Hi, I am finding there seems to be an r issue of ASX companies making it harder for NZer's to receive AUD dividends. The most recent is Telstra. They don't seem to have a cheque option.
How do those facing similar issues deal with this issue. I must have sent 10 emails to Link services Australia and still unable to get the dividend.
Opening a bank account in Australia for someone not planning to live there is rather tricky and requires proof of an Aussie address and for you to be there.
AUD dividends to NZ
Printable View
-
07-10-2017, 07:27 AMpsychnurseAUD dividends to NZ
-
07-10-2017, 07:30 AMblackcapI think most (or at least a lot) Australian companies now direct credit to NZ bank accounts. About half my AUD dividends come in like that. My partners TLS comes straight in as NZ$ and has done for some while now.Quote:
Originally Posted by psychnurse
-
07-10-2017, 09:24 AMG on
You may find the div is being held waiting for your direct payment account instructions. I had similar experience as I had forgotten to supply the info but I did get an email explaining the hold up as they no longer sent cheques.
If you go to Aus for holidays it's a good way to have cash at hand with an Aus bank a/c. I didn't have to have an Australian address when I got a CBA bank account organized. I am with ASB securities which may have made it easier and definitely easier going there. I have managed to use the Aus account for various Aus share options which was far easier than using NZ accounts. You are right that a lot of companies no longer have the cheque option. The question would be what companies don't have a direct pay option? -
07-10-2017, 12:57 PMpeat
For TLS shares you can have them domiciled on the NZ share registry and avoid the whole issue altogether.
-
07-10-2017, 03:37 PM777Dividend would still be paid from Australia though.Quote:
Originally Posted by peat
-
07-10-2017, 04:38 PMcouta1That's right, I'm still waiting for my TLS dividend to be direct credited to my NZ bank account even after ringing Link twice.Quote:
Originally Posted by 777
-
07-10-2017, 04:47 PMGTM 3442I opened my Australian bank accounts by sending some introductory emails, making appointments, and then turning up to both ANZ and CBA in Sydney. I freely admit that it would have been much harder if I hadn't turned up in person.Quote:
Originally Posted by psychnurse
The only time I needed an Australian address was for posting out credit/debit cards when I shifted some transactional banking to Australia
The upside is that Australian dividends and interest stay in AUD and in Australia, which makes life easier and cheaper for subsequent transactions. Plus the admin of foreign currency accounts is much simpler and much cheaper in Australia. -
08-10-2017, 04:55 PMpeatnot at all certain why that is relevant - your NZ bank account is credited , it comes from the NZ registry , and even if the amount is derived from an AUD figure there is no cost of conversion , so I would repeat that having them domiciled in NZ , if possible,as it is for Telstra, can be useful to NZ residents.Quote:
Originally Posted by 777
Quote:
Originally Posted by couta1
two weeks Couta, I fear they are sending yours via carrier pigeon across the Tasman, and they may have lost their way. -
12-10-2017, 02:58 PMcouta1
Finally after 2 weeks past payment date I'm going to get my TLS dividend paid tomorrow, rung Link NZ three times with no result so finally rung their Aussie office to sort it out. What makes it more ridiculous is that I received the dividend statement around 10 days ago. PS-Sold my TLS shares for a loss after the Ex date so won't be having this trouble going forward, pathetic really.
-
13-10-2017, 01:12 PMBeagle
Can't claim their franking credits either, (and I predict that will NEVER change)...makes you wonder if its worth bothering with Australian companies especially with Australians playing underarm cricket on immigration, welfare benefits, paying full tax and Medicare levies but no voting rights or access to services and a whole host of other nationalistic policies aimed specifically to be discriminatory against Kiwi's. Why bother...
-
14-10-2017, 04:12 AMcouta1
Think I'm just going to have to write my TLS divvy off, even after talking to Link in Aussie and confirming my bank account details and that they do a sweep every Friday, nothing was received, bye bye $2600. I'm never going to own an Aussie company again, not worth the stress.
-
14-10-2017, 06:50 AMblackcapCouta, what happens to be the problem? I have many Australian shares and never have had a problem at all receiving dividends. If the divie is not direct credited you can always go to your Link login and request a replacement cheque which will be mailed to you promptly. Are you shares held in Chess or on an SRN? Why are you speaking to Link in NZ, you should be calling the registry in Australia. But there is no way you will miss out on the $2600 unless you are just giving up. My partner got her TLS dividend from Australia in her NZ bank account a few weeks ago. Its not that complicated.Quote:
Originally Posted by couta1
-
14-10-2017, 07:15 PMRRR
The other option to avoid all the above mentioned hassles is to have the investments under a nominee account for a fee of $250/year (ASB securities) and they will deal with all the issues.
-
15-10-2017, 10:22 AM100101
Hi
Can anyone confirm if, with TLS bought on the NZ Market, any imputation credits can or cant be claimed? -
15-10-2017, 10:39 AMcouta1It becomes complicated when they have your holder number and bank account details(Confirmed) and the dividend still doesn't get swept into your account on the day they say it will, after already waiting over 2 weeks. Other than just keep ringing them(Aussie Registry)there is not much I can do to fix their broken broom.Quote:
Originally Posted by blackcap
-
15-10-2017, 12:54 PMSnow LeopardThe recurring nightmare
I find the way the Australian registries work rather frustrating in that they all seem to default to the cheque option (& send everything by post) when you first acquire shares in a company.
So about a week after buying shares I log on to the registry and fight my way round the user interface to manually enter my Oz bank account details, etc for this new company.
