Recently, Charles Schwab has decided to leave Singapore for good.

Over the next few months, Charles Schwab Singapore will cease to provide services and will close its office in Singapore. Here is what you need to do.

Your Next Steps

As soon as possible, you should transfer your assets held at Charles Schwab Singapore to another financial services firm. Alternatively, you may close or sell your positions held at Charles Schwab Singapore and make a full cash withdrawal. 

Important Dates

• Today: You should promptly begin the process of selecting a new provider and take the appropriate steps outlined below.
• As of U.S. market close on 1st November 2019: Charles Schwab will no longer accept new trade orders to establish positions or deposits. However, you may still place liquidating orders to close positions. As noted above, you should open an account with another financial services firm and transfer your assets to that account.
• Beginning 31st December 2019: For any remaining accounts, Charles Schwab will begin to assess a monthly account maintenance fee.
• January 2020: If you have any remaining positions in your account(s) at the start of next year, Charles Schwab will begin the process of liquidating your positions, and the cash proceeds will be settled to your account(s) for withdrawal. 

Complete your Wire Transfer or TOA (Transfer of Assets)

Follow the applicable instructions below. Charles Schwab will waive or refund any Schwab transfer or wire fees you incur up to 30th November 2019 only for entire account transfers and/or wire withdrawals.

• Option 1: If your account contains only cash.
  • Use one of the standard Schwab wire withdrawal procedures below.
    • Online wire transfer (U.S. dollars) – Log in to Schwab.com.sg, under the Accounts tab click “Transfer & Payments,” then click “Wire Transfer.”
    • Wire transfer form (for transfers needing currency conversion).
• Option 2: If your account contains securities and cash.
  • Please contact your new financial institution to initiate the TOA. Your new financial institution may require you to complete their forms. Or, they may require you to complete Schwab forms. The new financial institution can email foreigntransfers@schwab.com to initiate the securities transfer request.
    • If instructed to complete Schwab forms, please use the following:
      • Transfer securities form
      • For cash see option 1

If you have any questions, please call one of the numbers below:

• Singapore support: +65 6536-3922
• United States support: +1-415-667-8400

Instructions to Return Forms to Schwab

Please choose one of the following methods to return the completed and signed form(s).

• Upload scanned forms online with secure messaging.
  1. Log in to your account on Schwab.com.sg.
  2. Click the Message Center link (under Service), and then click the “Upload Document” link.
  3. Upload your form as an attachment by clicking the “Select File” button.
  4. When your message is complete, click “Send.”
• Fax to (+65) 6536-1151(Schwab Singapore Office) or +1-877-824-3817 (Schwab U.S.)
• Mail the form(s) to one of the following addresses:
  • Regular mail: Charles Schwab Singapore Pte. Ltd., 1 George Street, #07-01A, Singapore 049145
  • Overnight mail: Charles Schwab & Co., Inc., IS Document Control, 1945 Northwestern Drive, El Paso, TX 79912, USA

What is the future of commission-based stockbrokers?

I used to have an account with OptionXpress account for stock and options trading. Some years back, OptionXpress was transferred to Charles Schwab.

But now, it seems even the mighty Charles Schwab cannot make a viable business in Singapore.  It reinforced my belief that the future of investing is a combination of qualified financial advice and technology.

Which platform is a better alternative for Charles Schwab in your opinion? Share your comments below.