Best Debit Card in the World? & Why?

[telescope]

Thanks a lot bro! Btw there is no way to get the grey card right? I don't know why so many people who posted about this card on youtube have got the grey one even though they do not stay in US?

If you have US address and itin then you can get it. But then you have to file US taxes. Colour doesn't matter IMO. Forget youtube, many are US citizens living in Thailand, Philippines etc.

 

[enlightedinvestor]

Thanks for help

 

[0006mathew]

@telescope I think the PDF you attached is an old one. The one I see on their website clearly mentions 0$ minimum deposit. Where did you get that PDF from?

 

[0006mathew]

The site is showing following card. Can anyone confirm if I will get the grey card or the white one & is there any difference between two. Also, attaching the cheque photo. I haven't received both. Not deposited funds yet. Please guide.
View attachment 84529View attachment 84530

Do you see this somewhere on the app or it's just available on website only?

 

[telescope]

Do you see this somewhere on the app or it's just available on website only?

Website
.
.

 

[enlightedinvestor]

Do you see this somewhere on the app or it's just available on website only?

in website only as @telescope mentioned

 

[Meerfaizan77]

After reading the title, you might be thinking about a debit card that offers great rewards on credit card bill payments. But that's not what this is about. Did you know there's a bank account—or perhaps we shouldn't even call it a regular bank account—that offers a unique debit card, perfect for travelers? I'm talking about the Charles Schwab brokerage account, which even Indians can open from India without an SSN or ITIN.

View attachment 67484

Why do I consider the Charles Schwab Visa Debit Card the best debit card? Let me highlight three features:

1. Zero Markup Fees
2. Zero ATM Withdrawal Fees Worldwide
3. Unlimited ATM Fee Rebates: This applies to cash withdrawals using the Charles Schwab Visa Debit Card wherever it is accepted.

When you travel abroad with this debit card, there's no need to worry about high ATM access fees. At the end of the month, you'll get a 100% refund of those fees from your bank. I never travel internationally without this debit card. Whenever I need to withdraw cash, I use this card and live worry-free. For example, when I was in Japan, I used this card to withdraw some cash and was charged an ATM fee, but Charles Schwab refunded it at the end of the month.

View attachment 67473

How can you get this debit card?

To obtain this debit card, you can either open a Charles Schwab International Brokerage Account, or if you live in the USA, you can open a Charles Schwab Brokerage Account or an individual checking account.

If you're in India and want to open this account, you'll need the following documents:

1. Substitute Form W-8BEN
2. A photocopy of your current passport
3. An original or copy of a utility bill

Account Opening Fund:
If you live in the USA, you don’t need any initial deposit to open this account. However, if you live outside the US, you'll need $25,000 to open the account. After opening, you don't have to maintain any balance, and this account doesn't have any annual or monthly maintenance fees. And if you visit the US, you might be able to open this account without any deposit.

You can use this brokerage account to trade or invest in the US market. You can also use it as a regular bank account to receive and send funds.

Note: This is not a promotional post or a product recommendation. Please do your own research before opting for any product.

25000 dollars opening

 

[0006mathew]

But the PDF on their site clearly says 0$.

Looks like the guides you are referring to are from 2023.

25000 dollars opening

 

[sourabhjha]

So now this account can be open without any initial funding. Right?
And is there any way to fund the account with crypto.

 

[TechnoFinoTechnoFino is verified member.]

It seems like schwab removed the $25000 initial funding requirement.
Get the account if you want now. 😅

 

[asen]

I just submitted all the details to open this account and am now awaiting approval.

I only asked for two documents:
1. Passport
2. Residential Address Proof (Utility bill, Bank statement etc.)

And a lot of declarations you need to accept.

Additionally, you will be asked to fill out Form W-8BEN, and you need to provide the same personal details again along with your PAN number under Foreign TIN.

 

[BhaiyaJi]

I just submitted all the details to open this account and am now awaiting approval.

I only asked for two documents:
1. Passport
2. Residential Address Proof (Utility bill, Bank statement etc.)

