How much do they charge you on the comm/spread on NZDAUD?
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Looking for feedback on recent experience with ASB Sec. Sold a security for $30k . Partially sold on 25 March(settlement date 28th) with remainder sold 27th March(settlement 1 April). No funds in my CMA as of this morning so contacted ASB and after approx. 1hr got back to me to report funds now in CMA. I won't go into details of my ensuing discussion needless to say not impressed as I needed the funds to complete another transaction. Anyone else ever stuck this issue b4.
Yes, I have had a few of those, but it only impacts if you want to take the funds out of your CMA. If you want to trade again, you can actually do it as soon as you sold the shares, i.e. 3 days before settlement. That is standard for on-line as far as I know.
The excuse I got was the automated transaction failed.....really? so where is the manual back-up?
In the event you had a buy to settle the same day from those proceeds, I bet manual intervention would miraculously appear
Hi X
Thanx for response. I understand how settlement works, but in this case my ensuing transaction was not anything to do with ASB. What annoyed me was that this should never happen. They have since phoned me to apologise and offered me a $30 voucher from my next trade(in other words a free trade up to the $30 parameter).
Anyone else having issues today? My laptop and desktop are having seizures just trying to load the depth and announcements
It's OK for me Okebw
NZD/AUD rates
I hold mostly ASX listed shares. However I am finding the exchange rates upon trade execution extortionate, and is nowhere near live rates. It eats into profits and I am having to try and factor this extra expense before I sell to ensure I hit my profit target? Does anyone else think they overcharge and milk the exchange rate for profit? Rates between 0.90 and 0.94 common.
I sold one holding on wednesday 23rd at an exchange rate of 0.9375 when the actual rates on that day were in the range 0.9201- 0.9186.
Any reason why you converting back to NZD$ all the time?
Open a FX AUD account with them and only transfer back what you need if any
See this thread http://www.sharetrader.co.nz/showthr...ASB-securities
[QUOTE=Jay;494063]Any reason why you converting back to NZD$ all the time?
Open a FX AUD account with them and only transfer back what you need if any
Simply because I trade NZX and ASX so its handy to have one central account having two accouts would be neccessary if ASB were honest with their exchange rates.
I have traded Forex, and know have narrow the real pip margins are, less than 5 mostly, not hundreds like ASB are adding to each trade.
That isn't Margin, and they are not being open about their ASX dealing.
Example, say the rate is 0.9 AUD per 1 NZD when buying on ASX, then you'd expect the reverse rate of 1.1 NZD per 1 AUD if you sold on the same day at the same rate, give or take a FEW pips. Surely!
I got 0.93 instead of 1.07 on a recent sale, so my $700 profit ended up just over $300. ASB applies Sub 1.0 rates on buys and sells, spreads as wide as 3000+ pips on dealing with them.
Am I missing something, or is it really that much of a con?
I shall be having a long talk with them tomorrow, and would like them to explain their spreads, margins to me..