't call anyone in the USA or worldwide from Thailand much. Does it work the other way around...e.g., I get my USA Magic-Jack number and when people [schwab] in the USA call it it somehow rings my Thai mobile number or my computer and I answer and it appears to the caller that they are talking to me in the USA?

That would be way cool and solve my problem

[jfchandler]

Exactly, it's just the same as if you had a regular fixed home phone line. You can make calls out, and others from anywhere can call into your MagicJack number and you can pick up the phone and answer, just the same as calling any other phone. And if you have relatives in the U.S. and you pick a MJ number in their same area code, then for them calling you it's like a local call within their same area code.

It's a small cigarette pack sized USB device. One end plugs into your computer's USB jack. The other end you plug in the RJ-11 cord of any standard house phone (the older non-AC powered ones work best). The device installs its own drivers on your PC every time you plug it in and it runs in the background.

Once you've set it up, if you don't leave it plugged it or you're computer's off or you're away, any incoming calls go to your MagicJack voicemail, which functions pretty much like any regular voicemail system. Except you also get an email anytime a MJ voicemail message is left, which includes a WAV file recording of your message. You also can retrieve any voicemail message directly using the on-screen dialing pad provided on your PC.

To make calls, you can either use the regular buttons on your phone, or use the on-screen dial pad buttons of the software. To anyone calling into your number, there'd be absolutely no way of knowing it was a MagicJack number vs. any other kind of phone number.

Not that it matters greatly, but just for the record, I'm not sure how Magic Jack numbers display on caller ID systems. But a lot of people disable that feature on their phones anyway.

PS - You asked about call forwarding to a mobile. I think MJ can do that to U.S. mobile numbers, but I'm not sure it can do that for international (Thailand) mobile numbers. But really, for the purpose you need, there's no reason to have the MJ calls forwarded any7way.

Edited January 4, 2011 by jfchandler

[FarangBuddha]

Exactly, it's just the same as if you had a regular fixed home phone line. You can make calls out, and others from anywhere can call into your MagicJack number and you can pick up the phone and answer, just the same as calling any other phone. And if you have relatives in the U.S. and you pick a MJ number in their same area code, then for them calling you it's like a local call within their same area code.

It's a small cigarette pack sized USB device. One end plugs into your computer's USB jack. The other end you plug in the RJ-11 cord of any standard house phone (the older non-AC powered ones work best). The device installs its own drivers on your PC every time you plug it in and it runs in the background.

Once you've set it up, if you don't leave it plugged it or you're computer's off or you're away, any incoming calls go to your MagicJack voicemail, which functions pretty much like any regular voicemail system. Except you also get an email anytime a MJ voicemail message is left, which includes a WAV file recording of your message. You also can retrieve any voicemail message directly using the on-screen dialing pad provided on your PC.

To make calls, you can either use the regular buttons on your phone, or use the on-screen dial pad buttons of the software. To anyone calling into your number, there'd be absolutely no way of knowing it was a MagicJack number vs. any other kind of phone number.

Not that it matters greatly, but just for the record, I'm not sure how Magic Jack numbers display on caller ID systems. But a lot of people disable that feature on their phones anyway.

PS - You asked about call forwarding to a mobile. I think MJ can do that to U.S. mobile numbers, but I'm not sure it can do that for international (Thailand) mobile numbers. But really, for the purpose you need, there's no reason to have the MJ calls forwarded any7way.

Thanks JF for the heads-up :jap:

I've checked out Magic Jack's website and the product and service gets rave reviews and looks like it would solve my problem [so why don't the USA security freaks do away with all the "know your customer" rules if they are so easy to circumvent!]. Now just have to wait for a friend from the USA to come for a holiday in Pattaya...that shouldn't be long

[jfchandler]

I don't know if MJ ships abroad...I doubt it...

But the actual device and padded envelope (not box) it comes in is very small, and certainly would fit within the cheap USPS Global Priority Mail envelope that has a flat rate of $13.45 or so postage. So if you had someone or someplace to have it ordered to, it could easily be sent along in that fashion.

You might do a TV search on MJ as well. It seems to me I remember something about someone selling them here in LOS... But I'm not sure how that would work...

Usually, when you order from MJ direct online, you pick your area code from the available list, and then have your choice of various numbers in that area code. Once you make those selections, you purchase by CC/DC and then they send the device to you. I'm not sure whether the number is preloaded into the actual device, or whether that occurs when you sign-on/log-in for the first time with the device on your PC.

