Discontinuation of checks accepted at NZ Banks

[Yoda]

So I called a ASB Securities and they said the bank will be discontinuing accepting cheques later this year. They acknowledge that Australian dividends up pay to us in New Zealand with checks usually. Recently I had one company tell me they will only pay into on Australian bank and were not issuing checks. I do not have on Australian bank account . Am I the only one that says that problem here?

[arekaywhy]

uuuh, yeah that is a problem

[silu]

fwiw Jarden Direct accepts cheques and hopefully continue to do so. Otherwise we have a problem.

[percy]

Where possible I have taken DRP dividend reinvestment plans.
Other wise good luck.With my NZ Westpac a/c the BSB/Bank & Branch/Sort code/ABA/ SWIF code is WPACNZ2W then my bank a/c number.So it can be paid by an Australian bank.
In the past dealing with Aussie share registers, it has taken me 2 emails 2 phone calls and about a month to get those who no longer issue cheques to pay me.

[SBQ]

Why can't the dividends be directly deposited in the brokerage account where the shares are held? That's how it's done in N. America where issuing checks is still alive and well (and offers the lowest cost transaction). If I want to spend the dividends, I would THEN do an online transfer from the brokerage account -> to my bank account (day to day transactions).

Seems so 80s like for corporations issuing dividend payments via 'check in the mail'.

[artemis]

TSB have no plans to stop issuing chequebooks and accepting cheques. So they told me earlier this year. Good for them, hope they pick up some business.

[Snow Leopard]

I seem to periodically be posting this

Sign up to Wise.com ( which woz Transferwise ) and you can create, amongst others, an Australian bank account, to have your Oz dividends paid into:

https://wise.com/nz/multi-currency-account/#coverage-bankdetails

In the olden days when we were allowed to roam the world ( and when I got stuck in the UK ) I used it a lot.

PS: You don't need to get the Master Card debitty thing.

[Yoda]

Thanks heaps Guys.
I will look into the wise.com
Thanks to all

[moimoi]

@Yoda

If you provide your bank account details to the share registry of the company you mention they should be able to direct credit the dividends to your NZ bank a/c.

[moimoi]

@Yoda

If you provide your bank account details to the share registry of the company you mention they should be able to direct credit the dividends to your NZ bank a/c.

[Yoda]

Ok thanks .........

[troyvdh]

Ive got some cheques...from Oz...what now...

[mondograss]

Unfortunately, it's up to the share register as to what options they offer for any given company (presumably guided by the company themselves in terms of admin costs and overhead etc). ALU for example offered a wire transfer option alongside other choices but MCP does not, so if you don't have an AU bank account and you can't take a cheque then the DRP is your only option. So not all choices are available for all companies.

[ratkin]

Have been having this problem with my Amazon cheques. I wrote a few online books, and can only be paid via cheque, only place I have been able to cash them is at ASB by putting them into my foreign currency account.

Sold a few Aussie shares recently, simply because they only give out dividends by cheque. Some like COH pay direct to NZ bank, so kept those. Guess it depends on the share registry.

Can only be a matter of time before cheques dissapear everywhere, then the problem should go away

[stoploss]

Have been having this problem with my Amazon cheques. I wrote a few online books, and can only be paid via cheque, only place I have been able to cash them is at ASB by putting them into my foreign currency account.

Sold a few Aussie shares recently, simply because they only give out dividends by cheque. Some like COH pay direct to NZ bank, so kept those. Guess it depends on the share registry.

Can only be a matter of time before cheques dissapear everywhere, then the problem should go away

Can’t they pay you through stripe or something like that for your books ?

[ratkin]

Can’t they pay you through stripe or something like that for your books ?

Will look into it, but last time I checked NZ was one of the few countries where only cheque was available.
What complicates it further is that books sold by amazon india, amazon UK, Amazon USA etc, all pay seperately. So instead of just receiving One cheque you receive lots of smaller ones in different currencies from each region.

[fungus pudding]

Have been having this problem with my Amazon cheques. I wrote a few online books, and can only be paid via cheque, only place I have been able to cash them is at ASB by putting them into my foreign currency account.

Sold a few Aussie shares recently, simply because they only give out dividends by cheque. Some like COH pay direct to NZ bank, so kept those. Guess it depends on the share registry.

Can only be a matter of time before cheques dissapear everywhere, then the problem should go away

Interesting. I'd like to know how to find your books. Titles etc? Who knows! I may turn into your biggest reader/purchaser. I may even be the founder of a Ratkin fan club.

