Charles Schwab In Uk - I'm In!

[socrates28]

sustento - to draw in the bank you have to carry your passport - I have no intention of carrying my passport around with me all the time or even every few days when I decide to withdraw cash

What were the local ATM charges for withdrawing cash? I am sure you was paying 150 each time

I was drawing in the bank using one of their behind the counter chip and pin machines - not using an ATM at all so I wasn't paying the 150bt ATM fee. I only carried my passport when I went to the bank to make a withdrawal which was every 4-5 days. The bank I used was just round the corner from my hotel so it took 10 minutes. If my method doesn't suit you that's fine but it just seems (to me at least) that you're making things more complicated and expensive than they need to be.

So what rate was you getting - I am very interested to know - according to my understanding you do not get the MC rate when you draw money using this method - its about 1% off the MC rate - after all the banks have to make some money out of the transaction too

I have been offered the clarity card but never taken it - but I can see its advantages

[chiang mai]

sustento - to draw in the bank you have to carry your passport - I have no intention of carrying my passport around with me all the time or even every few days when I decide to withdraw cash

What were the local ATM charges for withdrawing cash? I am sure you was paying 150 each time

Next time you're in Thailand why not get yourself a Thai drivers license, the banks (and everyone else) will accept it as ID in lieu of a passport hence all you'll need to do is to carry yet another plastic card in your pocket..Simply go the drivers license offices with your existing UK license, pay THB 105, take a silly/simple reaction test, undergoe a simple test for color blindness (they'll help yopu if you get stuck) and suffer through an hilarious 45 minute safety video and the licence is yours at the end, they actually encourage that we apply for these things because it makes their life easier thus it's not visa dependant.

[socrates28]

sustento - to draw in the bank you have to carry your passport - I have no intention of carrying my passport around with me all the time or even every few days when I decide to withdraw cash

What were the local ATM charges for withdrawing cash? I am sure you was paying 150 each time

Next time you're in Thailand why not get yourself a Thai drivers license, the banks (and everyone else) will accept it as ID in lieu of a passport hence all you'll need to do is to carry yet another plastic card in your pocket..Simply go the drivers license offices with your existing UK license, pay THB 105, take a silly/simple reaction test, undergoe a simple test for color blindness (they'll help yopu if you get stuck) and suffer through an hilarious 45 minute safety video and the licence is yours at the end, they actually encourage that we apply for these things because it makes their life easier thus it's not visa dependant.

Actually not a bad suggestion but do you not need a Thai address?

How long is it valid for?

I am assuming you can use it to drive mopeds without any fines from BiB for no licence

[chiang mai]

sustento - to draw in the bank you have to carry your passport - I have no intention of carrying my passport around with me all the time or even every few days when I decide to withdraw cash

What were the local ATM charges for withdrawing cash? I am sure you was paying 150 each time

Next time you're in Thailand why not get yourself a Thai drivers license, the banks (and everyone else) will accept it as ID in lieu of a passport hence all you'll need to do is to carry yet another plastic card in your pocket..Simply go the drivers license offices with your existing UK license, pay THB 105, take a silly/simple reaction test, undergoe a simple test for color blindness (they'll help yopu if you get stuck) and suffer through an hilarious 45 minute safety video and the licence is yours at the end, they actually encourage that we apply for these things because it makes their life easier thus it's not visa dependant.

Actually not a bad suggestion but do you not need a Thai address?

How long is it valid for?

I am assuming you can use it to drive mopeds without any fines from BiB for no licence

Your first license is considered to be a trial licence and is valid for one year, at the end of which it can be exchanged for a 5 year licence.

I only have a car licence so I can't speak for the application process for a moped/bike licence but it should be the same I would think, you might have to take a driving test (such as it is) which involves driving around some cones in the parking lot.

I imagine a Thai address is required but you should be able to get around that one easily enough by using a hotel address or similar.

