Dividends from ASX

[hyinvest]

Recently, I bought my first ASX share and I'm about to get my first dividend payment :-)
According to Computershare, there are two ways for payment:
1) Cheque
2) Direct credit to AU bank account

It seems they will charge me AU$9.75 for each cheque as the currency is USD.

I'd like to get your thoughts about the best/cheapest way to get ASX dividend payments.

[Joshuatree]

My bank rang me last week to remind me they are discontinuing processing ALL cheques soon.

[Snow Leopard]

Look at Transferwise [ https://transferwise.com/ ] once you are signed up you can open an AUD account with them.

[RRR]

I have done the following and working very well for me..I am with ASB

1, Opened AUD currency account with ASB
2, Transfer money from my current account to AUD currency account using OFX (you will have to create an account with OFX first) as and when required (their exchange rate is the best I found and customer service is excellent if you have any issues).
You could also transfer from ASB NZD account to AUD account (instant transfer) but this is very expensive. I typically save approx $150-200 NZD by transferring using OFX - I usually transfer $10 K at a time. The only issue is it takes longer to transfer, allow 2 working days...
3, Buy shares listed in ASX with the money from AUD account
4, All ASX dividends also gets credited to this account - thus avoiding foreign exchange fees and other charges
5, All resident withholding taxes are also taken out from AUD account

I usually have a few thousand AUD $ in my account and I transfer to this account from NZD when FX rates are favourable..

[hyinvest]

@RRR
Thank you so much. I learnt a lot from your detailed reply.

[hyinvest]

@Snow Leopard
Thanks heaps.

[hyinvest]

Look at Transferwise [ https://transferwise.com/ ] once you are signed up you can open an AUD account with them.

I downloaded transferwise and opened AUD account. It provided me with bank details to share (BSB code and account number). When I used the BSB code in computershare, I got an error message "Please enter a valid BSB code". So it seems the BSB provided by Tranferwise is not valid to be used in computershare. Any suggestions?

Update
I tried again and it is working fine now.

[Snow Leopard]

That's good.

Who did you buy your ASX shares through and ow did you pay for them?

[hyinvest]

That's good.

Who did you buy your ASX shares through and ow did you pay for them?

I buy through ASB using my cash management account in NZD. Everytime I buy ASX share, I get a different exchange rate. Thanks to you and @RRR, this will change.

Do you have any recommendations for another broker?

[Snow Leopard]

If you have an AUD account with ASB then that will be useful for buying & selling through ASB, and you could put your dividends through there as well.
You will probably find Transferwise cheaper than OFX who are cheaper than ASB if you want to move NZD to AUD & vice versa.

My NZX broker is ASB but for the ASX I am with Interactive Brokers as I live in Malaysia and ASB/CBA (& others) do not like that.

IB has the advantage of $6 or 0.08% commission but they have several disadvantages that I accept.