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  1. #41
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    Quote Originally Posted by voltage View Post
    why is this so difficult to fine a cheaper way to purchase overseas stock that is relatively simple
    I'm with Tdameritrade paying US$6.95/trade, Have been using them for over 10 years and had never any issues getting money in or out.

  2. #42
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    I think it may have all to do with Money Laundering etc. I think others have posted previously, that quite a few overseas brokers that use to take all comers now are very selective, fine if you are already with them, but if not well...

  3. #43
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    Quote Originally Posted by Jay View Post
    I think it may have all to do with Money Laundering etc. I think others have posted previously, that quite a few overseas brokers that use to take all comers now are very selective, fine if you are already with them, but if not well...
    Oh yeah I didn't read through the whole thread. I know it from my days of online Poker how difficult the US made it to get money out of the country. I consider myself lucky that I have had accounts with online wallets, brokers etc before this law came into play.

  4. #44
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    Hi Jay and Silu
    is getting money out of a US broker (like interactive brokers) actually hard?. Looking at their website they say one free withdrawal a month, and given what you need to do to prove identity to open an account, I wasn't anticipating any issues getting money back home. Afterall you are transferring from your US broker account back to your NZ account?

    Also, I've been playing around on the interactive brokers free demo. I'm a bit surprised it doesn't know some of the UK stocks I hold though. Anyone had a problem with Interactive not covering smaller UK companies??
    Last edited by jg8512; 07-08-2018 at 05:46 PM. Reason: typo-es

  5. #45
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    Sorry jg. don't know, don't have an account with one of these brokers, there is another thread(s) around discussing this if I recall

    https://www.sharetrader.co.nz/showth...ght=US+brokers
    https://www.sharetrader.co.nz/showth...ght=US+brokers

    https://www.sharetrader.co.nz/showth...ght=US+brokers

    There is 3 to have a read, I just searched us brokers

  6. #46
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    Quote Originally Posted by jg8512 View Post
    thanks BeeBop. useful to have that perspective from experience.
    PS. I had a look at Interactive Brokers too ... they are even cheaper, and have lower inactivity fees too. but you have to pay for market data (which I think is optional).
    i don’t use the market data provided by internaxx. Of course I would like cheaper fees (these don’t seem materially cheaper on my folio at all) but I fear that the cost of changing platforms would not be worth doing, additionally, I have found internaxx to be responsive and good....but yes, interactive brokers actually look very good.

  7. #47
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    thanks BeeBop
    Interactive Brokers (IB) definitely look a lot cheaper.

    re: service levels. Yesterday I asked the same question of both Internaxx and IB. It was a genuine question - whether they allowed trading of all AIM shares. I have some niche little holdings and I'd like to be able to add / sell them when I move brokers.
    I got a very fast response from Internaxx - yes. I also emailed a third player - Hargreaves Lansdown - who replied within a couple of hours. But 24 hours later, I'm still waiting for IB to reply.

    So I think my decision is coming down (perhaps unsurprisingly) to better service vs lower prices. I must be a tight-arse as I'm leaning toward IB (assuming they can trade all AIM).

  8. #48
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    Quote Originally Posted by jg8512 View Post
    thanks BeeBop
    Interactive Brokers (IB) definitely look a lot cheaper.

    re: service levels. Yesterday I asked the same question of both Internaxx and IB. It was a genuine question - whether they allowed trading of all AIM shares. I have some niche little holdings and I'd like to be able to add / sell them when I move brokers.
    I got a very fast response from Internaxx - yes. I also emailed a third player - Hargreaves Lansdown - who replied within a couple of hours. But 24 hours later, I'm still waiting for IB to reply.

    So I think my decision is coming down (perhaps unsurprisingly) to better service vs lower prices. I must be a tight-arse as I'm leaning toward IB (assuming they can trade all AIM).
    FWIW - I do quite a few AIM listed shares and have had no problems with Internal...although, I find it better to by 'at market' as some take days to fill due to low liquidity (e.g. EMR that struggles to trade some days as a lot of the shares are owner held). Had an issue buying SLI (standard life property investment trust) on the LSE three weeks ago, so phoned internaxx. There was a website problem so they filled it for me at their cost (i.e. paid online brokerage)...had a pleasant chat about life also!

    Sometimes being a tightarse helps you focus on every cent - even if the cost is not material. However, recently, I have loosened my tightness somewhat to get better quality e.g choice of airline and flight times!

    Best of investing to you.

  9. #49
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    Quote Originally Posted by jg8512 View Post
    Hi Jay and Silu
    is getting money out of a US broker (like interactive brokers) actually hard?. Looking at their website they say one free withdrawal a month, and given what you need to do to prove identity to open an account, I wasn't anticipating any issues getting money back home. Afterall you are transferring from your US broker account back to your NZ account?
    I've used IB for a number of years. Mostly money only goes in but yes it is easy to get money out again. If you have an Oz bank account too (I use NAB and NABTrade) then IB can be used to transfer funds into AUD and across to NAB etc.

  10. #50
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    Quote Originally Posted by kiwico View Post
    Mostly money only goes in but yes it is easy to get money out again.
    Why?

    Quote Originally Posted by kiwico View Post
    If you have an Oz bank account too (I use NAB and NABTrade) then IB can be used to transfer funds into AUD and across to NAB etc.
    Or NZ bank.

  11. #51
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    Quote Originally Posted by smpl View Post
    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.

  12. #52
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    They offer many more denominated accounts than what you list.

  13. #53
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    Quote Originally Posted by jg8512 View Post
    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

  14. #54
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    Just signed up for the Hatch beta, looks good. www.hatchinvest.nz

  15. #55
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    madmat could you explain what this is and any specifics. This information is not available on the website. thanks

  16. #56
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    Quote Originally Posted by voltage View Post
    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) "

  17. #57
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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.

  18. #58
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    Quote Originally Posted by voltage View Post
    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."

  19. #59
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    in the herald today; https://www.nzherald.co.nz/personal-...ectid=12130743
    any comments would be appreciated

  20. #60
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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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