yes they cover all ATM fees worldwide, the account is entirely in USD however and sending money to it isn’t super straightforward.
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Good to know, thanks. Do you know if they charge a fee to get the debit card sent to the UK?
No they don’t charge a fee for their debit card or chequebook. As I mentioned above, it only requires a 100 USD deposit. The debit card however doesn’t have contactless or support Apple/Google pay. It was shipped via DHL express and arrived super quickly from the US.
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Great thanks, I’m going to give this a go.
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The Schwab card is a funny one. I tested it with a purchase at Sainsburys (inserting the chip) and it wouldn’t prompt for PIN - it required a signature. That’s the day I learnt how self checkouts do card signatures (it requires staff intervention).
Also the app/website takes many days to show purchases. Haven’t had the opportunity/need to try it for ATM withdrawals yet.
I’ve been able to fund the account both by setting up direct debit from a Wise account, and by wire transfer from hsbc expat. Both were free.
I paid with it in Europe before and it didn’t ask for a PIN or signature. They do takes about 2 days to show up in the app.
It can be topped up via DD through the Wise USD account or by sending GBP (or any foreign supported foreign currency) to their designated account for them to then credit your account with the equivalent amount in USD. It may also be possible to do an ACH transfer directly but I haven’t tried that personally.
You can do an ACH transfer, but you need to have received the checkbook as you need to use the routing number from the app and the account number from the checkbook.
Worth noting that American bank transfers are roughly at BACS speed i.e. no Faster Payments equivalent.
Wise charges fees for ACH transfers so it would only make sense to make one from a US bank account.
Shame. I’d like a backup funding option… Revolut?
On the HSBC Australia front, don’t tell them that you’re planning on moving there (as we are) as they want a residence visa. Saving in A$ is fine but to stop it going dormant, you need to use it now and again so deposit/withdraw every couple of months.
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Revolut charges only 80p for an ACH transfer, might be cheaper than Wise depending on the difference in exchage rate. Cheapest option would be to just buy USD in Wise and transfer it to Schwab via direct deposit. This way it’s a fee free transfer. Schwab’s own exchange rate however is really good as well, their rep told me that Wise might beat their rate but it’s still a very good rate in my experience.
In terms of HSBC AU, I have actually applied and waiting for them to approve it.
HSBC Australia phone you back in a few days. Stick to the saving in A$ reason and you’ll be grand.
HSBC UK to HSBC Australia is instant, next working day in the other direction.
Do HSBC HK need a reason to open?
Yes HK needed a reason, I chose ‘I plan to save/invest in HK’. No phone calls or anything, account opened in 5 minutes through the app, only need my passport.
For Wise you can add it as a linked account (Under “Move Money, “External Accounts” on the Schwab website). Takes a day or two but Schwab will send and debit some small amounts to/from your account and you tell them the amounts to verify ownership (pro-tip: Wise processed the debit before the credits for me so make sure you have some money available).
You can then move money from Wise to Schwab inside the Schwab website, and it will direct debit from Wise. No transaction fees.
The deposit to Revolut works, but the debit didn’t so I’m up 10c 
Yes that’s exactly how I did it, Revolut used to give local ACH details as well so it would’ve been possible with them as well.
Opened mine without any funds in the account. Only filled in the ordering form and waited ca. 2 weeks for them to process. Card sent via DHL, chequebook via regular post.
The guy called me saying I need to deposit $100 for the chequebook and card after I submitted the form. However the card was already shipped when he called me so I guess the $100 deposit isn’t a strict requirement but others have reported it as well. I also requested a chequebook cover which they kindly sent me via UPS for free.
Applied for an account but was told to call them.
We’re reviewing your request for a Schwab One International® Brokerage account.
Help us verify your personal information.
Call us at Monday through Friday, from 9:00 a.m. to 6:00 p.m. (UK Time), to speak with a representative.
For me they asked for proof of address and accepted my drivers license. I guess you have to call them then.
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You have to call to activate the card. You’ll need your account number which is the last eight digits on the app.
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