Can you open acc with 25k deposit as non US citizen remotely? If so How??
this post was submitted on 29 Nov 2023
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Charles Schwab ova here
Why not to use Revolut? I keep there around $50 only and top it up if I need more. Exchange rate is great, works everywhere and very easy to open an account (for certain countries).
Int'l card payment cost: 0% to ~1% markup (depending on currency)
Do you know how they take the 1%?
Yes, on weekend they charge 1%. I remember there was also an additional 1% charge for rare currencies. For free accounts there was also a monthly limit on exchange volume. Also various plans have different ATM free withdraval limits. If there is an additional charge it is just added to the amount charged in the base currency.
Do you know if revolut sends cards from US to overseas? Preferably with DHL or something fast?
They send to eligible countries only. However, you may specify any delivery address there. For example, the address of your friend who later will ship it to you by DHL.
This isn't rocket science. You can lock and unlock your debit card.
- Lock card when not needed.
- Go to ATM.
- Unlock card.
- Withdraw money.
- Lock card.
Rinse, repeat.
I’ve never tried this. Is the unlock instantaneous?
Yes
Get something like Wise for travel, you can top up the balance, it's a visa card not a debit card, it auto-exchanges market rates if you use a foreign currency.
Nothing to do with travel but it usually isn’t a good idea to have your ‘entire life savings’ in one account. I know it’s very unlikely but what if Charles Schwab went bankrupt or fell victim to fraud or just decided to shut down your account for any reason.
Don’t put all of your eggs in one basket.
Schwab bank is not schwab brokerage. You can link your accounts for free transfers but your debit card shouldn’t be pulling from any investment accounts. They are a bank as well as an investment firm.
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Never use your debit card for everyday spending
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Keep most liquid cash in high-interest savings
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Have a minimum of 2 checking accounts with 2 debit cards from entirely separate banks
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Have a Wise account because bank transfers arrive in seconds and you can make foreign transfers to yourself or others quickly
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Keep <$2000 in your "cash withdrawals abroad" checking account, transfer more as needed
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Pay for everyday spend with credit cards, rack up points, request credit increases regularly
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Carry Mastercard and VISA. I have Amex too but it's not accepted in a lot of places. Some places accept Mastercard or VISA but not both. Best to have something of everything
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Pay off credit cards every few days
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Use a permanent VoIP phone number for 24/7 ability to contact your bank if you're compromised. Americans can use Google Voice. Highly recommend it.
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Keep €500 in cash tucked away somewhere for emergencies.
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If an ATM ever swallows your card and you have to retrieve it from a technician, consider your card already compromised. Motherfuckers lol.
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Use safer ATMs* - mine was only ever skimmed when I made a withdrawal in a shady neighborhood.
*Someone recommended locking your debit card before and after withdrawals but I don't necessarily recommend that - then you'll never know if and when your card was compromised. If possible, turn on SMS alerts to ping you every time your card is used anywhere for anything.
A few years back I withdrew some cash in Spain then left and arrived in South Africa to discover $1200 spent on my debit card in a Walmart in Utah lmao. My bank reversed the charges immediately and sent me a new card in 2 days - that shipment alone must have cost them $80. Pleasantly surprised.
All of this is the most thorough way
Solid points all around!
However, I don't really understand the 'pay off your credit card every few days' thing. Unless there's something I don't know about from a security standpoint, it's good to keep transactions unpaid-off on your card until your statement comes in and then pay it off then (<~25% utilization), so that the card issuer sees that you're utilizing the card.
Just a good financial habit to help manage your spend if you keep your cssh/credit balanced as often as possible :)
The card issuer definitely sees that you're using the card regardless of whether or not you carry a balance. I carry $0 balance but my card limit is regularly increased. 800 credit score, etc.
Well, don't put all your money in the account...