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Like the NZX, why bother with the UK LSE if trading & brokerage fees are going to be high? Pretty much all the discount brokers in the US have no commissions on trades and no custodial fees.
Re FIF, I agree the $50K threshold is a joke. What FIF effectively does is discourages wealthy migrants abroad to continue holding their equities if they plan to live in NZ.
Establishing new accounts abroad is not simple. I'm not sure how IB handles the paperwork or simply gives the middle finger to the NZ FMA but in recent years, opening accounts abroad seems to be nearly impossible. Gone are the days you could send a fax copy of your passport / DL#, and wire TT funds are not as simple as before (ie large amounts). At least with my bank BNZ, I can no longer go to any teller to action a wire TT. It all must be done online by secure email which can take days to finalise (while the banks do their AML / police checks where the funds are going to).
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Member
 Originally Posted by SBQ
Like the NZX, why bother with the UK LSE if trading & brokerage fees are going to be high? Pretty much all the discount brokers in the US have no commissions on trades and no custodial fees.
Re FIF, I agree the $50K threshold is a joke. What FIF effectively does is discourages wealthy migrants abroad to continue holding their equities if they plan to live in NZ.
Establishing new accounts abroad is not simple. I'm not sure how IB handles the paperwork or simply gives the middle finger to the NZ FMA but in recent years, opening accounts abroad seems to be nearly impossible. Gone are the days you could send a fax copy of your passport / DL#, and wire TT funds are not as simple as before (ie large amounts). At least with my bank BNZ, I can no longer go to any teller to action a wire TT. It all must be done online by secure email which can take days to finalise (while the banks do their AML / police checks where the funds are going to).
Once the initial account is set up, it is so easy to operate internationally these days....O/N funds transfers and even able to use TransferWise as the intermediary if the value warrants it.
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Originally Posted by SBQ
Like the NZX, why bother with the UK LSE if trading & brokerage fees are going to be high? Pretty much all the discount brokers in the US have no commissions on trades and no custodial fees.
Re FIF, I agree the $50K threshold is a joke. What FIF effectively does is discourages wealthy migrants abroad to continue holding their equities if they plan to live in NZ.
Establishing new accounts abroad is not simple. I'm not sure how IB handles the paperwork or simply gives the middle finger to the NZ FMA but in recent years, opening accounts abroad seems to be nearly impossible. Gone are the days you could send a fax copy of your passport / DL#, and wire TT funds are not as simple as before (ie large amounts). At least with my bank BNZ, I can no longer go to any teller to action a wire TT. It all must be done online by secure email which can take days to finalise (while the banks do their AML / police checks where the funds are going to).
As BeeBop says.
Whilst it can take a few days for IB to confirm your good to go once you have filled in the completely online application and uploaded any necessary documents, it is straight-forward.
I regularly move money round between assorted countries by various means and for larger amounts this has resulted in follow up phone calls it, but it has been quick & painless.
My banks & brokers seem quite happy with what I do, about once a year they ask me to confirm my details are still valid, tick the box they they have done it and that is it.
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Originally Posted by SBQ
…….. At least with my bank BNZ, I can no longer go to any teller to action a wire TT. It all must be done online by secure email which can take days to finalise (while the banks do their AML / police checks where the funds are going to).
BNZ have given me access to BNZ Business. No extra charge. I can use this to do my own wire transfers. Bit scary at first, but seems fine. No errors as yet.
I use IB as well. Seems ok, have been using for several years.
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