I spent a while working out how to transfer the proceeds from the sale of some US shares which I received from my employer. This was to avoid using Schwab’s high and hidden FX fees (estimated at 4-6%).
Here is the simple(!) two-step process:
- Transfer the funds into your Individual Brokerage Account.
The Wire Transfer option from the equity account is different from your individual brokerage account, i.e. it doesn’t let you specify a reference. My individual brokerage account initially showed up as “Restricted” and I was not able to transfer the funds, I had to call Schwab (0800015876) and ask them to make the transfer. This only happens in PST working hours.
- Initiate a wire transfer form individual brokerage to the USD account in your Revolut app
First navigate to the Wire Transfer tab:
Enter the details as shown below (you can use my personal reference, but you’d probably prefer to enter your own!):
Note that Schwab will automatically withhold a receiver’s charge - mine was $16.86. This means you cannot transfer your whole balance, you have to subtract both Schwab’s $25 and the additional charge - which you can only find out when you submit a valid wire transfer. I just subtracted $50.
My wire transfer was initiated at 16:00 GMT and completed in 30 minutes (cool-off period) at 16:33. The funds were received in my Revolut account at 09:00 the following day.
All pretty painless really, especially when it’s saving around 5% in FX fees from Schwab.