Closure of Charles Schwab SG Office (end of 2019)

Hi Guys,

Its been more than 10 years I've been a customer of Charles Schwab Singapore (previously known as OptionsXpress Singapore).

I've been using this platform for my US Stock/options investing over years, now its time to switch to another Financial Institution Platform.

Attached information regards to its closure for your reference. By end of 2019 Singapore account holders have to close/liquidate positions as they are unable to port our account to US head office due to local monetary authorities  regulations.

I'll continue till November, then liquidate my account and make my withdrawals. I'll be switching to Ameritrade. But my blog will continue under a fresh new account and record.

I'll capture my last summary and post it on my blog on end 2019.

 

Links: https://www.channelnewsasia.com/news/business/charles-schwab-to-close-singapore-office-11875640

Updates (31/12/2018) - Withdrawal

Hi All,

To Simplify the updating, I'll compute my Withdrawals on a Year-End basis for the whole year.

For the year 2018, total withdrawals taken was USD $7005 (Rate 1.4325 less charge of USD$25 and S$10) = S$9988.85

Updates (22/12/2017) - 8th Withdrawal

Hi Guys,

Made a withdrawal of USD $690 to my SG OCBC account. SGD $ 910.46 nett amount to be received.

Updates (10/08/2016) - 7th Withdrawal

Hi Guys,

Made a withdrawal from my account yesterday, amount of USD $235 , expecting to reach my SG account by 11th Aug 2016.

Updates (29/06/2016) - 6th Withdrawal

Hi Guys,

Made a withdrawal from my account yesterday, amount of USD $200 , reached my SG account on the next working day 30th June 2016. Amount in SGD $244.03 (S$254.03 Less $10 charge)

Updates (21/04/2016) - 5th Withdrawal

Hi Everyone,

Made a withdrawal from my account yesterday, amount of USD $220 , will reach my SG account in a few days dated around 24th April 2016. Amount in SGD $283.68 (S$293.68 Less $10 charge)

Updates (20/01/2016) - 4th Withdrawal

Hi All,

Made a withdrawal from my account yesterday, amount of USD $200 , will reach my SG account in 2 days dated around 21st Jan 2016. Amount in SGD $275.72 (S$285.72 Less $10 charge)

 

Funds received in my Singapore Local account:

Updates (24/11/2015) - 3rd Withdrawal

Hi Guys,

I've made a withdrawal yesterday, amount withdrawn is USD $630.00 (Fees - USD$30 + S$10) nett amount to be received in SG Bank account will be S$878.43

The amount will be used to pay the Maybank Loan taken for the additional funds added into the account on 23rd Oct 2015.

Funds received in my Singapore Local account:

Updates (10/11/2015) - 2nd Withdrawal

Hi Guys,

I've made a withdrawal yesterday, amount withdrawn from account is USD $630.00 (Fees - usd$30 + s$10) nett amount to be received in SG bank account will be S$882.08 .

This amount will be used to pay the Maybank loan taken for the additional funds added into the account on 23rd Oct 2015.

Funds received in my Singapore Local account:

Updates (31/12/2014) - 1st Withdrawal

Hi All,

Its coming to the end of 2014, whoever is still following/monitoring my blog, if any, I hereby wish you & your family a Great Path Ahead in the year 2015.

Also to reward myself for the 2yrs effort of setting up this blog, I have made a USD $220 withdrawal from the account.

Received the funds on 31/12/2014 in my Singapore Bank Account.

Net amount received in bank account was S$279.50 (Bank charged S$10 for the incoming remittance).

Will update this amount into the summary page as reduction of capital (Less Withdrawal-Capital Returns)