[sustento]

sustento - to draw in the bank you have to carry your passport - I have no intention of carrying my passport around with me all the time or even every few days when I decide to withdraw cash

What were the local ATM charges for withdrawing cash? I am sure you was paying 150 each time

I was drawing in the bank using one of their behind the counter chip and pin machines - not using an ATM at all so I wasn't paying the 150bt ATM fee. I only carried my passport when I went to the bank to make a withdrawal which was every 4-5 days. The bank I used was just round the corner from my hotel so it took 10 minutes. If my method doesn't suit you that's fine but it just seems (to me at least) that you're making things more complicated and expensive than they need to be.

So what rate was you getting - I am very interested to know - according to my understanding you do not get the MC rate when you draw money using this method - its about 1% off the MC rate - after all the banks have to make some money out of the transaction too

I have been offered the clarity card but never taken it - but I can see its advantages

It was very close to the interbank rate. I would imagine better than doing a 3 currency (£-$-Bt) transfer.

[alfieconn]

sustento - to draw in the bank you have to carry your passport - I have no intention of carrying my passport around with me all the time or even every few days when I decide to withdraw cash

What were the local ATM charges for withdrawing cash? I am sure you was paying 150 each time

I was drawing in the bank using one of their behind the counter chip and pin machines - not using an ATM at all so I wasn't paying the 150bt ATM fee. I only carried my passport when I went to the bank to make a withdrawal which was every 4-5 days. The bank I used was just round the corner from my hotel so it took 10 minutes. If my method doesn't suit you that's fine but it just seems (to me at least) that you're making things more complicated and expensive than they need to be.

So what rate was you getting - I am very interested to know - according to my understanding you do not get the MC rate when you draw money using this method - its about 1% off the MC rate - after all the banks have to make some money out of the transaction too

I have been offered the clarity card but never taken it - but I can see its advantages

It was very close to the interbank rate. I would imagine better than doing a 3 currency (£-$-Bt) transfer.

When iv'e used a visa or mastercard to draw cash from England inside the bank then it is generally a difference of 1.50 points from the interbank rate.

What is the 'interbank' rate?

The interbank rate is the rate at which banks and large financial institutions trade with each other. The interbank rate is regularly mentioned in the news but no financial institution sells foreign currency at this rate.

[rekkie]

I have taken to bringing 5 - 7k sterling with me in cash (the uk limit is 10,000 euros) and changing it in Pattaya soi Bukao at the better rate than a bank places .... basically the tt rate from banks...and then depositing the baht in my thai bank. i travel fairly regulalrly and sometimes friends assist. Never been stopped in uk to check how much cash i have...so far....cost...nowt really.

As an aside and due to rip off western banks i have tried to go cash in my businesses and limit the amount of money going through banks which just costs you money and allows big brother to watch your every move.

[yoshiwara]

I have taken to bringing 5 - 7k sterling with me in cash (the uk limit is 10,000 euros) and changing it in Pattaya soi Bukao at the better rate than a bank places .... basically the tt rate from banks...and then depositing the baht in my thai bank. i travel fairly regulalrly and sometimes friends assist. Never been stopped in uk to check how much cash i have...so far....cost...nowt really.

Yep.

[sas_cars]

Turned up at their offices and was promptly met by the receptionist who provided me with some chilled Evian.

Moved into the meeting room to meet Richard Flynn - very nice guy - provided my Photo ID and one proof of address as I was there in person - two required if its by post

Filled a few forms in (American versions) - signed some IRS forms to confirm I was UK Resident and paying taxes here - standard Money Laundering stuff

Signed a form for a Sweep Account - which moves the money to the Bond Market overnight - so there is a negligible interest rate on any cash amounts

Confirmed again that once the $10,000 was deposited I needed to maintain a balance of $1,000 for the account to remain active - daily withdrawal limit is $1,000 - 2x $500 a day - it can be raised to $2,000 on request and higher with Special Request - $1,000 goo enough for me

Confirmed that its Interbank Rate (Visa) - absolutely zero charges and all ATM charges refunded

