Tag Archives: schwab

Using my Schwab card at 7-Eleven (7-11) Japan ATMs

Last time I traveled to Japan in March 2019, I use my Capital One 360 Mastercard ATM card to withdraw cash from 7-11 ATMs. Capital One 360 does not charge any foreign transaction fees and at at that time 7-11 ATMs did not charge any ATM fee. In addition to my Capital One 360 card, I now have a Charles Schwab Visa ATM card which promises to refund ATM fees. Recently, I’ve read reports that 7-11 ATMs have started charging fees to international ATM card holders. I returned to Japan last week and found out out for myself if the reports are correct.

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Charles Schwab vs Capital One 360 ATM Exchange Rate

As a follow up to my previous post comparing effective ATM exchange rates for withdrawing Philippine pesos from US dollar accounts from Charles Schwab and Transferwise, I now compare Charles Schwab and Capital One 360.

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TransferWise vs Charles Schwab Exchange Rate at a Philippine ATM

TransferWise is an online money transfer fintech company. What’s great about them is they try to be transparent with their fees for transferring money internationally. They promise the best exchange rate possible, but they do charge fees for ACH bank transfers that are otherwise free for regular banks. In most cases they are cheaper than using wire transfer through your bank or services like Western Union or MoneyGram. They also offer a product called the Borderless account which allows you to have multiple currencies in your account. It also comes with an ATM/debit card you can use internationally. This service seems to be popular with so-called digital nomads. I guess this is also a good account for getting cash when you are travelling internationally.

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Opening a Charles Schwab Brokerage Account from the Philippines

In the process of moving from the US back home to the Philippines, I had to make certain arrangements with regard to my financial assets in the US. I maintained taxable equity accounts with Wealthfront and Robinhood, both of which do not cater to non-resident aliens. While I was a “resident alien for tax purposes” while I was living in the US, I am now properly classified as a non-resident alien after returning to the Philippines.

Many such brokerages in the US do not cater to non-resident aliens and even US citizens living abroad because there are a lot of regulations to comply with (FATCA, among others). Fortunately, the bigger online brokers like Charles Schwab, TD Ameritrade, and Interactive Brokers do make their services available to non-resident aliens.

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