Schwab Accounts in Vietnam

Hi. I use Schwab just for the checking account and the refunds of international ATM fees. I found them to be pretty reliable for what I do. I link Schwab with another bank and do fund transfers sometimes. The mobile banking experience is pretty nice. I'd advise having two accounts that are not with the same bank when you move. I do link the banks together so I can do fund transfers. I do lock the debit cards when I don't use them and then unlock the cards for ATM transactions and then lock them again. This has really lessened fraudulent use or skims of the cards. I rarely use an ATM card to purchase stuff. I think the last time was in Hanoi a few years ago when I got a new iPhone and MacBook and I trusted that shop after repeat previous uses. Day to day I just use cash.

I've had ATM/debit cards become corrupt or get flagged for fraudulent use and with only one card, life could get interesting. Also consider using google voice for alerts and notifications for the banks.

Been going with the two banks and stuff for years living in Asia and Mexico for a year. Worked well for me. Now I'm living in Cambodia again. Good luck. Be sure you look at the visa requirements for Vietnam. Good advice from the folks here on the forum on all those things.

Hi. I use Schwab just for the checking account and the refunds of international ATM fees. I found them to be pretty reliable for what I do. I link Schwab with another bank and do fund transfers sometimes. The mobile banking experience is pretty nice. I'd advise having two accounts that are not with the same bank when you move. I do link the banks together so I can do fund transfers. I do lock the debit cards when I don't use them and then unlock the cards for ATM transactions and then lock them again. This has really lessened fraudulent use or skims of the cards. I rarely use an ATM card to purchase stuff. I think the last time was in Hanoi a few years ago when I got a new iPhone and MacBook and I trusted that shop after repeat previous uses. Day to day I just use cash.
I've had ATM/debit cards become corrupt or get flagged for fraudulent use and with only one card, life could get interesting. Also consider using google voice for alerts and notifications for the banks.

Been going with the two banks and stuff for years living in Asia and Mexico for a year. Worked well for me. Now I'm living in Cambodia again. Good luck. Be sure you look at the visa requirements for Vietnam. Good advice from the folks here on the forum on all those things.
-@mpmilestogo

Thanx for the Info, been going in and out of SE Asia most of my adult life, including Delta Region Vietnam since 2001, we have 3 farms down there, Rice, Fruit and Fish Farming...........fully retired now and am closing up shop here in Hawaii in prep to finally "come home" for good.  Been working all over as a Govie, mostly Africa and Asia but stints in the Middle East (to top up the coffers)  now "triple dipper" with a healthy retirement.  I have both a $$ and Dong account in Vietnam, but will keep my money in the US.    Peace

I use both Schwab and Navy Fed ... although not perfect, I would say both are fine for relocating to Vietnam.  I think Schwab may have an "overseas" account option.  I maintain two homes; Oakland and HCMC. Schwab (domestic) requires that. Not sure about the overseas/international accounts. Good luck in your move!

I just opened a Schwab Investment/Saving/Checking account in preparation to relocate - for good - to Vietnam. During a search of the forum, I noticed the threads are pretty old, anyone have incite on if Schwab is a dependable brokerage to use in Vietnam?  I have other accounts that worked in the past, but I want to simplify my life and consolidate them into one entity (keeping one other open for contingency). Any and all information is appreciated.  Peace
-@tunnelrat69

To keep the Schwab account active in Vietnam, you need to:

1. Maintain a legal address in the USA

OR

2. Maintain at least $25,000.00 USD in a Schwab International account.

For anyone who says that's not necessary, I had my account flagged while I was back in the United States a year ago.

I had switched PO boxes but not updated Schwab.

They gave me 30 days to verify my new address within the United States, or they would have closed my 15 year old account with them.

Now I'm keeping a PO BOX there PLUS using another USA address as my residence, paying a longtime friend a few dollars to check the PO BOX every couple of weeks AND keep my voter registration at their address.

I save enough in ATM fees to offset that cost.

I have a Schwab International account been for 30+ years & have wire transferred from this account to & from my accounts in Vietnam & have never had a problem. The account address is my UK address. Recently I have been running dramatically down the cash & stocks held in the account & am now below the 25k usd stipulated as minimum on this type account so I contacted Schwab through my secure online portal & explained that due to my age it might be time to hang up my trading gloves. I explained however I was reluctant to close the account after all these years but wanted to leave about 500usd just to keep the account open. They replied that the 25k minimum in the account is not set in stone & each account is reviewed for activity individually & a call made on the account to keep it open or not. They said in my case with 500usd they would keep the account open for a year & evaluate after that.