Can fund the account by BACS Transfer

I expect to get the account fully open in 3 weeks in time for my next escapade to LOS

I did read somewhere on a US forum that when they funded the account (on-going) the money took 3-5 to show up - however I am assuming as this is a UK account and its UK - UK transfer there will be no such issues

I believe there is a conversion figure on the sterling into $10,000 of $95 - but for me - the overall savings will come on exchange rate in Thailand, zero ATM fees and convenience of not carrying cash and getting stopped in Customs

I have previously sent money via Swift to my K Bank but you still need to flaff about in Pattaya Klang Branch to complete the transaction - especially for amounts of around £5k - which is my normal transfer and there are fees of around £35-40 for this anyway so similar to the $95

If anyone can see any holes in my plan - please let me know

Or if you have any questions I can get them answered by Richard @ CS

Is it possible to also get a charles secured credit card on the account? in addition of the debit card. Can you ask Richard @ CS ?

[socrates28]

I have taken to bringing 5 - 7k sterling with me in cash (the uk limit is 10,000 euros) and changing it in Pattaya soi Bukao at the better rate than a bank places .... basically the tt rate from banks...and then depositing the baht in my thai bank. i travel fairly regulalrly and sometimes friends assist. Never been stopped in uk to check how much cash i have...so far....cost...nowt really.

As an aside and due to rip off western banks i have tried to go cash in my businesses and limit the amount of money going through banks which just costs you money and allows big brother to watch your every move.

So if they did happen to ask you where the money above 1k sterling came from - how would you show proof of its source as you are running cash businesses - they are able to confiscate anything above 1k

even though the limit is 10k Euros

[JAS21]

I have taken to bringing 5 - 7k sterling with me in cash (the uk limit is 10,000 euros) and changing it in Pattaya soi Bukao at the better rate than a bank places .... basically the tt rate from banks...and then depositing the baht in my thai bank. i travel fairly regulalrly and sometimes friends assist. Never been stopped in uk to check how much cash i have...so far....cost...nowt really.

As an aside and due to rip off western banks i have tried to go cash in my businesses and limit the amount of money going through banks which just costs you money and allows big brother to watch your every move.

So if they did happen to ask you where the money above 1k sterling came from - how would you show proof of its source as you are running cash businesses - they are able to confiscate anything above 1k

even though the limit is 10k Euros

He would probably say the same as I do to Moneycorp when they ask ... what was the source of the money? ... I say a lifetime of working. I say the same thing when asked by other financial agencies ... but yes ... He's A Bad Bad Boy.

[socrates28]

I have taken to bringing 5 - 7k sterling with me in cash (the uk limit is 10,000 euros) and changing it in Pattaya soi Bukao at the better rate than a bank places .... basically the tt rate from banks...and then depositing the baht in my thai bank. i travel fairly regulalrly and sometimes friends assist. Never been stopped in uk to check how much cash i have...so far....cost...nowt really.

As an aside and due to rip off western banks i have tried to go cash in my businesses and limit the amount of money going through banks which just costs you money and allows big brother to watch your every move.

So if they did happen to ask you where the money above 1k sterling came from - how would you show proof of its source as you are running cash businesses - they are able to confiscate anything above 1k

even though the limit is 10k Euros

He would probably say the same as I do to Moneycorp when they ask ... what was the source of the money? ... I say a lifetime of working. I say the same thing when asked by other financial agencies ... but yes ... He's A Bad Bad Boy.

Its not that I am judging him - good luck to him

Its just that the way he answered about how he takes cash - was like I had never thought of it or considered it

I am trying to find ways to get my money over to Thailand as the game is changing and they are targeting flights to BKK from LHR

If a customs guy starts asking me questions about my money and I give him an answer he is not happy with or I get frustrated with him and get stroppy (as one would) - he is well within his powers to take it off me until I can prove its source - and unless I am carrying all the relevant paperwork - it will not get dealt with there and then

[JAS21]

Have a look at xe.com and then phone Moneycorp and ask what they are offering for whatever amount of THB that you want to buy. Then have a look at the TT Rate offered by Bangkok Bank.

