Can I Use My Mom's Charles Schwab Account for Study Abroad in Japan?

Seeking Advice
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Hi guys…

I’m 17 and about to go to Japan for a study abroad program. I’m super excited, but I’ve run into a bit of a problem regarding banking and fees.

Currently, I have a Chase account, but I’ve found out that there are a lot of fees for foreign currency exchanges and ATM withdrawals, which can add up quickly. I’ve done some research and discovered that the Charles Schwab Bank High Yield Investor Checking Account has no fees for foreign currency and ATM withdrawals, which would be perfect for my needs.

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Yes, you can use your mom’s Charles Schwab account for your study abroad in Japan. Just make sure you’re an authorized user or joint account holder and get a Schwab debit card. Notify the bank about your travel plans to avoid any issues.

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This is actually right but there are some considerations you need to keep in mind because using your mom’s account directly might not be straightforward. The considerations include:

  1. Account ownership: Typically, you need to be the account holder to use the account freely. Your mom could potentially add you as a joint account holder, but this depends on the bank’s policies and your mom’s consent.
  2. Age requirement: Since you are 17, you might face age restrictions. Many banks require account holders to be at least 18 years old. You could check with Charles Schwab to see if they have any specific policies for minors.
  3. Legal and security concerns: Using someone else’s account can raise legal and security issues. It is important to ensure that all transactions are authorized and transparent.