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  1. #1
    Junior Member
    Join Date
    Feb 2018
    Posts
    1

    Default Lowest Cost Option To Liquidate ASX Stocks

    I have a substantial amount of ASX stocks (6 figures) to liquidate (to help finance a house purchase in NZ). Currently using ASB, with an AUD cash management account, but their forex spreads and fees seem exorbitant, and their brokerage fees aren't exactly pretty either. It amounts a few thousand dollars, so I'm keen to reduce it as much as possible. What are my options here, to get a little less skimmed?

    - ASB
    - ANZ
    - Halifax
    - InteractiveBrokers
    - Any one else? Traditional phone up brokers?
    - Opening an Commonwealth Bank account (can we still do this?), and using an AU based forex broker somehow?

    Any better ideas?

    I'm also a little unclear on whether ASX shares bought through ASB can even be sold by another broker. What exactly does the "CHESS sponsorship" actually entail? I thought I held these shares genuinely in my name, but reading stuff here, I'm now wondering. And does this leave me vulnerable if things turn to custard in the financial system?

  2. #2
    Senior Member
    Join Date
    Jun 2014
    Location
    Mid of Middle_earth
    Posts
    684

    Default

    Read on https://www.sharetrader.co.nz/showth...online-brokers as you might just get what you're asking for. GL.

  3. #3

    Default

    If you end up selling the shares via ASB Securities, you can avoid ASB's terrible currency exchange rates by sending the funds from your AUD cash management account to your NZD account via a forex broker (simply perform an international money transfer via ASB FastNet). There's a $100,000 limit for currency transfers via FastNet, but you can probably call ASB to perform a one-off transfer for a larger amount.

  4. #4

    Default

    I forgot to mention, for larger amounts you can call ASB and negotiate the rate. Pull up the live rate from a forex broker and ask them to match it.

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