[CROESUS U.T.]

Interesting. I'd like to know how to find your books. Titles etc? Who knows! I may turn into your biggest reader/purchaser. I may even be the founder of a Ratkin fan club.

Ratkin More than a century after their revolt and escape from the Abyssal Dwarfs, the Ratkin have become a menace that has plagued many of the civilised lands. Tales of savage beasts, arcane magics and bizarre contraptions going to war alongside hordes of chittering vermin cause fear where ever they're heard. The Ratkin are coming.

[mondograss]

By way of an update, ComputerShare told me that the company gets to choose what payment options it has available. I eventually got in touch with the secretary of AU.MCP who at first told me to go talk to ComputerShare, then when I pointed out that I already had, said she'd look into it and get back to me. In the meantime, despite being enrolled in the DRP, ComputerShare have sent me a cheque for my dividend. I'm still trying to find out why. It doesn't appear to be suspended. I briefly left it thinking that I'd rather have the cash, but then reenrolled when I realised that they didn't have a payment option I could use (left and returned in the same day). Possibly that's mucked it up. I have discovered that ANZ still takes cheques until 31st May so if I get no joy I will have to open an account there to deposit the cheque.

[kyanar]

I'd expect the reason Australian companies don't do international bank transfer is because SWIFT is expensive. A wire transfer from a typical Australian bank will set you back easily $20-$40 per payment. A cheque maybe 20c.

[DarkHorse]

................

[DarkHorse]

I seem to periodically be posting this

Sign up to Wise.com ( which woz Transferwise ) and you can create, amongst others, an Australian bank account, to have your Oz dividends paid into:

https://wise.com/nz/multi-currency-account/#coverage-bankdetails

In the olden days when we were allowed to roam the world ( and when I got stuck in the UK ) I used it a lot.

PS: You don't need to get the Master Card debitty thing.

Thanks SL. Once the money's gone into the wise account what's the next step - how do we utilise it to busy asx shares etc?

[Snow Leopard]

Thanks SL. Once the money's gone into the wise account what's the next step - how do we utilise it to busy asx shares etc?

Buying ASX shares, what do you do currently?

You can exchange/transfer from your Wise AUD to a 'normal' NZD account, or other currency. Etc.

[airedale]

The ANZ bank have said that they will continue to cash cheques from Aus, Canada, UK and US until further notice beyond the NZ date for NZ banks

[DarkHorse]

Buying ASX shares, what do you do currently?

You can exchange/transfer from your Wise AUD to a 'normal' NZD account, or other currency. Etc.

I deposit the dividend cheques in AUD ASB account then use them to buy more ASX shares - without the bank taking their exorbitant margin converting currencies both ways. I see OFX advertise they can help...has anyone checked them out? (pardon the pun)

[troyvdh]

Thankyou airedale....indeed Im re activating my old ANZ account.
Aint simplicity a blessing...cheers

[younga]

I have a Hong Kong cheque. ANZ told me they stopped cashing them in Dec. Anyone know where I can cash it.....it's only for about $30.

[Snow Leopard]

I deposit the dividend cheques in AUD ASB account then use them to buy more ASX shares - without the bank taking their exorbitant margin converting currencies both ways. I see OFX advertise they can help...has anyone checked them out? (pardon the pun)

Well if you can not get AUD dividends direct credited to your ASB AUD account then you can not get AUD from Wise, OFX or anybody else direct to your ASB AUD account either!
So it would be, say, from Wise to ASB NZD to ASB AUD.

You guys could consider a different broker for AU shares. :mellow:

[iceman]

I deposit the dividend cheques in AUD ASB account then use them to buy more ASX shares - without the bank taking their exorbitant margin converting currencies both ways. I see OFX advertise they can help...has anyone checked them out? (pardon the pun)

I've used OFX for several years, on at least a monthly basis. Their service has been faultless.

[DarkHorse]

ASB Securities - contrary to the minion in the local branch - tell me that they will continue to accept AUD cheques :)

[fungus pudding]

TSB have no plans to stop issuing chequebooks and accepting cheques. So they told me earlier this year. Good for them, hope they pick up some business.

https://www.tsb.co.nz/cheques

[peat]

I've used OFX for several years, on at least a monthly basis. Their service has been faultless.

concur with this.

[peat]

I've used OFX for several years, on at least a monthly basis. Their service has been faultless.

concur with this.