2024 Charles Schwab Account Opening Review - Charles Schwab International U.S. Stock Brokerage Bank Accounts

This article gives instruction on Charles Schwab, and also Charles Schwab account opening, domestic Charles Schwab deposits, and so on.

Charles Schwab Profile

Charles Schwab Corporation is an American multinational financial services company, bank, and U.S. stock brokerage firm that provides electronic trading platforms as well as traditional investment methods for trading financial assets, including common stocks, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, fixed income investments, financing facilities, and cash management services. It offers personal banking, commercial banking, and other services, including consulting and wealth management advisory services for individuals and institutions. It has over 360 branches, primarily in financial centers in the United States and the United Kingdom. It is the seventh largest banking organization in the United States with over $8.5 trillion in customer assets. As of February 7, 2022, it had 29 million active stock accounts, 2.1 million corporate retirement plan participants, 1.5 million bank accounts, and $8.5 trillion in client assets. Charles Schwab was founded in San Francisco, California and is currently headquartered in Westlake, Texas. Charles Schwab will have completed the acquisition and integration of TD Ameritrade.

Charles Schwab Prons and Cons

Pros

• The biggest advantage is that you can apply for a global ATM cash withdrawal no fee debit card debit card God card, speculation and consumption of bothThe
• COMMISSIONS ARE $0 FOR U.S. STOCK, ETF AND OPTION TRADES.
• There is Chinese service and Chinese customer service and 24/7 online customer service.
• There are banking services that provide two US checking bank accounts in the name of the individual.
• IS LISTED ON THE NYSE UNDER THE TICKER SYMBOL SCHW.
• The risk control of the Schwab account is relatively small, generally does not require the same name deposit, as long as the funds can be entered into Schwab, Schwab defaults to fund compliance.

Cons

• Charles Schwab International accounts have high minimum deposit requirements, requiring a minimum $25,000 deposit requirement, but it is actually feasible for us to deposit $1,000 to open an account first.
• The margin interest rate is high.
  

Charles Schwab account opening tutorial

If you are a non-U.S. resident click on the first method to open an international account; U.S. residents (minimum deposit requirement is $1,000) click on the second link to open an account.

1. Non-U.S. Residents Open Accounts, Go to International Accounts, https://international.schwab.com/
2. To open an account for U.S. residents, go to the official website, https://www.schwab.com/

AUTHOR'S INVITATION CODE: REFERCFNW4XMA

Use the invitation code to get the following account opening incentives.

Successful account opening and deposit of cash or transfer of shares with a value below	Amount of incentives that can be earned separately
$25,000-$49,999	$100
$50,000-$99,999	$300
$100,000-$499,999	$500
$500,000 +	$1000

International account opening.

Preparation of information for international accounts

1. Personal passport or Chinese identity card
2. Recent utility bills (gas, electricity, water, internet, etc.) or proof of residency or bank statements, credit card statements, etc.

Once you enter the official website, click directly on Open an account in the upper right corner.

Tap Got it for all the next 5 steps. the first one says you need your tax ID number, the second one says you need passport ID, the third one says you need a utility bill as proof of address, the fourth one says you need your employer's information and address, and the fifth one says you need to print and scan and upload your documents. This is so easy that I'll just upload a screenshot of the first step.

Tap Personal Account and then tap Continue.

Fill in the promo code REFERCFNW4XMA or of course leave it out.

The next step is to fill in your name, email address, nationality, date of birth, passport information or ID card information as required by the webpage.

The next step is to fill in the login username, password, secret password and answer, it's very simple, so I won't take a screenshot.

Here is to fill in their own residential address, you need to fill in English or Pinyin, the address should be consistent with the address proof you provide later.

Carlson is supported by domestic cell phone number, fill in 86, fill in domestic cell phone number. It is better to fill in the U.S. cell phone number.

The next step is to fill in the work status, workplace and address, as well as annual income and liquidity. Liquidity can only be $25,000 here.

Select no for all of them here and click next.

Check off the boxes according to the chart below.

Next, it is important that all the options are selected, otherwise it will be more troublesome when you want to turn on the relevant features.

The next step is to fill in the options trading level, it is recommended to choose the highest level directly, you can do more trading projects, and then it is to fill in the family information, stock knowledge and options knowledge, just fill in truthfully.

The next step is to check off each option all together. It's straightforward to check them off, so I won't take a screenshot.

To get here, we need to download the protocol, which needs to be uploaded later.

Uploading files

To update your W8 form, click update your W8 form now. in fact, at this step basically the account opening is complete.

Follow the choices shown, click on Agree, and then fill in the fields as required.

After submitting, basically can log in Carlson's account, we can after 2 to 3 working days to call Carlson to inquire about the status of the account, so that they can accelerate the review of the account through as soon as possible.

Charles Schwab Deposit Methods

• At this stage the most convenient domestic Panda Express . Panda speed remittance app RMB legal to go abroad, this is the basic use of Panda speed back, click to see. The advantage is that the commission is cheap, remit as much as 80 yuan; the disadvantage is that the exchange rate is a bit utter, after all, they have to earn money.
• Wire transfer via domestic bank. It's basically unlikely to wire transfer money from a domestic bank to a Carlson account, especially for this kind of investment banking account. It's better to transit down and wire from domestic to other USD account or HKD account and then transfer in, such as wise, Rexon or whatever.
• Carlson Account Inside Link Bank of America Accounts. Examples include velo, citi, wise dollar accounts, capital one, etc.
• Deposit via virtual coins. kraken 
• Deposit via BiyaPay.

BiyaPay can fund Charles Schwab's Multi-Asset Wallet with USDT - USDT U.S. and Hong Kong Stock Brokerages

Charles Schwab Customer Service Phone Number

International phone number: +1 4156678400 where Chinese language services are available.

US Phone: +1 8778707331, this is a full English service, you can call for a Chinese interpreter.

+1 8776861937, this number is also available in Chinese.

Chinese telephone service from 09:00 to 13:00 EST.

Customer service will usually verify your personal information, so be careful to answer accurately.

About the 86 beginning cell phone can not accept the verification code situation solution

Some users feedback that the current 86 cell phone number can not receive SMS verification code, then we can call Carlson customer service phone, and then help us modify to add the reserved cell phone number.

Other notes

After the opening of Charles Schwab account, I found that there are two checking account, one is JP Morgan Chase, one is the account of the New York Mellon Mellon, chase account for the deposit account, can only be used for deposit; Mellon account for your personal account can be withdrawn and deposit.

Charles Schwab no longer offers debit cards and BNY Mellon bank accounts for users in China

After August 4, 2023, new users in China will not be able to apply for debit cards and Mellon personal checking accounts.

Users who already had a debit card prior to Aug. 4 will be issued a new card when the card expires.
Users who have opened a personal checking account prior to Aug. 4, but have not applied for a debit card, will not be approved for a debit card.
New registrants will not be able to open a Mellon checking account after Aug. 4 and will not be approved for a debit card.

Those who opened it before are secretly happy, those who didn't will have to open a neutered account.

Above.