And a lot of declarations you need to accept.

Additionally, you will be asked to fill out Form W-8BEN, and you need to provide the same personal details again along with your PAN number under Foreign TIN.

A single Residential Address Proof is required or multiple?

 

[asen]

A single Residential Address Proof is required or multiple?

Single, I have given a bank statement.

 

[Anupama_Jha]

Additionally, you will be asked to fill out Form W-8BEN, and you need to provide the same personal details again along with your PAN number under Foreign TIN.

Hi, I accidentally pressed back button on W-8BEN page, anyway to do it again @telescope

Or will it cause any issues @TechnoFino

 

[asen]

Hi, I accidentally pressed back button on W-8BEN page, anyway to do it again @telescope

Or will it cause any issues @TechnoFino

You can do it later. They will remind you every time you login.

 

[telescope]

To everyone that's opening this account. Just a bit of unsolicited advice.

If you are opening this account for the debit card or just as a piece of collectible plastic, then please don't. When you fund this account the wire and currency conversion fees will eat up at least 1.5-2%

Moreover there is a huge tax compliance issue with this account. If you are interested into investing in American market (and that too a substantial amount) then please for heavens sake avoid this account.

Holding a foreign account may sound fun but it's not. You have to report all the foreign asset to income tax department and do the currency conversion yourself manually, using SBI TT buy rate. You need to give PAN number to US authorities and every activity will be reported to IRS. And by Indian law, if you fail to properly report everything about your foreign asset (this account is considered as foreign asset even if you have ₹1 in it). If you are not investing big amount, then it absolutely not wise to get into so much of compliance burden just to save few bucks in ATM fees.

That's all.

 

[telescope]

Hi, I accidentally pressed back button on W-8BEN page, anyway to do it again @telescope

Or will it cause any issues @TechnoFino

Yes anytime you can do it. It will be valid for 3 years.

 

[telescope]

To everyone that's opening this account. Just a bit of unsolicited advice.

If you are opening this account for the debit card or just as a piece of collectible plastic, then please don't. When you fund this account the wire and currency conversion fees will eat up at least 1.5-2%

Moreover there is a huge tax compliance issue with this account. If you are interested into investing in American market (and that too a substantial amount) then please for heavens sake avoid this account.

Holding a foreign account may sound fun but it's not. You have to report all the foreign asset to income tax department and do the currency conversion yourself manually, using SBI TT buy rate. You need to give PAN number to US authorities and every activity will be reported to IRS. And by Indian law, if you fail to properly report everything about your foreign asset (this account is considered as foreign asset even if you have ₹1 in it). If you are not investing big amount, then it absolutely not wise to get into so much of compliance burden just to save few bucks in ATM fees.

That's all.

@TechnoFino if you think there is some value to my thought and you agree with it, please consider adding a note to post #1

 

[TechnoFinoTechnoFino is verified member.]

To everyone that's opening this account. Just a bit of unsolicited advice.

If you are opening this account for the debit card or just as a piece of collectible plastic, then please don't. When you fund this account the wire and currency conversion fees will eat up at least 1.5-2%

Moreover there is a huge tax compliance issue with this account. If you are interested into investing in American market (and that too a substantial amount) then please for heavens sake avoid this account.

Holding a foreign account may sound fun but it's not. You have to report all the foreign asset to income tax department and do the currency conversion yourself manually, using SBI TT buy rate. You need to give PAN number to US authorities and every activity will be reported to IRS. And by Indian law, if you fail to properly report everything about your foreign asset (this account is considered as foreign asset even if you have ₹1 in it). If you are not investing big amount, then it absolutely not wise to get into so much of compliance burden just to save few bucks in ATM fees.

That's all.

This is true... you have to report all your investments or balances to the ITD every year and pay taxes as per Indian law. However, it’s not too complicated… but still, do your own research before proceeding.

 

[quino]

I just submitted all the details to open this account and am now awaiting approval.

hi, some ppl in this thread got a brokerage account & some got a checking account on opening this acc. do let us know which one u get.