Unlock the full potential of Suncoast Credit Union international wire transfers with our comprehensive guide.
Charles Schwab is a company that offers finance-related services to its customers, including trading and domestic as well as international wire transfers.
In this article, we'll take a look at Charles Schwab's international wire transfer fees and exchange rates, transfer times, and more.
If you're searching for an alternative, we'll introduce you to Wise. With Wise, you always get the mid-market rate, so you may save money.
To receive funds to your Schwab account from abroad, you don't have to pay a fee. Keep in mind, however, that the sending bank's fees still apply.
Does Charles Schwab charge for wire transfers to abroad? The answer is yes. There is a $25 fee per transfer, which you can reduce to $15 when sending the international wire online¹.
It is important to note that on the top of this, you may also pay extra fees because of correspondent banks.
Here is a table of Charles Schwab's international wire transfer fees.
|Charles Schwab international transfers¹
|Incoming international transfer
|Outgoing international transfer
|$25 per transfer or $15 for online transfers
|Additional fees from intermediary and/or recipient bank
|When you transfer money internationally, there will likely be 1-3 intermediary banks involved in the transfer, and they may all charge fees that you’re responsible for paying.
When sending foreign currency through Charles Schwab, they tack on a currency markup along with the transfer fee.
These additional fees can really add up and impact your total transfer cost. While the exact amount of this markup isn't disclosed, it's worth noting that banks usually charge exchange rates that are 4-6 percent higher than the mid-market rate.
Even if you use your own bank for the conversion, there might still be a markup involved. So, why not consider an alternative with no markups? That's where Wise comes in.
Consider Wise as an alternative for international bank transfers.
Unlike traditional methods, Wise operates through local bank transfers, eliminating international and intermediary fees.
Let's take a quick look at a comparison between Charles Schwab and Wise for sending $1000 to a friend in the United Kingdom:
|$25 or $15 for online transfers
|Exchange rate + markup
|The mid-market exchange rate
|$25 + exchange rate markup + likely fees from intermediary and recipient banks
|$6.93 (via ACH)
It seems that Charles Schwab’s fees are higher.
However, if the fees alone aren’t reason enough to consider an alternative, then add to that the exchange rate markup — on average a spread of an additional 4-6%.
Those costs can add up fast. Start saving today!
Online: You can initiate wire transfers online through your Charles Schwab account. Simply log in and follow the instructions to send international transfers in US dollars. For transfers in other currencies, consider the options below.
By phone: Collect the necessary details of the recipient's bank (more on that below). Then, dial 1-877-686-1937 (inside the US) or +1-415-667-8400 (outside the US) to speak with a customer service representative. They will assist you in providing the required information and initiating the transfer.
At a Charles Schwab branch: Visit a Charles Schwab branch, where a teller will guide you through the process. Make sure to have all the necessary information and inform the teller or cashier about the type of transfer you wish to make.
To make an international transfer with Charles Schwab³, you’ll need:
- BIC/SWIFT code of the recipient. If you don’t know it, an online tool can help.
- The destination bank name
- The recipient’s account number
- The recipient’s full address
- The destination bank’s full address
If you’re not sending money to an US dollar account, check below which additional details you’ll need from the recipient:
|UK, Australia, New Zealand or Canada
What do I need or what should I give to the sender in order to receive an international bank transfer?
To receive an international money transfer to Charles Schwab, you’ll need to give the sender:
- Charles Schwab’s BIC/Swift code
- Your branch address
- Your routing number
- Your account number
- Your full name as it appears on your account
- You may need to agree with the sender about who will pay the fees associated with the transfer
As per Charles Schwab's Terms & Conditions⁴, the minimum amount you can send is $1, while the maximum amount per transfer is $100,000.
The daily transfer limits are set at $100,000 for both sending and receiving money. It's important to note that you can only transfer funds up to the available balance in your account, regardless of the specified transfer limits.
Charles Schwab⁵ asks its customers to allow at least two business days for international transfers. However, transfers can take up to five business days under some circumstances.
Payment for an international transfer occurs automatically and is deducted from the account of the sender.
Charles Schwab doesn’t currently offer a faster transfer for an extra fee.
Transfer times aren’t guaranteed, and some countries and recipient banks may take longer to process international transfers.
Still need help? Charles Schwab’s customer service center will have more information about making international transfers through their platform.
Here’s the information you need to reach out to Charles Schwab’s customer support:
|Charles Schwab phone number
|Charles Schwab customer service hours
|Monday–Friday, From 4:00 AM to 8:00 PM, Saturday and Sunday, from 6:00 AM to 7:30 PM (Pacific Time)
|Charles Schwab mailing address
|Charles Schwab & Co., Inc.
Attn: International Operations
1945 Northwestern Drive
El Paso, TX 79912-1108, USA
With all the right information, making an international transfer is a lot less daunting, right? Hopefully, you can now choose the transfer method that’s right for you and your money. In any case, you can always check out Wise.
💡 Need to manage local and international business transfers? Wise Business can save you time and money.
|Some key features of Wise Business include:
- Forms and applications > Wire Funds: International with Letter of Authorization Form
- Electronic Funds Transfer Terms and Conditions - Page 1
- Forms and applications > Instructions to Wire Funds into Your Schwab Account
All sources checked on 24 May 2023
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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