What this means is that Schwab buys foreign currency at the mid-market exchange rate, then adds a margin to this rate before passing it on to its customers. This is highlighted clearly on the foreign wire transfer form you complete to make your payment. Schwab charges an exchange rate markup on international payments which involve a currency conversion. If your payment is sent using the SWIFT network you may pay intermediary bank fees, or charges levied by the recipient’s own bank. No fee for the first 3 incoming wire transfers per quarter, if you hold a balance of USD100,000 or more. Check out the full fees for your transaction by logging into online banking, or calling Schwab customer services. Here are a few extra costs to look out for. USD25 + exchange rate markup + possible intermediary bank fees Here’s an overview of a USD1,000 transfer to Canada: Provider We’ll look at the costs and rates available from Schwab in more detail in a moment. The Charles Schwab transfer rate includes a markup, and you may also pay additional intermediary bank fees if your transfer is processed using the SWIFT network. The standard Schwab fee for a wire transfer is USD25. Let’s look at an example to illustrate the costs of sending money abroad. A quick cost example: sending USD1,000 to CAD, to an account in Canada All of the fees mentioned below are for guidance and can change over time, so do check the most up to date details online. You’ll need to find the correct price list for your account type - individual account, or managed investment account - and then look out for the fees applicable to the specific account product you hold within that category. You can make a Charles Schwab international wire transfer in a few different ways - but the costs may vary as there are different fees for different types of Schwab accounts. Send money with Wise Schwab international wire transfer fee
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