Ridiculous fees charged by ASB securities

[stoploss]

Maybe John Key helped cause the problem ????!!!!!
Well that's where he made his miillions after all.!!!!!

Percy I know that is tongue in cheek , he never worked in NZ with a bank that had retail customers/ FX trades, he was good enough not to have to rely on the travellers cheques coming through to turn a profit for the day .....
I doubt the govt would do much Liz this is a pretty competitive industry with many players in it .
If you are looking at doing a currency transfer I have dealt with this company . Rates very close to spot.

http://www.directfx.co.nz/About+Us/Contact+Us.html

Cheers S/L.

[zb3]

Percy I know that is tongue in cheek , he never worked in NZ with a bank that had retail customers/ FX trades, he was good enough not to have to rely on the travellers cheques coming through to turn a profit for the day .....
I doubt the govt would do much Liz this is a pretty competitive industry with many players in it .
If you are looking at doing a currency transfer I have dealt with this company . Rates very close to spot.

http://www.directfx.co.nz/About+Us/Contact+Us.html

Cheers S/L.

Hi Stoploss

Thanks for that. Does it end up cheaper overall than using ASB securities? Even if you convert with directfx, asb securities charges 1% to deposit foreign currency into your foreign currency account.

[percy]

Percy I know that is tongue in cheek , he never worked in NZ with a bank that had retail customers/ FX trades, he was good enough not to have to rely on the travellers cheques coming through to turn a profit for the day .....
I doubt the govt would do much Liz this is a pretty competitive industry with many players in it .
If you are looking at doing a currency transfer I have dealt with this company . Rates very close to spot.

http://www.directfx.co.nz/About+Us/Contact+Us.html

Cheers S/L.

Caught out yet again.I can't get away with anything now days.!!!!!!!!!!!!! lol.

[stoploss]

Hi Stoploss

Thanks for that. Does it end up cheaper overall than using ASB securities? Even if you convert with directfx, asb securities charges 1% to deposit foreign currency into your foreign currency account.

Banks charging you money to deposit funds with them ....look at all the advertising for mortgages
at the moment , change bank bring your mortgage and they pay YOU upto 3K . I think the simplist thing to do
as mentioned by others set up a OMCA ac . Leave the Aud as Aud then you only get hit when you do the original trade .

[Joshuatree]

Helpful thread thanks. I recently opened an account with ASB for shorter term trading and wasn't aware re FX fees;and have now added an $A account to solve this expense; took a couple of days but staff were helpful.

[mp52]

If opening Oz bank and CommSec accounts what do they require in terms of proof of residence? No Oz utility bills etc?

[mp52]

Sounds reasonable KW - I was able to set-up an HSBC account in the UK before arriving there. Could transfer funds but I seem to remember I had to get hold of the cash card from the branch (pre Internet banking days). Like the sound of a cheap trip across the Tasman but wouldn't want to go 2200kms and get blanked at the help desk on a technicality .

[Lizard]

A year or two back, you could open an Australian bank account from NZ for investment purposes - either the CBA (via ASB securities) or the ANZ. Actually, from memory, the ANZ could be applied for on-line via anz.com (australian web-site) and then the ANZ in NZ would help with verification of identity. ANZ securities (or Direct Broking as it was then) would help with set-up.

The account from the ANZ comes with a $5/month charge. The account that ASB were arranging with CBA was free from all accounts. I got an eft-pos card with my ANZ account and I think, could have requested a cheque-book or visa (could be handy!) if I'd wanted one. The account works fine for getting Australian dividends deposited, although posting them in to ANZ securities is okay too, as they don't charge for banking.

The only reason all my divs aren't going to the ANZ account is that I buy on scrip and have found that the different purchases often don't end up linked up at the registry, so I the multiplicity of registry on-line log-ins needed and trying to locate share purchases via them all to re-direct just got a bit troublesome. I should probably go back and try again at some stage.

I also am not certain if it gets more difficult to set up an overseas company under a trust/company structure.