I’ve read all the articles and their website but either it is buried or I am missing something - is it possible to make an international wire transfer on their platform? The Visa is fine, but I have a bank account already overseas and I have difficulty wiring funds into the account from the US. I am more interested in putting the funds into my overseas account and not keeping them in the US as this would be my second account in the US. My current bank - typically for a small community bank - requires a physical presence to do a wire transfer out of the country. So, with Schwab - I really don’t need the card - but I do need to be able to transfer money out.
Can’t you use Transferwise with your current US bank account? AFAIK, Transferwise can pull funds from any US bank account via ACH debit.
Yes, you can do international wires, but only from the brokerage account, not the checking account. That shouldn’t matter though. The cost is $25 (same as domestic) plus the hidden cost of a poor exchange rate and the normal hidden intermediary bank charges.
However you’ll likely get a better deal with a service like TransferWise—perhaps even use Transferwise Borderless to receive whatever income you have in the US directly (they’ll give you a receiving accounts with a local US account number that can receive ACH deposits and domestic wires).
I am based in Ukraine and they only work with Privat Bank - not mine - and I am not interested in opening an account with Privat. I could use Xoom but that involves picking up cash and then depositing it. It’s basically my local bank in rural US whose intellect and understanding of international banking requirements is, to say the least, limited, depending on who is the officer of the day.
Thanks very much, Thomas. That would work well. I need to read how that brokerage account works.
Hi Niels,
I don’t remember whether I replied by email but yes, Transferwise is useful, but my bank is in Ukraine and they only deal with one bank, Privat. That’s not my bank so can’t use it.