I personally would highly recommend a Schwab account for trading & ATM use.

@OceanBeach92107 an option is to use a mail service particularly tailored for expats as the US address. This also allows package forwarding, mail scanning, and I’ve used it as my US address for years.

But does the Schwab International account still provide the perk of free ATM fee rebates? I think I read that it doesn't.

But does the Schwab International account still provide the perk of free ATM fee rebates? I think I read that it doesn't.
-@ChoculaD

Correct.

No rebates at the end of the monthly cycle on the international account.

Instead, the ATM fee is immediately refunded.

I know it's so because my rich pal goodolboy told me so.

No rebates at the end of the monthly cycle on the international account.

Instead, the ATM fee is immediately refunded.

I know it's so because my rich pal goodolboy told me so.
-@OceanBeach92107

So Schwab went from good to better. 

@ChoculaD it does for me

@tunnelrat69

I looked at several and ended up with Schwab.  Have not had a bit of trouble wiring money to banks in Vietnam or using ATM's and have received rebates of ATM fees.

I just received my September ATM fees rebated to my account:

$64.68 USD

Another reason (not often discussed in the forum) for me liking Schwab:

A few minutes ago I withdrew ₫5,000,000 VNĐ from an MB Bank ATM in Hội An.

The charge against my Schwab account was $211.21 USD.

Convert $211.21 USD to VNĐ you get ₫5,045,278.88

₫45,279 VNĐ for the ATM fee (to be returned at the end of the month) AND the currency exchange fee (technically Schwab doesn't charge one, but the Visa Network usually picks up a đồng or two...)

Thank you to all the posters, I just opened a Schwab Invest account, comes with checking, savings and a Credit card...........all ATM and Bank charges will be reimbursed workdwide.  As I will start travelling a lot, this will come in handy.   Wouldnlt have thought about Scwab without your input  ..........  Thanx again        Peace

Thank you to all the posters, I just opened a Schwab Invest account, comes with checking, savings and a Credit card...........all ATM and Bank charges will be reimbursed workdwide. As I will start travelling a lot, this will come in handy.  Wouldnlt have thought about Scwab without your input .......... Thanx again    Peace
-@tunnelrat69

did you mean a Visa debit card?

Currently I'm having great inconvenience maintaining my US Schwab account because I can't login because they have to send a login code to your US phone and my phone is in VN.

So I have to call their customer service to get a login code every time I want to view my account. It's free to call on Skype, but it's still a big hassle.

It used to be easy because you could choose to have the login code sent to email. But now they eliminated that option.

Does anyone know a solution for this?

And if I got an international account, would I have the same problem with logging in in VN?

Thanks for the benefit of your wisdom on this.

Currently I'm having great inconvenience maintaining my US Schwab account because I can't login because they have to send a login code to your US phone and my phone is in VN.
So I have to call their customer service to get a login code every time I want to view my account. It's free to call on Skype, but it's still a big hassle.

It used to be easy because you could choose to have the login code sent to email. But now they eliminated that option.

Does anyone know a solution for this?

And if I got an international account, would I have the same problem with logging in in VN?

Thanks for the benefit of your wisdom on this.
-@ChoculaD

I kept my U.S. phone number for just this type of situation. I looked into an international Schwab account but found that it wasn’t good for me. T-Mobile has a good plan for people of retirement age.

@ChoculaD

I set up a Google voice number (years ago)

No issues so far.

I've an ATT number on the e-sim at the moment. Just back from a trip, it will expire in a few days, but it's also another method I've heard of working.

I use Mint only to get text messages for authentication for banking and brokerage accounts when I am in Taiwan and Vietnam. It's cheaper than a monthly T Mobile, Verizon, or ATT plan. Mint is prepaid and you can add money to International roaming just for text messaging.

Get a basic US cell account. Then get a Google Voice account and link the two. Any voicemails and text messages will be forwarded to you by email or you can go online and check them. With google voice your online calls to the US will be free.

Continuation

Register your GV number with your bank as your local US number. Also, if you are online when someone calls your GV number you can answer the call on your computer.

It used to be easy because you could choose to have the login code sent to email. But now they eliminated that option.

