5 Easy Ways to Deposit Cash at Charles Schwab

Do you have a Charles Schwab account and can’t seem to find a convenient way to deposit cash? Do you wish you could just walk into one of their offices or send money through an ATM?

Unfortunately, depositing cash into your Charles Schwab account can be a bit tasking. This is because they don’t have branches that perform banking transactions (only investment), and they also don’t have any of their own ATMs. So it means you have to be innovative when it comes to funding your account.

Stick with me and I’ll show you some convenient ways that you can get this done. And some are even completely free!

Table of Contents

  • Sending Cash or Check Through the Mail
  • Using the Mobile Application
  • Purchasing a Money Order with Cash
  • Depositing Cash in Another Bank and Doing a Wire Transfer
  • Transferring from Another Brokerage Account

1. Sending Cash or Check Through the Mail

With this option, you send your cash or checks directly to Charles Schwab through the mail. This is recommended by Charles Schwab when you sign up with them. They include envelopes with your welcome package that are specifically meant for this purpose.

The good thing about this method is that the envelopes are prepaid, so you don’t have to pay to mail them. The downside, however, is the fact that you’ll be taking a risk by sending cash or a check through the mail. Sure, the funds are insured once they get to their office, but if anything happens along the way, then they are not liable. This means it’s completely on you. Also, this method will take longer for funds to reflect in your account because of the time it will take for the cash/check to get to them.

If you’re bold and a risk-taker, then this method is for you. Just make sure you always use their envelopes, because they expedite the process. So if you run out, send them a chat and they’ll send more to your mailing address. If you’re not as bold, try any of the following options.

2. Using The Mobile Application

To use this method, you have to download the mobile application which is available on both Android and iPhone. It’s quick and convenient because it grants you instant access to the funds and comes with no additional fees.

All you have to do is click on ‘deposit’ once you’ve logged in, then pick the account that you want to credit. Fill out and sign the check, punch in the amount you want to pay, then take a picture of the front and back of the check. Once this is done, go over everything you’ve filled, then hit the ‘send’ button. You’ll get an email once it’s been done successfully.

If there is a problem with your deposit, you’ll know right away because you’ll get an error message. Make sure the image is clear, the check is not duplicated (it hasn’t been presented before), and it’s not missing any endorsements, as these are common reasons for error messages when you’re trying to submit. The checks must be in USD and have to be issued from a US bank. Once your account is credited, write ‘electronically presented’ on the face of the check then destroy it 14 days after your account has been funded.

3. Purchasing A Money Order with Cash

A money order is a certificate purchased with cash that gives the recipient the stated amount. This option will require you to visit your nearest money order retailer and fill out the form with both the sender and recipient’s information. It’s a convenient way of funding your Schwab account, but may not be the most cost-efficient because it comes with a fee.

Walmart is highly recommended to purchase money orders because their charges are usually around $1 even when the value to be sent is high. They also have many branches across North America which will make it easy for you to locate one. Other retailers such as Moneygram, Western Union, and Walgreens have higher charges (some as high as $10), but will also get the job done.

Once you purchase your money order, send the certificate to Charles Schwab through the mail for your account to be credited. The funds purchased must be in USD as this is the only acceptable currency for money orders.

4. Depositing Cash in Another Bank and Doing a Wire Transfer

A wire transfer (or bank/electronic transfer) is the transfer of funds from one bank to another. It’s a quick and convenient method because it allows your funds to be deposited instantly. If you want to be able to access your funds for trading on the same day, then a wire transfer is your best bet.

Though it’s incredibly convenient, the disadvantage is that it comes at a fee. And while the charge for local wire transfers may not be that high, if you decide to make it your preferred method, the charges tend to add up over time. You’ll need to go to your bank and submit an instruction for a wire transfer to your Charles Schwab account. Be sure to include the following information;

  • Sender Information: Name, country, address, amount, and date
  • Beneficiary Information: Account name and number
  • Originating Bank Information: Name and country of the bank you’re sending the money from

If you’re interested in opting for this method, you’ll need to be sure to weigh the pros and cons before deciding whether it’ll be worth it. Also, funds will be converted to USD if you send money in any other currency (like GBP or EUR) or from another country (like UK or France).

5. Transferring from Another Brokerage Account

This involves the transfer of funds or securities from your account with another brokerage company into your Charles Schwab account. It’s done as an Automated Clearing House (ACH) transaction and takes a few days for the funds to clear into your Schwab account.

The best way to do this is to link your Schwab account to your Brokerage account through ACH. Once linked, you can transfer funds to your account at your convenience. However, much like the previous method, it may come at a cost depending on your Broker (and determined by them too)! But at least you won’t be charged on both ends because Charles Schwab doesn’t charge for accepting transfers.

So you’d really need to crunch numbers and weigh your options to determine whether this method would pay you in the long run. If the total amount charged is more than doing a wire transfer, then it may not be worth it even if it appears to be more suitable because while a wire transfer is usually instant, this method takes more time.


While funding your Charles Schwab account may not be as ‘traditional’ as walking into the nearest bank and paying cash across the counter, they have come up with many alternative methods to do this. Some options are even more convenient than going to the bank, while some others will not cost you a dime.

It’s just a matter of figuring out the one that works best for you.

So try any of the methods listed above, settle on your preferred option, and go ahead and start trading!