IP ADDRESS

[Joey G]

https://www.schwab.com/contact-us/international-toll-free-numbers#:~:text=If the country from which you are calling,317-596-4501 to be connected with a Schwab representative.

Here's the list of contact numbers by country for Schwab... there's oe for the Philippines.

 

[Yeochief]

Follow up on my TSP account.  I called TSP via SKYPE, TSP did lock (security reasons) my account and the young lady unlocked it for me.  I'm good to go with them.  Thanks again for all of your help.  

[OnMyWay]

On 8/13/2020 at 4:35 AM, Tommy T. said:

I have one and yes, you get the ATM card. As of recently, all fees for ATM's have been refunded - for years...

They apparently use a "smart" computer system that learns. However, you must, at least at the beginning. inform them that you are overseas and the country where you are when you first use the card overseas... Afterwards, their systems seem to relax... But they are very responsive and helpful in case you have any issues...

 

On 8/13/2020 at 1:56 PM, Yeochief said:

I sent them a message a few days back, no response yet.  Asked how fast could I get an ATM card and do I have to maintain a balance in the account.

 

On 8/14/2020 at 7:31 AM, Hobbit112 said:

If you are talking about a Schwab account, I did the application online.  They required a US address at the time (20 months ago).  Checks and ATM card received in about 10 days at US address.

One you have the card you can use their app (can be installed on your phone in the Phils) and send a travel notice on where you will be using the card.  Notice can be dated same day. 

Regarding a balance, I try to keep at least $200 in my account.  I use it as a debit sweep account and only transfer what I expect to need each month into it from my main account in another bank. (ACH transfer, no charge from either bank)

 

On 8/14/2020 at 8:36 AM, Tommy T. said:

I know that they are slower to respond lately... but I also have not needed to deal with them personally for a while either.

I checked a while ago and my checking account does not require a minimum balance. You can set up an account that requires a minimum balance - my (sometimes faulty) remembrance is that it is up to you... I also have investment accounts there, and that may make a difference?

And what Hobbit said above is accurate... I did not phrase my comments quite correctly... They do require a travel notice, at least when you first try to use your card overseas. With me, I did that once and then kept using the ATM card weekly or bi-weekly and their computer only seemed to get upset when I exceeded 5 withdrawal attempts in less than a week. I hit that limit a few times because I can only withdraw P10,000 per transaction at the ATM's and sometimes I needed more than that for special expenses...

Just to be clear, the company I brought up earlier in the topic was Schwab International, not U.S. domestic Schwab.

https://international.schwab.com/

It appears that you all have Schwab domestic accounts.  I'm not sure which one Yeochief applied for, but they are two different animals.

With Schwab International:

--  No U.S. address required

--  No risk of account locking just because you are overseas

--  No travel alerts, at least not when you are in the Philippines.

--  They do have checking and no fee ATM, same as domestic Schwab

Downsides:

--  $25,000 to open accounts, not sure if that remains your minimum

-- Investments options are restricted.

Schwab domestic and Schwab Int'l are primarily investment banks, so they not going to allow people to open up a free no-minimum checking account without other activities.  Schwab, Fidelity, etc., starting offering regular banking services 20-30 years ago when regulations were relaxed, and I think it is more of a "perk" for their investment customers, and an attempt to get all the customers money in one place.

[Yeochief]

39 minutes ago, OnMyWay said:

https://international.schwab.com/

This is the one I sent questions to.

[Tommy T.]

1 hour ago, OnMyWay said:

It appears that you all have Schwab domestic accounts.  I'm not sure which one Yeochief applied for, but they are two different animals.

 

Thanks for the clarifications! Good job! Yes...mine are domestic accounts...

[Shady]

4 hours ago, OnMyWay said:

Downsides:

--  $25,000 to open accounts

Also a downside is that it is a brokerage account, which means

1) No FDIC coverage

2) No interest income (unless you actually want to invest in funds etc)

  

4 hours ago, OnMyWay said:

not sure if that remains your minimum

That's the important question, anyone know the answer?

If you need to keep $25,000 in a non-interest earning account, then the money you save from refunded ATM fees may not even matter.

 

 

 

 

[Shady]

On 8/14/2020 at 7:31 AM, Hobbit112 said:

If you are talking about a Schwab account, I did the application online.  They required a US address at the time (20 months ago).  Checks and ATM card received in about 10 days at US address.

And the downside to opening a domestic Schwab account is if they detect a non-US IP address, you will need to go to a US Branch in person.

Edited August 15, 2020 by Shady

[OnMyWay]

8 minutes ago, Shady said:

Also a downside is that it is a brokerage account, which means

1) No FDIC coverage

2) No interest income (unless you actually want to invest in funds etc)

  

That's the important question, anyone know the answer?

If you need to keep $25,000 in a non-interest earning account, then the money you save from refunded ATM fees may not even matter.

 

 

I'm not sure about those points 1 & 2.  I will try to find out for certain.

However, that doesn't impact me much is the reason I want to open a joint account there is to have some relatively low risk investments that my wife can easily get to if I kick the bucket.  It will not be my main investments, just another silo of some relative safe stuff that will be there when needed.

Interest on savings / checking accounts  at Banks is so low now, I don't even consider it a factor.  If you want to earn something, it needs to be invested.  At my Fidelity domestic account, my cash is some scheme they have it with banks and it is FDIC insured and I still get some decent interest.  Decent means around a bit less than 1% lately, I think.

[OnMyWay]

16 minutes ago, Shady said:

And the downside to opening a domestic Schwab account is if they detect a non-US IP address, you will need to go to a US Branch in person.

Yes, that is another main reason I want the Schwab Global account set up.  As a backup for my Fidelity domestic investment accounts.

[Shady]

1 hour ago, OnMyWay said:

I want to open a joint account there is to have some relatively low risk investments that my wife can easily get to if I kick the bucket. 

A joint Schwab account with your Filipina wife, can you do that?

Would she have access to all of the funds, or only through limited ATM debits?