Same here. Been a happy user for some time. They also also have great exchange rates so I tend to use them for transferring NZD into AUD for my NABtrade account.
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These platforms make their money on FX conversion fees right?
I see today that Sharesies appear to be working towards adding US Shares..
I could never understand the workings of Sharesies on how they manage their US ETFs on the FIF taxation issue. How are they addressing the 5% FDR on an annual basis and how would that apply to clients that may frequently buy and sell US based shares?
Look at the case of buying NZ based managed funds that simply buy the US Vanguard ETF. When you go through a NZ broker, you have their set fees and commissions but the worse is the annual mgt fees by the NZ fund managers for merely just buying the Vanguard ETF. In comparison, I a person that has a US brokerage account, buys the same US Vanguard ETF and pays Vanguard's ultra low avg mgt of 0.08% per year. Are NZ based brokers and managed funds charging a huge fee for the administration to track FIF / FDR for all their clients?
Early days yet to they launch - will have to see what they are doing to address each of areas, with US Shares
& how competitive they are on what they intend offering
US Shares are bound to be popular in places
Personally I've stayed away from ETF's even on NZX - probably have to invest some time
looking at these in the future
They may be charging huge fees (no comments from me) but I doubt they are tracking FIF for their clients. Hey someone tell me if I'm wrong but they will leave all tax matters for the client to deal with. Which is of course the advantage of PIEs where you are all good.