2023 Charles Schwab Account Opening Teaching – Charles Schwab International US Stock Brokers Bank Account

This article introduces Charles Schwab Financial Management Company, as well as Charles Schwab account opening, domestic Charles Schwab deposits and other related teaching.

Charles Schwab Corporation ( Charles Schwab Corporation ) is an American multinational financial services company, bank and U.S. stock brokerage 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, margin financing and securities lending and cash management services. it provides Personal banking, business banking and other services, including advisory and wealth management advisory services for individuals and institutions. It has more than 360 branches, mainly in the financial centers of the United States and the United Kingdom. It is the seventh largest banking institution in the United States with more than $8.5 trillion in client assets. As of February 7, 2022, it had 29 million active stock accounts, 2.1 million enterprise 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.

Schwab will complete the acquisition and integration of TD Ameritrade this year or in 2023. Some netizens have already received an email from TD Ameritrade requesting that the account be merged into Schwab. TD Ameritrade will soon become the giant of US stock brokerages.

Schwab International Official Website

• The biggest advantage is that you can apply for a global ATM machine withdrawal fee debit card debit card magic card, which can be used for stock trading and consumption.
• $0 commissions on US stock, ETF and options trades.
• There are Chinese service and Chinese customer service, and there is 7×24 online customer service.
• There are banking services, providing two US checking bank accounts under personal names.
• It is a NYSE listed company with the stock code of SCHW.
• The risk control of the Schwab account is relatively small, and it is generally not required to deposit funds under the same name. As long as the funds can be deposited into the Schwab, Schwab will default to the compliance of the funds.

• The minimum deposit requirement for the Schwab International account is high, requiring a minimum deposit of 25,000 US dollars, but in fact it is also feasible for us to deposit 1,000 US dollars to open an account first.
• High interest rates on margin financing and securities lending.

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

We teach international account opening.

International account information preparation

1. Personal passport or Chinese ID card
2. Recent utility bill (gas, electricity, water, internet, etc.) or proof of residence

After entering the official website, click Open an account in the upper right corner.

Click Got it for all the next 5 steps. The first one is that you need your tax ID number, the second is that you need a passport ID card, the third is that you need a water and electricity bill as proof of address, the fourth is that you need your employer information and address, and the fifth is that It says that you need to print, scan and upload files. This is very simple, I just upload the screenshot of the first step.

Click Personal Account, then click Continue.

Click on personal account

Fill in the promo code, select New Registration.

new registration

The following is to fill in the name, email address, nationality, date of birth, passport information or ID card information according to the requirements of the web page.

fill in personal information

The next step is to fill in the login user name, password, password and answer, it is very simple, no screenshots will be taken.

Here is to fill in your own residential address, which needs to be filled in in English or pinyin, and the address must be consistent with the address proof you provided later.

Schwab supports domestic mobile phone numbers, fill in 86 and fill in the domestic mobile phone number.

Address information

The next step is to truthfully fill in the work status, work unit and address, as well as annual income and working capital. The working capital can only fill in 25,000 US dollars here.

Select no here and click Next.

Additional Information

Tick ​​as shown below.

tick information

In the next step, it is very important to select all options, otherwise it will be more troublesome to activate related functions at that time.

Trading authority

The next step is to fill in the option trading level. It is recommended to choose the highest level directly, so that you can do more trading items, and then fill in the family information, stock knowledge and option knowledge, just fill in truthfully.

Select Level 3

The next step is to check each option in its entirety. Check it directly, no screenshot will be taken.

At this point, we need to download the protocol and upload it later.

download agreement

upload files

upload files

To update the w8 form, click update your W8 form now. In fact, at this point, the account opening is basically completed.

update form
w8 form

Select according to the icon, click Agree, and then fill in as required.

• At this stage, the most convenient way in China is through Panda Express . Panda Quick Remittance App allows RMB to go abroad legally. This is the basic method of using Panda Quick Remittance. Click to view . The advantage is that the handling fee is cheap, and the remittance is 80 yuan; the disadvantage is that the exchange rate is a little bit, after all, they also have to make money.
• By domestic bank wire transfer. It is basically impossible to wire transfer from a domestic bank to a Schwab account, especially this kind of investment and wealth management account. It is best to transfer it, remit it from China to another US dollar account or Hong Kong dollar account, and then transfer it in, such as Wise, Swissquote and so on.
• The Schwab account is linked to the Bank of America account. Such as velo, citi, wise dollar account , capital one and so on.
• Deposit via virtual currency. KrakenExchange

After opening the Charles Schwab account, the author found that there are two checking accounts, one is JPMorgan Chase and the other is New York Mellon account. The chase account is the deposit account of Charles Schwab, which can only be used for deposit; the Mellon account is your personal account. Withdrawal and deposit. If you don’t understand anything, try to call Schwab customers or communicate online.

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

Before August 4th, users who already had a debit card will be issued a new card when the card expires. For users who have opened a Charles Schwab personal checking account before August 4 but have not applied for a debit card, the application for a debit card will not be approved.

After August 4th, newly registered users will not be able to open a Mellon checking account, nor will they be able to get a debit card approved.