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Originally Posted by smpl
Why?
Or NZ bank.
thanks kiwico. nice feedback.
Hi Smpl, I took kiwico's answers to be that he/she was earning and increasing his/her investment levels in the US. Hence, money mostly going into IB. I don't think IB allow you to have a NZD denominated account, but you can have AUD, BGP, USD denominated ones etc. So, unless you want them to do the currency exchange from NZD for you, its best to give them AUD (or USD, etc). OR, Simpl, are you saying that you use IB and just send them NZD?
PS. IB have still not replied to my question (re: trading in all UK AIM stocks) and I have applied for an internaxx account.
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They offer many more denominated accounts than what you list.
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Originally Posted by jg8512
thanks kiwico. nice feedback.
Hi Smpl, I took kiwico's answers to be that he/she was earning and increasing his/her investment levels in the US. Hence, money mostly going into IB. I don't think IB allow you to have a NZD denominated account, but you can have AUD, BGP, USD denominated ones etc. So, unless you want them to do the currency exchange from NZD for you, its best to give them AUD (or USD, etc). OR, Simpl, are you saying that you use IB and just send them NZD?
PS. IB have still not replied to my question (re: trading in all UK AIM stocks) and I have applied for an internaxx account.
I hope you account opening process is smooth.
BeeBop
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Just signed up for the Hatch beta, looks good. www.hatchinvest.nz
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madmat could you explain what this is and any specifics. This information is not available on the website. thanks
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Originally Posted by voltage
madmat could you explain what this is and any specifics. This information is not available on the website. thanks
Hi, basically it allows you to purchase a number of shares on the US market. The interface is great so far but the platform is still in beta
From their FAQ
"Hatch is a digital financial platform whose first product gives Kiwis access to the US share markets. We give savvy Kiwi investors the opportunity to buy full shares and fractional shares in over 2700 of the world’s best known companies and more than 450 index, industry, dividend, and style-based Exchange Traded Funds (ETFs)."
Fees are pretty reasonable too
"Brokerage fees:
When you buy or sell shares or ETFs from your Hatch account, you pay a brokerage fee that we split with our US broking partner, Drive Wealth:
- To buy or sell a fraction of a share: $3 USD
- To buy or sell one or more shares: $0.02 USD a share
There's an $8 USD minimum fee, so up until you buy 400 shares, you'll be paying a flat rate of $8 USD on every order. "
"Exchange fees:
An 0.8%* fee is included in the exchange rate you see in Hatch. Our fee is lower than what most banks charge (which is usually about 1%). We split this fee with our FX partner World First. It works like this:
- Base exchange rate (Interbank rate): 1 NZD = 0.67 USD
- Hatch rate: 1 NZD = 0.662 USD (0.67 - 0.008)
- Bank rate (estimated): 1 NZD = 0.660 USD (0.67 - 0.01) "
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Thanks madmat. There is more info now on their site. My question is how secure is your ownership of the shares under custodial. Otherwise cheap good access to US markets.
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Originally Posted by voltage
Thanks madmat. There is more info now on their site. My question is how secure is your ownership of the shares under custodial. Otherwise cheap good access to US markets.
Yeah that is a good question. I shall ask as there FAQ only says "Do I own my shares? Yes, but your name is not on the share certificate. For safety and convenience, your name is not on the share certificate.
The certificate will show that the shares are held "in the custodian name for the benefit of Hatch customers". This is a common practice called “In street name”. ICBC FS custodies your shares and DriveWealth manages the books and records of the shares."
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in the herald today; https://www.nzherald.co.nz/personal-...ectid=12130743
any comments would be appreciated
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I am very impressed. What a great way to buy US shares and ETFs from New Zealand, so simple and cheap.
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