Does anyone know a solution for this?
-@ChoculaD

I went into our online Swab account today using my wife's portal (same account/different portals.). As part of the login they wanted a 6-digit verification number.  The options were 1) text to her phone 2) call to her phone and 3) her email. She can recieve texts while in Vietnam (T-Mobile) but the email option worked just fine as I could access her email from my computer and didn't have to play phone tag on Zalo with her. I'm not sure why the email option was not available to you.

I was trying to resolve why her card was declined yesterday.  Schwab Help told me that she had not designated a draw from our checking account.  She thought that option had not been offered to her when I told her what they had said, but the Schwab Help said they could not tell if the option was offered and only knew that she had not pressed a "Checking" button during the process.

Here are my questions for regular Schwab debit card users: Do all Viet ATM's offer up the Checking/Savings/Other options or do some omit that step? Maybe she just bypassed it. Of course as long as they do, she can read it in Vietnamese and will know better tomorrow when she tries again.  Also are there any banks that seem more compatible with the Schwab Debit Card and are there other banks that seem less so? What bank's ATMs do you prefer to use? Is her 4-digit pin a problem?  I think most Viet cards have a 6-digit pin.

Having been married during almost my entire time living in Vietnam, I took the lazy way out on several things.  ATM use was one of those. I just sat outside the bank resting on the motorbike handlebars. Another was ordering in restaurants except for an occasional lunch of cơm tấm where I could just point.

...Schwab Help said they could not tell if the option was offered and only knew that she had not pressed a "Checking" button during the process.

Here are my questions for regular Schwab debit card users: Do all Viet ATM's offer up the Checking/Savings/Other options or do some omit that step? Maybe she just bypassed it. Of course as long as they do, she can read it in Vietnamese and will know better tomorrow when she tries again.

Every ATM I've ever used with my Schwab Visa DEBIT card in Vietnam ALWAYS gives me the same 4 options:

1. Current account

2. Checking

3. Savings

4. Credit Card

I always choose "current account" and never have a problem.

Perhaps she chose 3. or 4. instead of 1. or 2.?

Also are there any banks that seem more compatible with the Schwab Debit Card and are there other banks that seem less so? What bank's ATMs do you prefer to use?

I always recommend MB Bank ATMs because I can withdraw ₫5 million VNĐ in one pull and withdraw repeatedly up to my card limit.

I'm pretty sure the default daily limit is $1,000.00 USD but I've had mine raised to $1,500.00, so with recent exchange rates we can now withdraw ₫35,000,000 VNĐ during one visit to the ATM (7 X ₫5,000,000).

FYI, I've also had my Point Of Sale (POS) limit lowered to $250 dollars to avoid a larger loss should my card ever be lost or stolen.

I think the default POS limit is $10,000.00

Both of those changes must be requested over the phone with a Schwab agent.

Is her 4-digit pin a problem? I think most Viet cards have a 6-digit pin.

No. Not a problem.

The ATM interface that presents to the foreign card user is different from that which appears when a domestic Vietnamese bank card is used (my personal experience at ACB & AgriBank when using my Schwab card as well as my ACB/AgriBank account cards).

HI Ocean Beach,

This is John from Taiwan, and I just want you to know that I sent you a proper thank you for your advice the other day, but I don't see it on the screen, so I'm "sneaking" in here, just to repeat the thank you!

Every ATM I've ever used with my Schwab Visa DEBIT card in Vietnam ALWAYS gives me the same 4 options:

1. Current account
2. Checking
3. Savings
4. Credit Card

I always choose "current account" and never have a problem.

Perhaps she chose 3. or 4. instead of 1. or 2.?


.............
FYI, I've also had my Point Of Sale (POS) limit lowered to $250 dollars to avoid a larger loss should my card ever be lost or stolen.


-@OceanBeach92107

Thanks very much for such a complete and timely response.   I suspect that she may have chosen #4 but she no longer remembers.  Your POS strategy sounds like a very good idea.  I will look into it.   As she is also carrying a credit card that is supposed to have no foreign transaction fees, she won't be needing the Schwab Debit card for any unexpected purchasing. 

We are encountering some snags on getting our money out of UOB that took over the CitiBank accounts but if she gets that money out OK she won't need any more cash for her trip.  I may post more about that once it is resolved.

HI Ocean Beach,
This is John from Taiwan, and I just want you to know that I sent you a proper thank you for your advice the other day, but I don't see it on the screen, so I'm "sneaking" in here, just to repeat the thank you!
-@jwdtpe

I appreciate your courteous reply John.