As for the service, since it runs via their own servers, it has been pretty reliable in the 4 years I've had it. Probably 99% up time... There have been a couple of brief times during those years when they've had a problem, but all in all, an excellent service and value. One caution though: you're best to make sure you don't have other things using your bandwidth in the background when you're talking, since that really hinders the voice/call quality.

[globalmenace]

dam_n, you guys sure know how to make your life complicated....

[Pib]

Regarding the address thing, their application form does require you to provide a "Home/Legal" addrees within the U.S. (no box numbers) but on the same applicaiton form you can provide a separate "Mailing Address" where box numbers are OK. I will be including a military APO mailing address. The application form includes a couple different addresses to mail the application to depending on which State you live in or if you are sending from a APO address.

The problem I have had with opening a Schwab Bank account is that not only do they require a real street residence address in the United States but also a USA phone number where you can be reached. I believe this has to do with the "know your customer" banking regs post 9-11. If you live full-time in Thailand and don't have a USA number where you can be reached, they will not open the account. I know because when I was back home on a trip and opened one of their checking accounts and got the debit card and all but I gave them a phony phone number. I then returned to Thailand. Apparently, during their new account verification process, they actually call the number and since it was a phony, they locked, and eventually, closed the account. .

I was able to open one of their "international" brokerage accounts and it's easy to trade with this online from Thailand.

No problem....let them call. I have a US VOIP phone service (8x8...a company like Vonage) with a Virginia phone number. A VOIP adapter hooked up to my router plus a regular phone hooked up the VOIP adapter equals a phone system I use to make or receive calls worldwide just like a regular phone setting in your living room--which is what it basically is...no difference than the VOIP setup I had in the States. When I make or receive US calls the voice quality is just like I'm calling across the street. This service costs me about $20/month but it allows me to call to the US just like I'm making a call from within the US, call 1800 numbers, allows family/friends to easily call me many times at no charge if they are within my area code or usually free from their cell phone since most US cell phone plans allow X-amount of minutes nationwide as part of the monthly cell phone fee. If I miss a call it just goes to voicemail, plus I get an email sent to me automatically with an audio clip of the voice mail left. The VOIP service has a bunch of other nice features.

Having a US VOIP service makes doing things in the home country and keeping connected to the home country a LOT easier. And like you mentioned, looks like it may come in handy for setting up the Charles Schwab accounts....I mailed the brokerage/checking/savings accounts applications today. Since I'm funding the checking and savings with a small sum via a VOIDed check attached to the application for Schwab to do ACH transfers, if I see the ACH's hitting my bank in a week or two that will be a heads up to me that Schwab received the applications, approved them, and is doing the ACH pull of funds.

Edited January 4, 2011 by Pib

[jfchandler]

Pib, a regular VOIP service with its own number is an equally good solution... But I must ask, why spend $20 a month when you can spend $20 a year and get the same functionality?

It'd be the same as saving 3 Thai bank ATM fees per month!

Edited January 4, 2011 by jfchandler

[Pib]

Pib, a regular VOIP service with its own number is an equally good solution... But I must ask, why spend $20 a month when you can spend $20 a year and get the same functionality?

Because I want just a regular type phone in the house not tied to my computer/laptop...one that works without having to have the computer turned on, one anyone in the family (young or old) can just pickup and use like a regular phone...walk out into the yard with while talking, etc. Plus, I've been with 8x8 for years and know they provide excellent service. This $20/month is more than worth it to me..yeap, more than worth it to me.

[jfchandler]

Pib, no problem... Just asking...

Re Magic Jack, it is just like a regular phone, or to be more precise, it IS your regular phone. Magic Jack customers do use and provide their own home phones for calling. MagicJack just provides the interface device between your traditional phone and your PC to provide the data connection.

You pick up your phone and dial just the same as any traditional home phone. The only difference is you're plugging it into your PC instead of to a wall jack. I've never tried this, but I assume a traditional wireless phone and powered base station would work just fine.

You are correct that the PC has to be turned on in order to use the MagicJack service. But in all other respects, it's exactly like using a regular phone... It just costs a lot less.

[wimpy]

I use my Skype-Out number when setting up bank/brokerage accounts.

[FarangBuddha]

Pib, no problem... Just asking...

Re Magic Jack, it is just like a regular phone, or to be more precise, it IS your regular phone. Magic Jack customers do use and provide their own home phones for calling. MagicJack just provides the interface device between your traditional phone and your PC to provide the data connection.

You pick up your phone and dial just the same as any traditional home phone. The only difference is you're plugging it into your PC instead of to a wall jack. I've never tried this, but I assume a traditional wireless phone and powered base station would work just fine.