One I missed way back in 2011 when I left Australia for Malaysia resulted in me receiving a AU$ dividend cheque which it was not worth me trying to cash. The registry would not accept delayed direct payment information insisting that it had to be a cheque.
So every six months or so an alert appears at each and every log-in. Eventually to get rid of the annoyance I press the resend button but what happens next I do not know because I neither see the money in an account nor a cheque in the post, but I have bought another six months.
Best Wishes
Paper Tiger -
15-10-2017, 03:55 PMblackcapHave you tried logging in to your "login" on the registry site? If your problems with the registry persist, I would suggest calling the company Telstra itself. You are after all the owner of TLS and therefore can tell them what they need to do.Quote:
Originally Posted by couta1
-
22-10-2017, 10:39 AMSnoopyThe market on which you buy shares is irrelevant as to whether you can claim NZ imputation credits or not. If TLS paid out NZ imputation credits then, as an NZ taxpayer, you could claim them no matter where you bought your TLS shares. However, TLS only pay out Australian franking credits. So you can't claim any NZ imputation credits, because they don't exist.Quote:
Originally Posted by 100101
SNOOPY
discl: hold TLS -
22-10-2017, 11:40 AM777
Australian companies that pay dividends that accrue NZ imputation credits usually state the amount of the imputation that NZ residents can claim on the dividend notice. The Australian franking credits are for Australian residents.
-
26-10-2017, 09:28 PMcouta1
Finally, I have just received my TLS divvy in my bank account after a marathon battle, phew pleased I won't be going through that again in a hurry as I no longer hold any Aussie shares.
-
05-09-2018, 07:04 PMdragonz
I have 2 australian companies IEL.ASX and OTW.ASW who will only pay dividends via an Australian Bank Account. Looking on the Link site they have no reinvestment plans and no Cheque options. Anyone else have this issue. Do I just write the dividends off?
-
05-09-2018, 07:37 PM777
Ask for cash. That will p*** them off and they might play ball.
Do you know anyone with a bank account in Australia? -
05-09-2018, 08:42 PMdragonzYeah I should do that;). I dont know if this has anything to do with it but my Australian holdings lodged with Computershare all have dividend reinvestment plans and option of cheques yet the two on Link services AU give you the option of Australian bank only. I will have to go back and look at their announcements .Quote:
Originally Posted by 777
-
07-09-2019, 11:02 AMCricketfan
How do you register a NZ bank account on Link Market Services Australia? I only see Australian bank in the dropdown:
Attachment 10752 -
08-09-2019, 09:26 PMCitizen Erased
A simple option now is to apply for a TransferWise debit Mastercard. They provide you with a local bank account number in each currency you add to your account. You can then convert your Australian dollars to New Zealand dollars for a 0.49% fee on the mid-market exchange rate. Way better than any bank offers.
-
09-09-2019, 08:45 PMCricketfanCool, didn't know about that. I take it once you have money in NZD, you can transfer it to a regular bank account? Or do you have to spend it via purchase transactions?Quote:
Originally Posted by Citizen Erased
-
10-09-2019, 06:24 AMratkin
Kiwibank will not even cash low value aussie cheques anymore. From next year they will not process any cheques apparently, at least that is what the cashier told me yesterday
-
10-09-2019, 07:41 AMpercy
No answers sorry.
I take DRP when avaliable with Australian companies.
Those that still pay by cheque I deposit with my broker Craigs, who bank it in my Australian cash management account.
Those who neither have DRP or pay by cheque, I have huge problems with.I give the share registry my Westpac bank account number together with Swift letters and numbers [WPACNZ2W].Always a lot of hassle and takes numerous phone calls and emails.Once I have received the funds into my bank a/c,usually a month, I then sell those shares, as I can't be bothered going through it again. -
10-09-2019, 04:42 PMSnow LeopardQuote:
Originally Posted by Cricketfan
Have a look here: https://transferwise.com/gb/borderless/
possibly paying particular attention to:
https://transferwise.com/help/17/bor...erless-account
and
https://transferwise.com/price-chang...erless-convert
Disc: Starting using Transferwise after discovering them via Sharetrader :t_up: but not signed up for borderless yet. -
10-09-2019, 08:49 PMcouta1That's correct from Feb next year Kiwibank are dead to all cheques no matter their origin.Quote:
Originally Posted by ratkin
-
12-09-2019, 02:45 PMCitizen ErasedYou can perform local bank transfers in each currency, e.g. NZD to a NZ bank account, AUD to an Australian bank account, etc. They provide you with a "virtual bank account" in each currency, with your own account number, etc, so you can send and receive local payments all around the world. You also get the equivalent of NZ$350 of free ATM withdrawals per month (in any country) using your TransferWise debit card.Quote:
Originally Posted by Cricketfan
-
13-09-2019, 12:44 PMRRR
One way to minimise the problem with cashing in Aus $ dividends is:
1, open a nominee account with asb and all Aussie Shares (and NZ shares) are held in the nominee account (annual fee of $500 - but free for me since I have margin lending account)
2, open an Australian $ currency account with ASB and you could get all the dividends credited to this account - any hassles asb will deal with on your behalf!
3, when required transfer NZ$ to your Australian $ currency account via OFX (cheaper than transferwise) - very easy process once you set up an account with OFX)
4, you could utilise Aus $ account for purchasing Aus shares
No more hassles with cashing in your dividends from Australian shares and if any issues asb will deal with it for you! Of course only applies if you deal with ASB and not sure if it will work for other currencies
Discl- hold OFX