Hi all,
I want to buy US shares from NZ. What is the best way to do this? I have securities account with ASB, but it seems to only allow me to buy NZ shares. Any suggestion is appreciated in advanced. Thanks.
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Hi all,
I want to buy US shares from NZ. What is the best way to do this? I have securities account with ASB, but it seems to only allow me to buy NZ shares. Any suggestion is appreciated in advanced. Thanks.
National Bank online share trading has US market access
Try National Bank...........
They have
New Zealand (NZX), Australian (ASX), US (NYSE, AMEX, NASDAQ) and UK (LSE) stock exchanges, plus the New Zealand debt market (NZDX).
rgds - arco
First NZ Capital offers USD trading accounts as well with access to US markets and TSX as well which is nice.
The problem using National Bank, or any of the other New Zealand Banks for that matter, is the cost of trading overseas markets.
For example for US markets National Bank charge
US$69.50 per trade for each trade, or 0.6% of the value of each trade, whichever is greater
If you can manage to arrange a US-based brokerage account, that's the best option. For instance E*Trade charge a flat US$12.99 per deal. Of course opening a new US account got much more difficult shortly after 9-11-2001, but it's worth making an effort.
I used ASB many years ago, had to phone and tell them what I wanted to buy or sell, had a foreign currency account with them to save from exchange rate spreads on each transaction.
You need to use limit prices though, the Dow moved 300points in 20 minutes the other day. I have used Etrade for a while now, but I do trade a bit.
A NZ bank should be fine for long term buy and holds. Trade fees are high, I only pay $7.99US a trade with Etrade, no matter what amount the trade is worth.
Cheers
That's a very attractive cost per deal - but it's only available if you execute more than 150 trades per quarter. Their regular fee of US$12.99 per deal, which doesn't have any volume qualification, is quite reasonable though, and certainly less than the fees charged by New Zealand banks.
E*TRADE US Commissions & Fees
I use ASB Securities for all US stocks including PK OTC NASDAQ and NYSE. their charge is high. Anything from US$50 - US$90 per trade. I wouldn't use them if I wasn't making any money. I also use Noble Trading, a US stockbroker for day trading.
I hold a US dollar account with ASB but if I want to transfer funds back to New Zealand dollars I have the ASB transfer though my Aussie US account and then back to New Zealand. A lot cheaper because I own a foreign exchange company. incidentally stem cell companies are the next big movers in the states because the 8 year ban on funding will be lifted soon by the new Administration