Buying ASX via ASB

[dragonz]

Does anyone buy shares on the ASX via ASB?. Can you have an Australian bank account linked? And what's the story with dividends, can you get them paid into an NZ Account or do you receive Australian cheques?

[dragonz]

1. Not as far as I know, 2. Up to the company, most do, alternatively if you get a cheque (assume you still can) you can send them thru to ASB Securities to put them into your AUD account with them-(assume you still can) have done this in the past .

Ok thanks, IT sounds like its best to start an AUD account with ASB securities and have the dividends paid into that to avoid forex exchange fees.

[Jay]

Sorry was going to reword my whole post and deleted it in error.
Will need to check with them if the AUD account can accept direct credits - not sure it can

[dragonz]

Oh OK. I'm wondering what others do . I've heard that ASB have a high fee for converting currencies. I could be wrong. Thus I was wanting to transfer a lump sum into AUD currency and then buy/sell from that. Just wondering whether I can have Australian divis paid into that as well. I used to have a Mcquarrie Account with direct broking but thats been closed down for NZ residents

[kiwico]

I used to use ASB to buy on the ASX but it became too difficult with dividends. The ASB AUD account didn't have an acceptable account number which meant dividends had to be in NZD for me to then change back to AUD at exorbitant ROE if I was to buy more on the ASX.

I decided to open an NAB bank account when on holiday in Oz and an accompanying NAB Trade account. Everything ASX related is now so much easier.

[JBmurc]

I deal with the ASB Treasury guys ph-09 302 3055 ..always been really easy to deal with and much better rates AUD/NZD saving me hundreds at times V's Westpac rates when its 10,000's or 100k+ etc

I do get lazy and just go through ASB Securities for smaller amounts and get raped on conversion rate

[Jonboyz]

I use ASB for ASX and NASDAQ/NYSE transactions. They can open a Foreign Currency Cash Account for your AUD or USD dividends to be directly paid into. Conversion fees seem reasonable.