Funding Schwab brokerage account with foreign currency?

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notsure
Posts: 19
Joined: Sun Apr 21, 2013 9:39 am

Funding Schwab brokerage account with foreign currency?

Post by notsure » Mon May 06, 2013 2:10 pm

I've noticed a couple of Bogleheads threads where members mention Schwab's service that allows you to fund your US-based Schwab brokerage account, by transferring foreign currency you hold in a foreign account to an account they hold in that country. For example, you could transfer pounds sterling held in a U.K. bank account to Schwab's Barclays account in the U.K. and Schwab will then use Barclays foreign exchange to transfer the pounds into dollars that arrive in your Schwab brokerage account 3-7 days later, seemingly at a competitive rate. (Details of the Schwab accounts abroad are here: http://www.schwab-global.com/public/fil ... _Sheet.pdf)

Does anyone have any experience making such transfers with Schwab recently? And did they feel they got a good rate? I myself am considering transferring money from the U.K. to a U.S-based Schwab brokerage account -- and I'm sure there are others who might find this service useful for the 13 or so countries where Schwab has accounts.

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