I did see your second thanks message, and replied to it at length in your original thread...

expat.com/forum/viewtopic.php?id=1038618#5731446

I hope you don't change your mind after reading my reply 😉

Cheers!

...Schwab Help said they could not tell if the option was offered and only knew that she had not pressed a "Checking" button during the process.
Here are my questions for regular Schwab debit card users: Do all Viet ATM's offer up the Checking/Savings/Other options or do some omit that step? Maybe she just bypassed it. Of course as long as they do, she can read it in Vietnamese and will know better tomorrow when she tries again.

Every ATM I've ever used with my Schwab Visa DEBIT card in Vietnam ALWAYS gives me the same 4 options:

1. Current account
2. Checking
3. Savings
4. Credit Card

I always choose "current account" and never have a problem.

Perhaps she chose 3. or 4. instead of 1. or 2.?


Also are there any banks that seem more compatible with the Schwab Debit Card and are there other banks that seem less so? What bank's ATMs do you prefer to use?


I always recommend MB Bank ATMs because I can withdraw ₫5 million VNĐ in one pull and withdraw repeatedly up to my card limit.

I'm pretty sure the default daily limit is $1,000.00 USD but I've had mine raised to $1,500.00, so with recent exchange rates we can now withdraw ₫35,000,000 VNĐ during one visit to the ATM (7 X ₫5,000,000).

FYI, I've also had my Point Of Sale (POS) limit lowered to $250 dollars to avoid a larger loss should my card ever be lost or stolen.

I think the default POS limit is $10,000.00

Both of those changes must be requested over the phone with a Schwab agent.


Is her 4-digit pin a problem? I think most Viet cards have a 6-digit pin.


No. Not a problem.

The ATM interface that presents to the foreign card user is different from that which appears when a domestic Vietnamese bank card is used (my personal experience at ACB & AgriBank when using my Schwab card as well as my ACB/AgriBank account cards).
-@OceanBeach92107

I have used my Schwab debit card here in Vietnam for years using various bank ATM's (& many other countries around the world) & never had a problem & like OB mostly select the "current account" option, however I have also selected the "default account" option & again not had a problem. My ATM pin is 4 digits not 6 & again never had a problem with this.

As a matter of interest for anyone that trades stocks I also have the Schwab phone app which is excellent & very convenient.

Your POS strategy sounds like a very good idea. I will look into it.  As she is also carrying a credit card that is supposed to have no foreign transaction fees, she won't be needing the Schwab Debit card for any unexpected purchasing.
-@THIGV

As Guestposter655/@mpmilestogo posted earlier in September 2022, Schwab has a feature that allows locking and unlocking a card at will.

It's easy to use in the app so I'm guessing it's also available when signed into the website.

I don't use that feature, but maybe I should.

I hear what you are saying about no foreign transaction fees with her other card, and in general, I don't recommend everyday use of the account card for POS transactions.

However, keep in mind that the other two significant features are 1. no out of network purchase fee and 2. no added foreign exchange fee.

They must have a nice contract with Visa, because when I do use the card for POS transactions, I always get the foreign exchange rate listed in a Google search, not the lower national Vietcombank rate.

So Visa might be making a penny or two on my POS purchases, but that's much better than some anecdotal reports I've heard about other debit & credit cards.

Thanks for the replies. I researched Google Voice a while ago, and all the information I found said you have to be physically present in the US to get a GV account.

Other options: I don't have a US Sim card, I haven't been there in many years. I know there are paid services to forward texts, but I want to find a free way to do it, as I login to Schwab only a few times a month, don't need text forwarding for any other purpose, and it's not worth a substantial monthly fee when I can call Schwab for free on Skype to get a code, despite not liking to do that.

Thigv, I don't know why you get the email option and I don't. Maybe the options are different if you're in the US? Maybe I should try using a VPN when I login?

I used to get the email option but stopped getting it a few years ago.

Also, how does it work with the international account? How do you get the login code if you're in VN?

Also, how does it work with the international account? How do you get the login code if you're in VN?
-@ChoculaD

When I use my Schwab 1 online account on my laptop I just have to input my user name & password. When I do an online money transfer or stock buy/sell I am not asked for any pin or code on my phone app.

On my Schwab phone app I have to enter my 6 digit code & thats me in & again from there I can trade or transfer without any other verification required.

Not sure if this is of any relevance to your problem but thats how it is for me on the Schwab 1 International account.

