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  1. #1
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    Default ANZ Securities - newbie

    I usually use ASB due to the no custodial fees. With ANZ - why is there both a private client account as well as a NZD OMCA? Also to transfer funds into ANZ Securities we need to use those details, how long does it take to clear? Also when you transfer to your own normal ANZ bank account how long does that take?

    With ASB - we can just use Internet banking and it happens instantly.....



    Cheers.

  2. #2
    Antiquated & irrational t.rexjr's Avatar
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    Yeah ANZ is a bit confusing & cumbersome compared to ASB in some ways. The OMCA account is kinda the same as the ASB cash management account. Except unlike ASB where it is a single account in your name, from what I can make out , ANZ is a pooled account i.e all customers money is in the same account and your individual balance is tracked by your client number. The OMCA is where the trades are settled i.e. once the sale completes the money is deposited or withdrawn from this account. Normally 2 days after your trade depending what market you’re trading. Note the OMCA is multi currency which is hugely beneficial when trading say Aussie shares as you can settle in Aussie dollars and don’t continually get stung with exchange rate fees. (ASB also have other currency accounts but you need to ring them and set them up where ANZ have them ready to go)
    The trading account tracks your pre-settle balance. Same as what’s in the top right corner of the ASB securities screen. This is the ‘how much you will have once all your trades are settled’ account. It’s more of a fund tracker than an actual account.

    If your actively trading then hands down use ASB as their system is much faster (in most cases instant). The benefit of speed hugely outstrips the benefit of the cheaper brokerage from ANZ. Time is money when trading and ANZ require a broker to place the trade for you. They may be on the loo or at lunch or chatting to their mates about the weekend. I have waited 15 minutes for a trade to get placed with ANZ before and then it took them another 2 hours to process it so the money was unavailable in my trading account. This quite frankly is piss poor. ASBs appears to be much more automated so money can be spent within a few seconds of your last sell.

    Transfering money from your OMCA is the same as transferring it from bank to bank as ANZ Securities appears to be completely separate from ANZ banking. Transfers will be done ‘overnight’

  3. #3
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    Quote Originally Posted by t.rexjr View Post
    If your actively trading then hands down use ASB as their system is much faster (in most cases instant). The benefit of speed hugely outstrips the benefit of the cheaper brokerage from ANZ. Time is money when trading and ANZ require a broker to place the trade for you. They may be on the loo or at lunch or chatting to their mates about the weekend. I have waited 15 minutes for a trade to get placed with ANZ before and then it took them another 2 hours to process it so the money was unavailable in my trading account. This quite frankly is piss poor. ASBs appears to be much more automated so money can be spent within a few seconds of your last sell.
    Oh really. So what we seen with ATM the other day, if I do a BUY and see the price changing it would be delayed with ANZ? I don't usually do that but it's something to note.

    So what is the private client account then? I have that also. I imagine one would just use the OMCA NZD right.

    I like at least with ANZ how you can get quotes with US stocks and there is a BUY button online.

  4. #4
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    I must admit that I have never had more than a 3-4 minute delay in placing my order with ANZ Sec and usually it is a lot less than that.

    Also money from a sale of shares is available a few minutes after transaction.

    Transfers of money into your account appear the next business day. Transfers out appear in you account in the evening. I do however bank with the ANZ so that may not apply to other banks.
    Last edited by 777; 04-11-2017 at 10:56 AM.

  5. #5
    Antiquated & irrational t.rexjr's Avatar
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    Quote Originally Posted by rayonline View Post
    Oh really. So what we seen with ATM the other day, if I do a BUY and see the price changing it would be delayed with ANZ? I don't usually do that but it's something to note.

    So what is the private client account then? I have that also. I imagine one would just use the OMCA NZD right.

    I like at least with ANZ how you can get quotes with US stocks and there is a BUY button online.
    Yes with ANZ there is a delay so in a pressure situation like the other day with ATM that could mean your more likely to miss your price point than with ASB securities. I agree with 777. Other than that particularly slow trade I mentioned, the longest it would normally be is 3-4 minutes with money available a few minutes after that. Too slow when opperating as a trader in my opinion so I trade through ASB and my investment Portfolio is with ANZ where speed is less vital. I do find ANZs market data is better though so there are benefits. I tend to do most of my tracking on ANZ for that reason

    Not quite sure what you mean by the private client account. On ANZ Securities I have the OMCA which is the settlement account and the trading account which tracks the pre-settled trades. I assume you may mean the private account they set up with ANZ bank? Remember ANZ Securities and bank are seperate things. So to get money to a third party bank it seems that you must withdraw it from your OMCA account, deposit it into your ANZ bank account then repeat the process to your other banks account. I’m not sure if you can load your other banks account in as an option direct from the OMCA. I had a look a while back and couldn’t see how youd do that so the couple of times I’ve transferred money out I’ve had to go through that crazy ordeal.

    if you time it right you can get money into your other banks account that same day now that banks are processing their transaction more frequently. I know Westpac process hourly now.

    Anyway, as it sounds like you’re coming from using the ASB system be prepared to be mildly frustrated with the comparative efficiency...
    Last edited by t.rexjr; 04-11-2017 at 11:42 PM.

  6. #6
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    I find the ASB colour layout etc .. is better and no custodial fees. Yes, I have both but only been using ASB.

    On My Account page I see this ... I see both the OMCA and the private client account.
    Captureanz.JPG

  7. #7
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    Quote Originally Posted by rayonline View Post
    I find the ASB colour layout etc .. is better and no custodial fees. Yes, I have both but only been using ASB.

    On My Account page I see this ... I see both the OMCA and the private client account.
    Captureanz.JPG
    The private client account is where your trades both buys and sells go before they are settled. IF you sell there will be a credit in the private client account until T+2 has passed and then that credit will go to your Online Multi Currency account. If you do a BUY a dr will be there till you pay and or funds are withdrawn from your Online Multi Currency account. Hope that helps.
    However if you do do a sell, the money is instantly available to make a purchase with... ie you do not have to wait 2 days before making a purchase with the cash rate.

  8. #8
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    One big downside with the ANZ Securities OMCA is their handling of foreign currencies in the OMCA account. If you have a balance in say USD due to the sale of securities, the only way to transfer it elsewhere is to convert to NZD first (incurring their 0.89% margin). These aren't real bank accounts and are very restrictive when you want to access cash.

  9. #9
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    ANZ SEC to be sold to FNZC ????

    Just received notification that ANZ Securities is to be sold to FNZC and to be run under the label DirektBroking.
    Can't find what FNZC fee structure for their services normally is - has anyone got any pointers??

  10. #10
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    I would think the fees would have to be the same as currently, otherwise they will have customers leaving, maybe they will reduce the fees

  11. #11
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    Quote Originally Posted by Jay View Post
    I would think the fees would have to be the same as currently, otherwise they will have customers leaving, maybe they will reduce the fees
    Logically it would be cheaper , as I would assume FNZC wouldn't have the same credit rating as ANZ ???

  12. #12
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    Just reporting. Maybe related to the recent news. ANZ don't deal with thee US market now. Only NZ and AU I think i was told (on the phone).
    Last edited by rayonline; 30-11-2017 at 05:08 PM.

  13. #13
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    does anyone have an update to when FNZC is taking over anzsecurities and new fee structure

  14. #14
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    Quote Originally Posted by voltage View Post
    does anyone have an update to when FNZC is taking over anzsecurities and new fee structure
    What new fee structure?

  15. #15
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    I am sure there will be changes using their platform, just interested if there has been any updates, this is meant to start soon.

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