You are correct that the PC has to be turned on in order to use the MagicJack service. But in all other respects, it's exactly like using a regular phone... It just costs a lot less.

You guys are great...just ordered my M-J direct online for $40 plus $8 shipping and handling. Also got up-sold for a 2nd year of service for $20 more. Having it shipped to a friend in CA who will either bring it over in March or can USPS pouch it to me.

The site says that you pick your area-code and number when you first activate the device after you receive it. This should be really cool the next time I am Stateside and open up another Schwab Bank account [this account is a great deal...especially for expats and travelers ATM fee reimbursements and not foreign currency fees on the credit card such] and have my little M-J number to fool them when they do their little verification call

And as JF reported [and confirmed on the website], the only difference between M-J and some of the more expensive VOIP services is that the computer must be on with the M-J using up a USB port to receive/make calls. If the comp. is off, then calls are routed to voice mail. No big deal this, especially as my main comp. is on 24/7 anyway.

[Pib]

Pib, no problem... Just asking...

Re Magic Jack, it is just like a regular phone, or to be more precise, it IS your regular phone. Magic Jack customers do use and provide their own home phones for calling. MagicJack just provides the interface device between your traditional phone and your PC to provide the data connection.

You pick up your phone and dial just the same as any traditional home phone. The only difference is you're plugging it into your PC instead of to a wall jack. I've never tried this, but I assume a traditional wireless phone and powered base station would work just fine.

You are correct that the PC has to be turned on in order to use the MagicJack service. But in all other respects, it's exactly like using a regular phone... It just costs a lot less.

Yea, understand. It's just I don't leave my laptop on all the time in order to pickup incoming calls, sometimes the laptop goes with me on daily or longer trips which would leave the wife without the ability to call or receive calls from the US (she gets & makes calls all the time to/from her friends in the US on the US/VOIP number…to include calls to and from me when I'm back in the US...and she won't get near a computer), etc. I don't feel cheated at all in paying the $20/mo, but I do feel cheated by a Thai bank 150 baht ATM withdrawal fee (is that one of those principals of things). The monthly VOIP service is just a lifestyle choice to make life easier for me and the family just like using air cons when it's hot (the heck with the electricity cost) and keeping plenty of beer in the frig—and I'm not cutting back on either of these either!

To me, a VOIP service is something folks moving to Thailand should seriously think about signing-up for in their home country before moving to Thailand as it can sometimes get harder to sign-up for home country VOIP service and get their adapter shipped to you after you have moved to Thailand. But whether a person wants to do that or not depends a lot on their individual situation, how close/easy of contact they want to maintain with the home country, how often they call/get called, how they use their computer, their residence setup, family member use, etc. I even considered MagicJack before I moved to Thailand but it just didn't handling calling the way I wanted it to. But don't get me wrong, MagicJack will definitely satisfy the calling needs of many folks, but just not for me and the family...and MagicJack is low cost.

Gotta go now…I'm turning off my computer and go drink some beer in front of my living room air con while I wait for that Charles Schwab call.

[SurfRider]

.

"I use my Skype-Out number when setting up bank/brokerage accounts."

Wimpy,

I thought Skype-out was only for calling existing land-lines or mobile phones on regular phone networks, primarily in other countries.

Is it possible to set up an INCOMING Skype-out number? If so, where can I get info on that? It sounds as good or better than the other options being discussed in this thread.

Thanks in advance for any comments.

.

[jfchandler]

Hope it works out well for you, Farang. I've had mine for 3+ years, and very satisfied.. Though I've always bought my service a year at a time, because you never know when service providers may come or go... But I wouldn't worry about a two year purchase.

Same here, my home desktop is on 24/7... But even if it wasn't, the calls would be automatically picked up by MJ voicemail, and then I get a nice email in my inbox in the morning telling me I've received a message...

If the comp. is off, then calls are routed to voice mail. No big deal this, especially as my main comp. is on 24/7 anyway.

[Digitalbanana]

I've found Spokn very useful. Can choose a phone number in any US state to be redirected to your Thai number for 1$ / month membership.

[wimpy]

.

"I use my Skype-Out number when setting up bank/brokerage accounts."

Wimpy,

I thought Skype-out was only for calling existing land-lines or mobile phones on regular phone networks, primarily in other countries.

Is it possible to set up an INCOMING Skype-out number? If so, where can I get info on that? It sounds as good or better than the other options being discussed in this thread.

Thanks in advance for any comments.

.

