Transferwise multi-currency account in Australia (aka borderless account in UK).
I called Transferwise and they said it does not work 100% of the time with funding Charles Schwab share trading account.
I called Charles Schwab and they don't know much either.
Any alternative to funding that works besides using Transferwise multi-currency account?
Please advise.
Thanks a million.
When this transfer is initiated, does our bank charge any fees?
no it's the same as transferring to any Aus. bsb/account number.
I called my Bank (ANZ) this morning, and they confused me. As soon as I mentioned the swift ID of the JP Morgan Sydney Account, they told me that it's a wire transfer and it will cost me $28.
so just to be clear, I should just transfer funds to the JP Morgan Sydney branch BSB and ACC no.(without using any swift ID) and in the reference put my Charles Schwab Account number.
BTW if you don't mind, can you please tell me which bank do you use for transfers.
Thanks heaps.
so just to be clear, I should just transfer funds to the JP Morgan Sydney branch BSB and ACC no.(without using any swift ID) and in the reference put my Charles Schwab Account number.
Correct. It's a simple funds transfer, no need to include the SWIFT code.
BTW if you don't mind, can you please tell me which bank do you use for transfers
I've used NAB,Citibank,Westpac to send funds.
Bohn is a godsend.
Also , this is the best thread I have found about transferring money in and out of Charles Schwab:
https://forums.whirlpool.net.au/archive/2794283
Charles Schwab - Sending Money to Brokerage Acc.
from April 2019 to July 2020
google search says ofx and citiplus transaction account works.
Use citibank. You can use Transferwise to send to your citi account or better yet revolut to get the better rate.
I am using tradestation, USD to USD transfer with transferwise works fine.
I don't know about Schwab but Transferwise blocks all the crypto currency places. When I ask them, they don't tell me why it's blocked, but that's what people on the internet says.
hi niknah, i want to get started with the sim account at tradestation. you have to deposit "any amount" to get access, though asking my account rep for how to transfer using wise is like talking to a brick wall.
he keeps telling me i have to wire funds. so could you tell me how you transfer funds with wise, including tradestation's bank details?
Wise uses ash so that's no good. Try citibank, you could use revolut or transferwise to convert to USD then send to your citibank account for better rates.
hi niknah, i want to get started with the sim account at tradestation. you have to deposit "any amount" to get access, though asking my account rep for how to transfer using wise is like talking to a brick wall.
he keeps telling me i have to wire funds. so could you tell me how you transfer funds with wise, including tradestation's bank details?
With the benefit of hindsight 1-2 people in the whirlpool thread had the correct Transferwise instructions, which could have saved me a lot of time. In a nutshell Transferwise is not a wire transfer (it uses ACH), so you'll need to navigate within Schwab to "Transfers & Payments" >> "Routing Numbers", and use the details in "Direct Deposit and sending money to a Schwab account" (you'll note that the last digits in the account number match your Schwab account number). Transferwise fees worked out to be about 0.45%, and the AUD/USD rate used was accurate
Reiai,
Using that method to transfer the Schwab account, did you do it from Transferwise Multi Currency Account (I think so)?
ie. the steps being:
1) Transfer money from AUD Bank to Transferwise Multi Currency Account
2) Transfer money from Transferwise Multi Currency Account to Schwab using "Direct Deposit"
I ask as I'm trying to work out whether I need to set up a Multi Currency Account or not, for my Schwab transfers. I've gone down the JP Morgan path for a while now, but wanting a better deal that the 0.7% spread that I lose out on. Transferwise seems to be 0.45%
Bit late on the response, but basically I used the normal Transferwise service (i.e. it comes up with instructions to make and reference a standard AUD payment)
Honestly if you're wanting a better deal on the currency conversion, I can't recommend Revolut enough. The free account lets you send $9000 AUD equivalent per month, or unlimited on the $10.99 plan, and it converts at the interbank wholesale rate with no spread at all - even better than Transferwise. Then you just perform an ACH transfer from your Revolut USD account to your Schwab brokerage account, free free free.
I'm just testing Revolut now.
Is the best process to add AUD to your account, convert to USD, and then send the USD to the Schwab account? Or do you just add AUD and then send directly to the Schwab account?
Does it make a difference in terms of fees? I assume both methods will count towards the $9000/month limit.
@rev0: Personally, I tend to hold it in AUD until I need to send it, then convert what I need - unless I see AUD peaking against USD in which case I convert it early to eke out a few extra dollars.
No fees either way.
You can fund it by transferring to Schwab's AU bank account. The exchange rate they use is pretty good.
https://international.schwab.com/public/file/SERVICE-FORMS-R…