Direct Broking

[thestg]

Has been good with me. Updating quickly, I put a buy order in for SPK this morning, it showed in the Bids in less than a minute, 5 minutes later the trade was complete & 15 minutes after that my contract note arrived in my Email.

[SilverBack]

Placing orders on ASX is abysmal and it seems that a Limit Order status is returned when their ASX broker accepts the order but this is before the order has actually been placed on the ASX. This is shonky and deceptive.
I would very much like to open an account with an Aussie broker and also need an Aussie bank account for this. I used to have a bank account but it was closed by nthe bank when the anti-money laundering rules came in. I have not yet found how I can get a new account since I am not Aussie resident. Can anyone give advice on this?

[jg8512]

silverback, like a lot of others I suspect, i use CBA and CommSec. no problems joining both as an NZ resident, they've been good to deal with, and no issues. the only thing I don't like is they off-market matching of your orders - not always thru the exchange, but does happen quickly.

[SilverBack]

Thanks jg, I will check it out. Others I looked only accept AU residents.

[voltage]

yes, I use commsec too, also no issues

[Onion]

yes, I use commsec too, also no issues

Do you deal directly with commsec? Or via ASB Securities?

ASB Securities sign you up with a Commsec account too. Their web site says:

If you buy Australian shares through us, your shares will be held by Commonwealth Securities in your name and registered to your Holder Identification Number (HIN). This is known as a CHESS-sponsored holding. If you have share trading accounts with different Australian brokers, you’ll have a HIN for each broker. When you join ASB Securities, we also register you with Commonwealth Securities so you can trade on Australian markets

[jg8512]

ASB use Commsec but charge their own fees, etc. What voltage and I are suggesting (and doing) is bypasssing the middleman and using Commsec direct. I suspect there are quite a few people in that category.

I have a Commsec account (CDIA - Commsec Direct Investment A/c I think it stands for), and a bank account at CBA. I can log onto CBA or COmmsec, and access all accounts etc and broking thru that one log-in. I pay no bank or account fees, and get minimal interest (~2% pap), and get pretty reasonable broker rates.

Do you deal directly with commsec? Or via ASB Securities?

ASB Securities sign you up with a Commsec account too. Their web site says:

[bull....]

yes i have 2 brokerage a/c's in aus by passing nz brokers and brokerage is great .1% commissions on asx trades

[couta1]

yes i have 2 brokerage a/c's in aus by passing nz brokers and brokerage is great .1% commissions on asx trades

.1 % is better than the large volume rate in NZ, still no point in getting a cheaper rate with a company like Halifax and losing all your capital, at least both no frills broking companies in NZ are rock solid.

[voltage]

I deal with commsec direct. You need a CBA bank account. Did this on a trip to Australia. I may be wrong but you may need a physical address, I use a relative over there for this. Commsec is not the cheapest but the cheapest is not always the best as indicated by couta1.