Link Market Services Australia

[Aaron]

I have some funds from a 2008/09 disaster but it is now an ASX listed company and Link Market Services Aust need a bank account number before they can pay me the funds.

I have a $NZ ASB securities cash mgmt account.

ASB says the BSB is the first six numbers of the account 12-**** bank and branch. I have entered this and the account number but it is not working. Has anyone had experience setting up a bank account in Link Market Services Australia?

Should try contacting Link Services first I guess

[Muse]

yes it's a bit irritating aye. I have shares across 3 or 4 different registrars in AU and get the same issue as companies won't write cheques and some seem incapable of depositing funds in NZD

Link have some wholly owned payments provider that can deposit the funds in NZD. I will need to check their name but basically it links up to Link and then the payment gets facilitated. The first payment is rather slow but works faster after that. You can contact Link and they will send you the details but I find they have woeful customer service. I'll have a look from my inbox on how I got it sorted and report back.

[FTG]

Perhaps Tip of the day for you...

You may wish to explore simply setting up an account with a reputable Online currency exchange (no branch interaction needed). E.g WISE & XE.

You will then be provided with an account number specifically relating to you (or your 'entity'), domiciled in Aussie. From there, all you then need to do is provide Link Aussie (or any of the other Share Registries for that matter) with your "Aussie Banking details" for all future remittance.

Following receipt of any Aussie funds (e.g. Dividends) you then convert into NZD, when you want to. You will generally find that the true cross rate (incl any fees) will be much better than the standard banks, and much faster too!

[Aaron]

Many thanks for the advice Moose & FTG, not a lot of money so I have not been overly worried but will investigate further.

[Baa_Baa]

ASB says the BSB is the first six numbers of the account 12-**** bank and branch. I have entered this and the account number but it is not working. