Charles Schwab Wire Transfer: Fees and Transfer Time


 

If you bank with Schwab and need to make an international payment, you’ll want to know the standard Charles Schwab wire transfer fee and exchange rate. This guide contains all you need to check the costs, transfer time, and rates available with Schwab.

To help you decide if sending your payment directly through Schwab is your best option, we’ll also highlight an alternative - TransferWise. Send your international transfer with TransferWise, or using your online TransferWise multi-currency account to access the mid-market exchange rate with no markups - and transparent, low prices every time.

Schwab international wire transfer fee

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. 

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. All of the fees mentioned below are for guidance and can change over time, so do check the most up to date details online.

A quick cost example: sending USD1,000 to CAD,  to an account in Canada

Let’s look at an example to illustrate the costs of sending money abroad. The standard Schwab fee for a wire transfer is USD25. 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.

We’ll look at the costs and rates available from Schwab in more detail in a moment. Here’s an overview of a USD1,000 transfer to Canada:

ProviderFeeExchange rateTotal cost
Charles SchwabUSD25Exchange rate + markupUSD25 + exchange rate markup + possible intermediary bank fees
TransferWiseUSD9.48Mid-market exchange rate with no markupUSD9.48

Additional fees Charles Schwab charge

Here are a few extra costs to look out for. Check out the full fees for your transaction by logging into online banking, or calling Schwab customer services.

International TransfersAdditional Fees
Receiving a wire transferNo fee for the first 3 incoming wire transfers per quarter, if you hold a balance of USD100,000 or more.
Insufficient funds - returned itemUSD25
Additional costsIf your payment is sent using the SWIFT network you may pay intermediary bank fees, or charges levied by the recipient’s own bank.

Charles Schwab exchange rate

Schwab charges an exchange rate markup on international payments which involve a currency conversion. This is highlighted clearly on the foreign wire transfer form you complete to make your payment.

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. The exact markups are not specified for most account types, but if you hold a Schwab Global Account you’ll pay up to 1% markup when you exchange currencies, on top of any other fees you incur for the transaction.

To initiate your Schwab international payment you’ll need to send your paperwork in, and then talk to a member of the bank team on the phone to agree and lock in an exchange rate. You’ll only be able to learn the exact rate offered at this stage.

If you want to send money using the mid-market exchange rate, you’ll be able to do so using TransferWise. Fees are low and transparent, and there are no intermediary bank fees to worry about as payments avoid the SWIFT network whenever it’s possible.

A cheap and transparent alternative: TransferWise

You could save money if you make your international payment with TransferWise. See the exchange rate and fees on offer online immediately, and get your payment started without delays. Make a one off payment, or get a free online TransferWise multi-currency account to access international transfers using the mid-market exchange rate with no markup - all for a low, transparent fee per transaction.

You can hold dozens of currencies in your TransferWise account, with no minimum balance or monthly service fee. Send payments around the world, and receive money like a local with your own bank details for the US, UK, euro area, New Zealand, Australia and Romania. Check out TransferWise today to see how simple sending money abroad can be.

How do you make an international bank transfer with Charles Schwab?

When you’re ready to make an international payment with Schwab, you’ll need to gather a few details about your recipient and submit your request in writing or on the phone. Here’s how.

Online

If you’re sending an international payment in US dollars, you can do this simply by logging into your online banking at Schwab.com. Just follow the online prompts to get started.

In writing

If you’re sending a payment in a foreign currency you’ll need to complete a foreign wire transfer request form. There are different forms for different account types so make sure you get the right one for you. The form you need will come with completion guidance - follow this to input all the required details. Once you have done this you’ll need to print and send the paperwork by mail, fax or as a scanned copy attached to a secure message from within your online banking.

By US Mail:

  • International Account Solutions Charles Schwab & Co., Inc. 
  • P.O. Box 982601 
  • El Paso, TX 79998-2601 

By international mail:

  • International Account Solutions Charles Schwab & Co., Inc. 
  • 1945 Northwestern Drive 
  • El Paso, TX 79912-1108

By fax:

  • +1-415-956-3212.

By phone

If you’d rather talk to someone in person, or have any questions about your payment, you can also make arrangements by phone. Call on 1-877-686-1937 to learn more.

What do you need to make a wire transfer with Charles Schwab?

When you complete the paperwork required to make an international payment, you’ll be asked for personal details as well as the details for your recipient. You’ll find the full Charles Schwab wire transfer instructions included with the form you need to download to initiate the transfer.

Here’s what you need:

  • Sender name, account number and contact details
  • Amount and currency to be sent
  • Correspondent bank details
  • Recipient name and address
  • Destination bank name and address
  • Recipient bank account number and SWIFT/BIC code
  • Further recipient account details according to country - IBAN number, sort code or CLABE number for example

Schwab wire transfer time

The length of time it takes for your payment to be received will depend on the destination country and the recipient bank’s own processes. To make sure your payment is processed by Schwab on the day you place it, you’ll need to have the paperwork received by 2pm Eastern time, and be able to talk to a member of the Schwab team to lock in an exchange rate by 4pm Eastern time.

Charles Schwab contact - How to get in touch with the bank?

For specific questions about your international payment you can use the contact information given above, or get in touch with the customer support team using the following details.

  • Schwab Phone number - 1-877-853-1802
  • Schwab mailing address: Charles Schwab & Co., Inc., Attn: International Operations, 1945 Northwestern Drive, El Paso, TX 79912-1108, USA
  • Or log into your Schwab online banking and send a secure message 

Sending money with your regular bank is a familiar option - but it might not be the most straightforward, and it’ll almost certainly cost you more. Check out the fees and exchange rates on offer from a currency specialist like TransferWise to see if you can get a better deal.