Been through this many moons ago when moving to France
Le relevé d’identité bancaire is just your bank details, A long time ago, when I wanted to transfer my saving from BNP Paribas to HSBC UK (€ to £ at BNP’s own rate) they asked me for a RIB to verify the details (I was in the branch and at that time I didn’t know how to do it myself). They told me to give them the bank statement with name, bank name and account details, IBAN, BIC/Swift, etc. And the PDF statement from HSBC was enough as all the details are shown.
Now that I’ve thought about it, my deposit slip wouldn’t have had the IBAN back then, so I just typed it up myself and they were happy with that.
Either way, not an insurmountable problem
I couldn’t see anything online about a debit card/cheque book??
Are you sure it comes with a debit card?
You didn’t think to make the thread a wiki
Yup. It’s a Schwab One account: https://international.schwab.com/brokerage-account
Refunds ATM charges too.
But that’s where it mentions the $25000 opening balance
Your original UK link has this
and this:
so seems like you can open through the London arm with no minimum to get a card. The mention of wire transfer to fund worries me a bit though (due to potential extra charges), unless this just means a faster payment?
Hmmm.
I wonder if you have to fund the account with GBP or USD?
USD only. However, Wise does the wire transfers free (in and out) so no big deal.
They are American wire transfers which are their equivalent of BACS so take a few days to arrive.
To be honest, I’m confused about the minimum balance. One place says no minimum, the other says $25000. I think you can open the basic account with no minimum but the upgraded one needs $25000.
I’ve done some more research and it seems they provide you with a normal current account and brokerage account.
Could be useful for US travel and to buy shares overseas.
Still can’t find clarification on the minimum balance requirements. May attempt to obtain the account and just wait and see!
How you get the current account?
When you click on that link, there are three lines in the top left hand corner. When that menu opens, look along the list for country/region. Select United Kingdom and the page will refresh. It’s quite clear there is no minimum deposit but account opening may not be instant. Need to provide multiple proofs, identity, address, etc
PLease come back and let us know how you get on.
I was unable to apply after stating I lived in the UK.
Current Account or Brokeage?
You don’t get a current account. It’s a brokerage account only.
I got accepted for it
Yes, but the brokerage account comes with a debit card and checkbook. Not totally sure you get that at the initial level.
Care to send the link to the form you used?
Not sure what I did wrong on the application form. I just entered what they asked for.
I may try again at some point.
US brokers have blurred this line - most of these have full checking account functionality at least domestically, and other institutions treat them as if they were checking accounts. They are a bit like e-money accounts but offered by massive institutions in their own right and often with licenced bank subsidiaries.
EMI and US brokerage accounts with checking functions are probably the most accessible “bank” accounts to open as a non-resident. Jersey/Guernsey/IoM banks and HK/SG/UAE/Lux banks focusing on mass affluent retail customers are probably the second/third easiest for UK-based prospective customers respectively.