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Discontinuation of checks accepted at NZ Banks
So I called a ASB Securities and they said the bank will be discontinuing accepting cheques later this year. They acknowledge that Australian dividends up pay to us in New Zealand with checks usually. Recently I had one company tell me they will only pay into on Australian bank and were not issuing checks. I do not have on Australian bank account . Am I the only one that says that problem here?
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Banned
uuuh, yeah that is a problem
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fwiw Jarden Direct accepts cheques and hopefully continue to do so. Otherwise we have a problem.
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Where possible I have taken DRP dividend reinvestment plans.
Other wise good luck.With my NZ Westpac a/c the BSB/Bank & Branch/Sort code/ABA/ SWIF code is WPACNZ2W then my bank a/c number.So it can be paid by an Australian bank.
In the past dealing with Aussie share registers, it has taken me 2 emails 2 phone calls and about a month to get those who no longer issue cheques to pay me.
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Why can't the dividends be directly deposited in the brokerage account where the shares are held? That's how it's done in N. America where issuing checks is still alive and well (and offers the lowest cost transaction). If I want to spend the dividends, I would THEN do an online transfer from the brokerage account -> to my bank account (day to day transactions).
Seems so 80s like for corporations issuing dividend payments via 'check in the mail'.
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TSB have no plans to stop issuing chequebooks and accepting cheques. So they told me earlier this year. Good for them, hope they pick up some business.
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I seem to periodically be posting this
Sign up to Wise.com ( which woz Transferwise ) and you can create, amongst others, an Australian bank account, to have your Oz dividends paid into:
https://wise.com/nz/multi-currency-a...ge-bankdetails
In the olden days when we were allowed to roam the world ( and when I got stuck in the UK ) I used it a lot.
PS: You don't need to get the Master Card debitty thing.
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Thanks heaps Guys.
I will look into the wise.com
Thanks to all
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@Yoda
If you provide your bank account details to the share registry of the company you mention they should be able to direct credit the dividends to your NZ bank a/c.
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@Yoda
If you provide your bank account details to the share registry of the company you mention they should be able to direct credit the dividends to your NZ bank a/c.
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