**This post shows how to:**
1. Link Wise to your Vanguard brokerage account so you can:
1. PUSH money from Vanguard to Wise using Vanguard’s website
2. Link Charles Schwab to your Vanguard brokerage account so you can:
1. PUSH money from Vanguard to Charles Schwab using Vanguard’s website
3. Link Vanguard brokerage account to your Charles Schwab account so you can:
1. PUSH money from Charles Schwab to Vanguard using Charles Schwab’s website
**TIPS:**
(1) Wise is the best and cheapest option to transfer US Dollars from a US financial institution to the foreign currency of your choice and then transfer the foreign currency to a foreign bank account and/or a foreign e-wallet.
(2) Why open a Charles Schwab account if you already have a Vanguard account? Charles Schwab offers a no fee debit card that reimburses you for all ATM fees, domestically and internationally. The Charles Schwab debit card is a must-have for frequent international travelers or expats living abroad as it can save a lot of money in ATM fees.
**PUSH versus PULL?**
PUSHING money (1 to 3 business days) is often faster than PULLING money (3 to 5 business days) because the sending financial institution already knows the funds are in your account. PULLING money requires the receiving financial institution to first verify sufficient funds in the account at the sending financial institution.
**Link Wise to your Vanguard brokerage account:**
1. Download the document you will need to electronically submit to Vanguard that verifies ownership of your Wise account by doing the following:
1. Log into your Wise account
2. Click on the icon or menu at top of the page and go to Your account > Statements and reports > Proof of account ownership
3. Select the wallet you are linking (your USD account) and the document language (English US)
4. Click the Download button to download the document
2. Log into your Vanguard account
3. Go to Documents > Forms & applications > Add a service > Establish the ability to move money electronically between your bank and Vanguard accounts > Add or maintain a bank account
4. Follow the instructions and complete the electronic form. During the e-signing process, there will be a paperclip icon you can click to attach the form obtained in Step (1)
5. After completing the above process, Vanguard approved and linked my Wise account in one business day.
**Link Charles Schwab to your Vanguard brokerage account:**
1. Log into your Vanguard account
2. Go to Profile > Profile & account settings > Banking > Bank information > Add new bank account
3. Follow the instructions to link your Charles Schwab account. You will need the Charles Schwab routing number and your Charles Schwab checking account number. Follow these instructions:
1. Log into your Charles Schwab account
2. Go to Move Money > Routing Numbers & Direct Deposit
3. Select your checking account under Schwab Bank Accounts
4. Copy and paste the above routing and account number into Vanguard’s website
4. After completing the above process, Vanguard will send two small deposits to your Charles Schwab account in a couple of business days. Verify the amounts in your Charles Schwab account and enter them in Vanguard’s website to successfully link the two accounts.
**Link Vanguard brokerage account to your Charles Schwab account:**
1. Log into your Vanguard account
2. Go to Profile > Profile & account settings > Banking > Direct deposit > Set up direct deposit
1. Transferring money between accounts at different financial institutions uses the Automated Clearing House (ACH) transfer process. Direct deposit uses the same ACH transfer process. Vanguard is different from other financial institutions in that it creates unique routing and account numbers for its clients to link their Vanguard accounts to external financial accounts. You will need the unique routing and account number created in this process to link your Vanguard brokerage account to Charles Schwab.
3. In the field “Enter the direct deposit source name” type “Charles Schwab.” A long list of identically named “CHARLES SCHWAB” options will show. Select the first name in the list (I don’t think it matters which identical name you select; I selected the first name and it worked).
4. Enter “100” under the percentage field next to the name of the account in which you would like to transfer money. Click the CONTINUE button.
5. The next page will be titled “Review and submit.” Click the SUBMIT button.
6. The next page will give you a unique bank routing number and direct deposit ID (direct deposit ID is effectively your account number at Vanguard for ACH transfers) that you will need to enter in Charles Schwab’s website in a future step.
1. You can access these numbers at any time in your Vanguard account by going to Profile > Profile & account settings > Banking > Direct deposit. Select “CHARLES SCHWAB” and your routing and account numbers will appear. WARNING: Do not select the “Deactivate service” link or your ACH transfers for Charles Schwab will stop working.
7. Log into your Charles Schwab account
8. Go to Move Money > External Accounts > Add Account
9. Select your checking account under Schwab Bank Accounts and click the CONTINUE button
10. Read the “How we use your bank account information” and click the CONTINUE button
11. Complete the form using the routing and account numbers obtained above. You can optionally nickname this account. You will not be able to edit the nickname or add a nickname later, so choose wisely. I nicknamed my account “Vanguard.” If you do not choose a nickname, the account will likely be named “JPMORGAN CHASE BANK” because Vanguard uses Chase Bank as a custodian for funds, which may add confusion in your future transfers.
12. After completing the above process, Charles Schwab will send two small deposits to your Vanguard brokerage account in a couple of business days. Verify the amounts in your Vanguard account and enter them in Charles Schwab’s website to successfully link the two accounts.
1. You will receive an email confirmation from Charles Schwab that you are linking to an external financial institution named “JPMORGAN CHASE BANK.” Vanguard uses Chase Bank as a custodian for funds.
2. Depending on when you check Vanguard’s website for the two small deposits, you may find them either in (1) Activity > Transaction history or (2) Activity > Order status. The deposits will first show in “Order status” while the transaction is pending before it moves to “Transaction history” after the transaction is processed. It’s safe to verify the deposits in Charles Schwab’s website even before they are fully processed at Vanguard.