Then work out the two costs. If you BACS to MC there are no bank charges and they won't charge either... they make it on the rate. This end you will pay up to about 600Baht ... depends on how much you send.

Of course you do need a bank account here.

The best rate for notes is of course Super Rich. Just google

[socrates28]

Some answers from CS

The account that you are opening is the Schwab One International Account. I can confirm the following:

Unlimited ATM fee rebates apply to cash withdrawal transactions using the Schwab
One Visa Debit Card at any US and international locations on the Plus or Visa ATM
networks.

Unlimited ATM fee rebates do not include fees imposed by merchants for POS
transactions or currency exchange fees for international ATM
withdrawals, or to fees imposed for balance inquiry and transfer
transactions.

The Schwab One International Account does not have a checking account
attached; it is a brokerage account. You are able to access the cash
element within that brokerage account by using your Visa Debit card.

I have attached a brochure that details the SIPC protection on the Schwab One International Account.

There is no specific exchange rate that you can refer to but typically the
exchange rate is 95 pips; i.e. if spot was $1.50 to the GBP and you were
moving GBP into your account, you would get a rate of $1.4905.

The 1% charge mentioned is on the Schwab Global Account, which is different to the
Schwab One International Account.

I hope this all helps; if you have any further questions, please let me know.

[sas_cars]

Some answers from CS

The account that you are opening is the Schwab One International Account. I can confirm the following:

Unlimited ATM fee rebates apply to cash withdrawal transactions using the Schwab

One Visa Debit Card at any US and international locations on the Plus or Visa ATM

networks.

Unlimited ATM fee rebates do not include fees imposed by merchants for POS

transactions or currency exchange fees for international ATM

withdrawals, or to fees imposed for balance inquiry and transfer

transactions.

The Schwab One International Account does not have a checking account

attached; it is a brokerage account. You are able to access the cash

element within that brokerage account by using your Visa Debit card.

I have attached a brochure that details the SIPC protection on the Schwab One International Account.

There is no specific exchange rate that you can refer to but typically the

exchange rate is 95 pips; i.e. if spot was $1.50 to the GBP and you were

moving GBP into your account, you would get a rate of $1.4905.

The 1% charge mentioned is on the Schwab Global Account, which is different to the

Schwab One International Account.

I hope this all helps; if you have any further questions, please let me know.

Thanks. What is the max atm withdrawal daily limit of the account? I guess it's 1000 US$ default. But how much more we can increase it permanantly?

Edited June 5, 2013 by sas_cars

[socrates28]

Some answers from CS

The account that you are opening is the Schwab One International Account. I can confirm the following:

Unlimited ATM fee rebates apply to cash withdrawal transactions using the Schwab

One Visa Debit Card at any US and international locations on the Plus or Visa ATM

networks.

Unlimited ATM fee rebates do not include fees imposed by merchants for POS

transactions or currency exchange fees for international ATM

withdrawals, or to fees imposed for balance inquiry and transfer

transactions.

The Schwab One International Account does not have a checking account

attached; it is a brokerage account. You are able to access the cash

element within that brokerage account by using your Visa Debit card.

I have attached a brochure that details the SIPC protection on the Schwab One International Account.

There is no specific exchange rate that you can refer to but typically the

exchange rate is 95 pips; i.e. if spot was $1.50 to the GBP and you were

moving GBP into your account, you would get a rate of $1.4905.

The 1% charge mentioned is on the Schwab Global Account, which is different to the

Schwab One International Account.

I hope this all helps; if you have any further questions, please let me know.

Thanks. What is the max atm withdrawal daily limit of the account? I guess it's 1000 US$ default. But how much more we can increase it permanantly?

You can increase to $2000 in one phone call

a higher limit is by request and will take longer