Outside the U.S.
+1-415-667-7870

In the U.S.
1-877-853-1802

Customer service hours
5:30 p.m. Sunday to 1:00 a.m. Saturday (U.S. EST)

*Liquidity refers to the ability to quickly buy or sell an asset without affecting the asset’s price in a significant manner, not the ability to receive cash quickly.

**Foreign market hours vary. Broker-assisted order placement hours are different from order execution.

***Most ADRs listed on U.S. stock exchanges are marginable. ADRs that are traded through the U.S. OTC market are not marginable.

1. The standard online US$0 commission does not apply to large block transactions requiring special handling, restricted stock transactions, trades placed directly on a foreign exchange, transaction-fee mutual funds, futures, or fixed income investments. Options trades will be subject to the standard US$.65 per-contract fee. Service charges apply for trades placed through a broker (US$25) or by automated phone (US$5). Exchange process, ADR, foreign transaction fees for trades placed on the US OTC market, and Stock Borrow fees still apply. See the Charles Schwab Pricing Guide for Individual Investors for full fee and commission schedules.
2. Transactions in foreign ordinary shares incur additional custody, clearing, and settlement expenses. A foreign transaction fee is added to trades placed on the US over-the-counter market through the online or automated phone channels. The commission and foreign transaction fee will be combined and will appear as one line item, labeled "Commission," on the trade confirmation.
3. Canadian stocks settlement dates are subject to Canadian market holidays which may differ from U.S. holidays.

• Currency fluctuation - While currency fluctuation can work in favor of the U.S. dollar, it's always a variable and investors should be prepared for favorable and unfavorable outcomes.
• Political instability - Investing in international stocks is investing in the people and governments where the foreign shares are located. Political or economic events in a foreign company's home country may harm your investment.
• Regulatory changes - International stock exchanges have their own rules and regulations for participating countries and organizations. Changes in governance and financial policies can create limitations on the access rights of foreign investors.
• Taxation - Taxes on international investments are often taxed at different rates than U.S. holdings. Similar to regulatory changes, some foreign nations may also impose additional taxation on foreign investors.

• Y-shares are five letter stock symbols ending in "Y" which designate ADRs that trade in the U.S. OTC market. Banks or other depositary institutions hold the local foreign shares and issue receipts for them in a ratio of one ADR to X-amount of the foreign shares. They can be sponsored ADRs (the underlying company is sponsoring the listing) or they can be unsponsored. 
• F-shares are five letter stock symbols ending in "F" that represent an equity traded on a foreign exchange. In some instances, the foreign ordinary shares may be tradable in the U.S. Over-the-Counter market (OTC) through a market maker. In these cases, the market maker purchases and sells the foreign ordinary shares from their own inventory.  It's important to note not all F-shares trade in the U.S. OTC market. Some foreign equities, even with F symbols, must be traded in their respective local home markets only.

Many ADR's can be converted into ordinary shares in the local home market and foreign ordinary shares can sometimes be converted to ADR shares. Occasionally, the underlying ordinary share is actually a Private Placement or the ADR custodian bank's books are closed in anticipation of a dividend, corporate action, or they have reached a foreign ownership limit. In such instances, converting the ADR and holding the asset at Schwab would not be feasible or possible.

It is also important to note there are often fees, taxes, and costs associated with an ADR conversion.

The governments of some countries, such as France and Italy, have implemented foreign transaction taxes as a percentage of the purchase amount on certain securities, including ADRs. Executing brokers and market makers pass these foreign transaction taxes on to broker/dealers like Schwab as fees. In turn, Schwab collects these fees from clients in the form of an Industry fee and they are reflected on trade confirmations and client statements.

ADRs are created and issued by both domestic and international banks. These custodian banks or 'ADR agents' will typically charge an ADR 'pass-through fee' to cover administrative or other costs associated with the ongoing management of the particular ADR program. The average fee is one to three cents per share. The actual fee amount charged and the timing of the pass-through fees vary per ADR issuer. Any fees charged to Schwab, like most brokerage firms, are automatically passed on and borne by the ADR investor.