I may have the name wrong. It is a phone number from Skype. $60 a year. You pick the country and area code. People can call it from a normal phone and you receive the call in Skype. You can have as many numbers as you like, as long as you are willing to pay. I think Magic Jack is a better deal. Will likely get one when they offer it for Linux. Supposedly in the works.

[jfchandler]

I think what you're talking about is something Skype used to call "Skype In", and now calls Skype Online Numbers.

I see information about it here on the Skype web site... but they don't do a particularly good job of making it apparent from their home page.

I tested the signup a bit just now using my own Skype account, and it asks you which country you want the online number in, which for us would be USA... Then it asks you in what state, you select, and then it gives you a choice of available area codes and then resulting phone numbers that you can choose among...

Nowhere in this process did I see what their pricing for this is... But I did see, same as when I had looked at their service in the past, that they offer a 50% discount off the price of the online number when you also sign up for an ongoing calling subscription plan with them...

Frankly, it's much more expensive, as best as I recall, compared to MagicJack at $20 per year. So I never pursued it... But...if it floats your boat....

http://www.skype.com/intl/en-us/features/allfeatures/online-number/

[Pib]

A favorable mention of Charles Schwab banking in this 7Jan11 CNN web link regarding increasing US bank fees: http://money.cnn.com/2011/01/07/pf/checking_account_fees/index.htm

[jfchandler]

Thanks for that post, Pib... There was a lot of talk after the CARD Act was passed that U.S. banks would begin looking as NEW ways to charge fees since some of their OLD ways had been eliminated or restricted under the new law. But that article is the first I'd seen/heard of how prevalent the new fees are going to be among all the major U.S. banks...

Right now.. I don't pay a monthly fee for any of my U.S. bank accounts, and I never have in my entire life. And I'm not planning on starting now... Among all those different banks and fees mentioned, there's only one that potentially impacts me, BofA... And it should be interesting..

Although I've been a customer of theirs for many years, a few years back I restructured my accounts with them and at that time, closed one account and opened a new one that, at that time, was promised to be free checking FOR LIFE. I probably still have the paperwork saying as much... So with all those changes coming, I'll be quite interested to see if BofA tries to take my FREE for LIFE checking account and start charging a monthly fee for it...

PS - Speaking of Schwab, the former Schwab (now FIA) 2% cash back credit card is still alive...with no announced changes to its terms and conditions as yet... I just got my 2% cash bonus from a recent trip to Los Angeles credited to my account.. Quite a nice little surprise, or, what you might call a late Christmas present. You can't apply for that card any more, but for those that already have it, it continues to be a great deal.

[jfchandler]

And, as I was going thru my email, surprise surprise, another big bank to add to the CNN list...

BBVA Compass is the latest major bank that will be adding monthly maintenance fees to its checking accounts. A reader just notified me of the following message that's now in the small print of the Build-to-Order Checking page:

EFFECTIVE FEBRUARY 15, 2011, there is a monthly service charge of $8.95 per statement cycle for Build-to-Order Checking. This charge will not apply for statement cycles during which at least one of the following requirements are met:

* There is at least one Direct Deposit (ACH) credit of $300 or more from an unrelated 3rd party (such as an employer or Social Security), OR

* The account has an average daily collected balance of at least $1,500, OR

* The account is enrolled (subject to eligibility) in the BBVA Compass Preferred Client Program.

If the primary accountholder is a student (active student ID required), the monthly service charge will not apply for a period of up to 5 years, or until the primary accountholder reaches age 25, whichever comes first, if the primary accountholder applies and is approved for student status.

[Pib]

JFC,

Me also...I've always avoided monthly banking fees by ensuring I met one of the minimum requirements, usually by having one direct deposit going to the bank. Regarding BOA, tonight I called and canceled my BOA Military Bank accounts and had all the funds transferred to my BOA Consumer account (the one open to anyone). I had no problem with BOA Military Bank other than I'm just staggering the phase-out of all my BOA accounts, as BOA is just becoming way too fee hungry...it's getting harder and harder to avoid some of their fees. Additionally, the BOA Military Bank hasn't opened a new account in approx two years since it's slowly being consumed into the BOA Consumer Bank. I expect to close my BOA Consumer account this year once I confirm the USAA Bank account continues to provide good service and assuming my Charles Schwab Banking application (in the mail) is approved and provides good service.

Combined with a credit union account I have the USAA and Charles Schwab banking accounts should provide me good, no fee service...in addition to plenty of backup options/service in case the fee/funds transfer policies of any of my banks change quickly.

