Charles Schwab investment platform review: features and fees for individuals in the UK

Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.

Want to get started in investing? If you’re interested in stock market trading, you might want to join an online investment platform.

One of the popular options available in the UK right now is Charles Schwab.

Owned by US multinational financial services company Charles Schwab Corporation, the brokerage platform offers accounts and services aimed at UK and international investors.

In this guide, we’ll cover everything you need to know about Charles Schwab in the UK.

This includes who its best for, supported currencies, platform features, commission fees and how to get started with buying stock.

So, let’s dive right into our Charles Schwab review.

Who is Charles Schwab best for?

Charles Schwab is designed for UK investors wanting to access US investing opportunities.

It’s a decent option for beginners, as it’s free to open and use an account - and there are plenty of educational resources and tools to take advantage of too.

More experienced investors may also find it a good choice, although asset choice is limited to US stocks and securities (unless you’re comfortable paying higher fees for international investments.)¹

Who can open an account?

Charles Schwab doesn’t stipulate exact requirements for who can open an account, but it’s likely that you’ll need to be at least 18 years old and live in the UK.

You’ll also need to provide the following:²

• Proof of address in the UK
• A digital copy of your passport
• Your employer’s name and address (if applicable).

What currencies are supported?

Charles Schwab primarily supports trading in US markets, so transactions are likely to be carried out in US dollars (USD).

However, customers with an account can also take advantage of the Schwab Foreign Currency Wire Transfer Service. This lets you make international transfers in a range of major currencies.

Charles Schwab features

Now, let’s take a look at what kind of features you can expect when you open a Schwab International Account:

• Access and manage cash in your brokerage account online or via the Schwab mobile app
• Schwab Visa debit card, with no ATM fees
• Access to the Schwab Foreign Currency Wire Transfer Service
• Monthly statements online or through the post
• A choice of US investment products, including stocks, options, and bonds.
• Personalised investment plan
• Workshops and webinars.

Charles Schwab fees

Now for the important question - how much will it cost you to open an account and trade stocks with Charles Schwab?

Take a look below for the main fees and charges you need to know about for the Charles Schwab brokerage platform, based on trading on the US market.

We’ll look at some of these in more detail in just a moment.

Fees	Amount
Account management/platform fee	None2
Deposit fee	None
Withdrawal fee	$15 for wire transfers3
Currency conversion (applies to transactions not in USD)	0.2% to 1% foreign exchange fee, depending on amount4
Trading/commission fees	$0 for US stocks traded online $50 for foreign stock transactions4
Inactivity fee	None

Does Charles Schwab have an account fee?

No, Charles Schwab doesn’t charge any fees for opening an account, nor does it have monthly maintenance or platform fees.²

Trading fees with Charles Schwab

Let’s dive a little deeper into trading fees with Charles Schwab, so you can assess how much it’ll cost you to start trading on the platform.

How much does Charles Schwab charge for UK stocks?

Charles Schwab may charge foreign transaction fees of $50 USD per trade for UK stocks, plus a commission fee of £9 GBP for trades carried out online. Local broker fees and currency conversion charges may also apply.⁴

For US stocks, Charles Schwab doesn’t charge any transaction or commission fees for trades carried out online via its platform.⁴

Charles Schwab withdrawal fees

There’s a $15 USD fee for wire transfers out of your account, which may be the only way to withdraw cash from your US-based investment account to a UK-based bank account.³

Currency conversion charges may also apply.

You can read our guide on how to withdraw from a Charles Schwab account below.

📚Withdrawing from Charles Schwab

Charles Schwab commission fees

Charles Schwab doesn’t charge commission fees for online trading of US stocks.

But if you want to trade in international shares, you’ll pay commission fees which vary depending on the market and currency. Local broker fees and currency conversion fees may also apply.

How to buy stock with Charles Schwab

Here’s a quick step-by-step on how to buy stock with Charles Schwab:5

1. Login to your Charles Schwab account online or in the mobile app
2. Go to the ‘Trade Stocks’ order entry page
3. Enter the specifics of your stock order, including the stock ticker symbol, quantity and order type
4. Check the details carefully and submit your order

Buying stock in another currency?

Buying or selling a stock or shares that aren’t traded in your local currency? Don’t let the currency conversion trip you up. Convert your stocks or shares into any currency with our handy tool, and you’ll always know what you’re getting.

Check out our international stock ticker tool.

Check international stocks🌍

Disclaimer: Wise's international stock ticker provides information for reference purposes only. This tool and platform does not offer to buy or sell stocks, and the data displayed here should not be considered financial advice.

All investment decisions should be made after thorough research and consultation with a qualified financial advisor. We make no guarantees regarding the accuracy or completeness of the information provided, and users should exercise caution and seek professional guidance when making investment choices.

How is the Charles Schwab mobile app?

The Schwab Mobile app is available from Google Play for Android devices and the App Store for iOS devices.

It’s free to download (although you will need to open an account) and offers most of the main features of the online platform. You can securely access your account, place trades and monitor the market.

The Schwab Mobile app currently has a score of 3.6 on Google Play (from 26.8K ratings)⁶ and 4.8 on the App Store (from 932.2K ratings).⁷

Charles Schwab customer service

Need help? You can contact Charles Schwab customer service using the following methods:

• Login and send a secure email
• Call +44 203 795 2704 (new clients) or 0808 234 6306 (existing clients).⁸

Alternatives to Charles Schwab

There are lots of alternatives to Charles Schwab available to UK traders and investors, including:

• Trading 212
• IG Trading
• XTB
• eToro
• Interactive Brokers
• Webull
• Hargreaves Lansdown
• Fidelity

FAQs about investing with Charles Schwab

Can I make a transfer from Charles Schwab to my Wise account?

At the time of publishing, it should be possible to withdraw funds from your Charles Schwab brokerage account to your Wise account. You’ll need to have USD account details from Wise and provide these when transferring cash to an external account.

What is the minimum investment for Charles Schwab?

There’s no minimum deposit required to open a brokerage account at Charles Schwab.

Is Charles Schwab good for beginners?

Charles Schwab is a good choice for beginners, as it charges no fees to open or maintain an account - or to trade US stocks. It also has a mobile app for making and monitoring trades on the move.

How long does it take to withdraw money from Charles Schwab?

The time it takes can vary depending on where you’re sending money to and which method you choose. If you choose wire transfer and have US bank details, your withdrawal could be processed the same day.³

How much are Charles Schwab fees?

Charles Schwab charges no fees for opening or maintaining an account, and there are no transaction or commission fees for trading online in US stocks.

However, UK investors will nearly always have to pay foreign currency conversion fees - as all transactions are carried out in USD.

The platform also has transaction and commission fees for trading in international shares and other investment products.

Is there a fee to close a Charles Schwab account?

Charles Schwab doesn’t say whether or not it has a fee for closing an account, but it’s unlikely that there is one. You’ll need to get in touch with the platform for further details.

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Save money when selling or buying international stocks with Wise

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Learn more about Wise Interest

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

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Sources used:

1. Finder - Charles Schwab brokerage review UK
2. Charles Schwab - opening an account with Charles Schwab
3. Charles Schwab - how to transfer funds out of your account
4. Charles Schwab - Charles Schwab pricing guide for individual investors
5. Charles Schwab - Charles Schwab FAQs page
6. Google Play - Schwab Mobile app for Android
7. App Store - Schwab Mobile app for iPhone
8. Charles Schwab - contact details

Sources last checked on date: 14-Oct-2024