Video intro plays
Narrator: Interested in funding your Schwab brokerage account using a wire transfer? Wires must first go to a third-party account owned by Schwab before the funds are transferred internally to your account. We'll show you where to find the wire instructions, and how to follow them.
Icons demonstrate funds moving from the sending account to Schwab, then to the client's account.
Narrator: To get started, select Move Money, then select Routing Numbers & Direct Deposit. Select which account you want to use for the transfer, and make sure it's a brokerage account.
Move Money, then Routing Numbers & Direct Deposit is selected.
Narrator: For this example, we'll make an international wire transfer, but the steps will be similar for a domestic wire transfer. Under Wires to a Schwab account, select International wire instructions.
International wire instructions is selected.
Narrator: You can use this information to make a wire transfer from any bank. Forms vary by institution, and if your firm requests a beneficiary or payee, be sure to designate it as Charles Schwab Co. Inc.
A wire transfer form appears alongside the wire instructions, and information is entered into the fields on the form. Charles Schwab Co. Inc is entered as the payee.
Narrator: Make sure to list your first name, last name, and Schwab account number to designate the funds for your account. If your institution doesn't provide enough space for that information on the form, you may abbreviate For further credit to as FFC if necessary.
First name, last name, and Schwab account number are entered into the wire transfer form.
Narrator: Submit the wire transfer, and when the wire is received, Schwab will designate the funds to your account.
Wire transfer is submitted, and funds are displayed moving into an account.
Narrator: Within the U.S., wire transfers typically complete within one to two days. International wires may take between five to seven days to complete the transfer, depending on the journey of the incoming wire.
Video outro plays.