I consider banking like evaluating renewal of your car insurance policy...the best deal/coverage can easy change from year-to-year (or more often) between different companies/banks...a person needs to shop around for the best deal/service....preaching to the choir I know.

Cheers,

Pib

Edited January 7, 2011 by Pib

[jfchandler]

With the start of the new year, a lot of things have been changing with various U.S. banks and S&Ls...

And I'm wondering, and encouraging others out there to check for themselves, if possibly Schwab has begun charging (not absorbing) the 1% VISA card network fee for foreign transaction ATM withdrawals when using the Schwab debit card, starting with 2011.

I monitor my transactions and the pertinent market exchange rates pretty regularly. And in the past, including thru last month (December 2010), my ATM cash withdrawals using the Schwab debit card were almost always within a few hundredths baht of the Bank of Thailand's Interbank Exchange Rate (IER). For example, if the IER was 30.50 baht to the $, the Schwab card usually would yield somewhere between 30.40 and 30.47 or so...

However, on Monday and Tuesday of this week, I made separate ATM withdrawals using the Schwab debit card, one at the CitiBank ATMs at Asoke, and the other at an AEON ATM, and both produced exchange rates markedly below the IERs for those days and even below the bank TT rates for those days... And I don't EVER recall having seen that before with my Schwab card transactions.

Here's the details:

Mon., Jan 10

CitiBank ATM

1,000 baht for $33.08, rate 30.23

BOT IER 30.506

BOT TT 30.36

XRates 30.70

By comparison, I did a separate POS debit purchase with a different U.S. bank VISA debit card also on Jan. 10 and got a rate of 30.42, markedly better than the Schwab ATM transaction.

Tues., Jan 11

AEON ATM

1,000 baht for $32.87, rate 30.42

BOT IER 30.68

BOT TT 30.55

XRates 30.52

In both cases, the spread between the Schwab debit card rate and the BOT IER rate is approaching the .30 baht amount that would represent a 1% fee.

At first, I thought it might have been a charge originating with CitiBank Thailand....But then when I did the subsequent ATM withdrawal the next day from AEON using the same Schwab card, I got almost the identical larger spread between IER and the Schwab rate...about .26 baht... And that's larger than I've ever seen before with the Schwab card.

[wimpy]

Hmm. Today at Aeon I got a rate of 30.546. This looks slightly better than the BOT IER rate presently at 30.411.

[jfchandler]

By the way, on a related topic, the web site NerdWallet.com has updated their post (current thru January) regarding the best no foreign currency fee credit cards.... As in the past, for U.S. folks, Schwab (no longer avail. to new applicants) and Capital One top the list, particularly being in the status of generally available cards that are not limited by eligibility or other financial limitations.

The Pentagon Federal Credit Union Promise VISA card, which has quite a few nice features, also is in the same category. And while Pentagon FCU might sound like a CU that only accepts military members, in fact it's open to the general public as well. Unfortunately, PFCU just revealed that they had a breach of their information security and potentially disclosed the names, SSNs and various other personal data for their credit card holders, and thus are issuing new cards and numbers to their VISA and AMEX cardholders..... GGGRRRR!!!!

http://www.nerdwalle...ee-survey-resu/

Here's a link to the news about PFCU's credit cards breach:

http://www.depositaccounts.com/blog/2011/01/malware-on-laptop-caused-security-breach-at-penfed.html

Edited January 12, 2011 by jfchandler

[jfchandler]

Wimpy, I'm assuming you mean using a Schwab debit card...

Can you perhaps doublecheck and confirm your exchange rate calculation as correct and final in your account...

It's always been normal for the Schwab card to yield very close to the IER rate... But it's likewise pretty unusual for it to yield .14 ABOVE the IER... And I see that BOT's IER for today is indeed 30.411 as you report.

Perhaps there's some kind of weird fluctuations going on in the currency market... The rates for the U.S. $ have been moving around a lot lately, more than in past weeks... Both my bad results above and Wimpy's very good results here seem odd...

Hmm. Today at Aeon I got a rate of 30.546. This looks slightly better than the BOT IER rate presently at 30.411.

[wimpy]

Yes, I used the Schwab debit card. Withdrew 6000 baht. My Schwab account is showing a debit of $196.42. The dollar has been rather volatile over the past few days.

[jfchandler]

Thanks Wimpy... I'm stumped... Never seen these kinds of over and under swings before...with the Schwab card.

Your experience would tend to suggest what I feared has not come to pass, and Schwab hasn't suddenly begun charging the 1% fee...

I just hope others' experiences in the days ahead confirm that result.

Edited January 12, 2011 by jfchandler