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Charles Schwab - News

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  1. #1

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    Charles Schwab - News

    Posting this as I have seen people on here consider their local platform / services.

    Singapore office is closing. Would not count on them remaining in HK for too long.


    Discount brokerage company Charles Schwab Corp (SCHW.N) said on Thursday it will close its Singapore office, less than two years after opening it. “Charles Schwab Singapore will cease to provide services and will close its office in Singapore. We will no longer open new accounts for prospective clients,” it said in a statement.
    https://www.reuters.com/article/us-c...-idUSKCN1VQ0AL

  2. #2

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    With the big banks/ their subsidiaries offering low cost brokerage and the main wirehouses offering excellent white label platforms, it comes as no surprise a late comer and fairly unknown brand didn't last long.

    We can also expect thouse Fintech brokerage services to follow suit.

    traineeinvestor and shri like this.

  3. #3

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    Quote Originally Posted by DimSumBond
    With the big banks/ their subsidiaries offering low cost brokerage and the main wirehouses offering excellent white label platforms, it comes as no surprise a late comer and fairly unknown brand didn't last long.

    We can also expect thouse Fintech brokerage services to follow suit.
    Late to the market sure. Unknown brand in Asia? Sure. But in the US, very well known IMO.

  4. #4

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    Aren't all they do is sending your application to the US anyway? I've never needed the Schwab office for anything.


  5. #5

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    I've never needed the Schwab office for anything.
    Not even to send your application to the US?

    This is the first thing they're stopping - no new accounts.
    mrgoodkat likes this.

  6. #6

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    Quote Originally Posted by shri
    Not even to send your application to the US?

    This is the first thing they're stopping - no new accounts.
    You can send your application with a notarized copy of your passport to the US yourself, the office isn't needed. The HK office is probably only there to help Mainland clients who can't speak English fill in the application form.
    shri likes this.

  7. #7

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    Was not aware you could do that with them (and not being a US-resident).


  8. #8

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    Interesting. Here in the States (or at least in California) Charles Schwab is by far the most aggressive discount brokerage in trying to cultivate a Chinese clientele.


  9. #9

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    Slightly off topic, but if you want to open an account with Ameritrade/Thinkorswim, do not mention the word China in your address.

    Some time ago I spent way too long on the phone to their pretty useless help desk to eventually convince them that HK was not actually in China as they were closing all China accounts.

    The address is simply, 43 The Peak, Hong Kong, Hong Kong.


  10. #10

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    Must be tax/kyc regulation that makes it not worth while for them.

    Do you get a debit card with the account in Hong Kong?

    For us accounts that is one of the benefits - refund all ATM fees (domestic & international).
    No markup on exchange rate when using the card for payment or cash withdrawal.

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