My wife finally managed to make a 2 million test cash draw from her Schwab debit card at Agribank in Ben Tre. It showed up in our account the same day as $84.25 without any fee being listed separately.  At any rate the fee is less then $2.

I would like to thank all who offered information, OB and GOB in particular. At one point I read what you wrote directly to her over Zalo.  My wife was the kind of shopkeeper who could make change from a 2 inch thick wad of bills in her hand but lets a bank confuse her.  It seems strange to me but she gives up easily when she comes up against bureaucracy which is of course a common occurrence in Vietnam.

She also opened both VND and USD accounts at Agribank for transferring our CitiBank VN funds to after she returns to Hawaii.  They will not allow one to cash out but will only transfer to another VN bank. Citi sent PDF files to be filled out and they require both our signatures as it was an and/or joint account.  I will post again once and IF😂 we get it done.

My wife finally managed to make a 2 million test cash draw from her Schwab debit card at Agribank in Ben Tre. It showed up in our account the same day as $84.25 without any fee being listed separately. At any rate the fee is less then $2.
I would like to thank all who offered information, OB and GOB in particular. At one point I read what you wrote directly to her over Zalo. My wife was the kind of shopkeeper who could make change from a 2 inch thick wad of bills in her hand but lets a bank confuse her. It seems strange to me but she gives up easily when she comes up against bureaucracy which is of course a common occurrence in Vietnam.

She also opened both VND and USD accounts at Agribank for transferring our CitiBank VN funds to after she returns to Hawaii. They will not allow one to cash out but will only transfer to another VN bank. Citi sent PDF files to be filled out and they require both our signatures as it was an and/or joint account. I will post again once and IF😂 we get it done.
-@THIGV

Just from my personal experiance.....My Sacombank account let's me withdraw $usd cash over the counter.

@goodolboy Sacom Bank created me a Dong account and a $$ Account, two different account numbers, when I transferred $$'s into the dollar account, there was a processing fee of only about $20, for $3000, when I transferred $$ into my Dong account, the processing fee was very high, I want to say it was about 3 Million Dong for a $3000 transfer...........I am building up my Schwab account to accommodate me where ever I travel.....no transfer fees....Peace

@goodolboy Sacom Bank created me a Dong account and a $$ Account, two different account numbers, when I transferred $$'s into the dollar account, there was a processing fee of only about $20, for $3000, when I transferred $$ into my Dong account, the processing fee was very high, I want to say it was about 3 Million Dong for a $3000 transfer...........I am building up my Schwab account to accommodate me where ever I travel.....no transfer fees....Peace
-@tunnelrat69

mate, I just checked my Sacombank Accounts & I dont get charged a processing fee for receipt of USD to the USD account. I do get charged the standard wire transfer fee from Schwab 15usd (I used to get free wire transfers but I have ran the account balance down over the last year so the standard 15usd fee is applied)

At Sacombank I change the USD to VND on my phone app as needed & again I dont see any charges for doing it so they must make it on the exchange rate.

To take out cash money in USD over the counter I get charged a very small fee but now since the clampdown mostly I just move the USD to VND on line or on the app. It gives me the latest exchange rate & I have the option to accept or decline. Today's rate 23,956

@goodolboy Thanx, it was a number of years ago, and it was a $$ wire transaction.  My Lady uses VietIn Bank, and they only charged about $20 for a $45K transfer, she took $$.    She reminded me I was charged 3Million Dong for a cash Credit Card transaction I (stupidly) did in Vietnam Dong at Sacom Bank.   Memory fog at its best.    Cheers

@goodolboy Thanx, it was a number of years ago, and it was a $$ wire transaction. My Lady uses VietIn Bank, and they only charged about $20 for a $45K transfer, she took $$.  She reminded me I was charged 3Million Dong for a cash Credit Card transaction I (stupidly) did in Vietnam Dong at Sacom Bank.  Memory fog at its best.   Cheers
-@tunnelrat69

its an age thing & I know the feeling

$52.07 USD in August ATM fees rebated into my checking account today.

At today's exchange rate, that's ₫1,254,105.95 VNĐ for my wife to save.

She thinks it's amazing.

Schwab 😎👍

$52.07 USD in August ATM fees rebated into my checking account today.
At today's exchange rate, that's ₫1,254,105.95 VNĐ for my wife to save.

She thinks it's amazing.

Schwab 😎👍
-@OceanBeach92107

what a result, bit like a savings plan then. My ATM fee,s  get refunded immediately on Schwab 1 International.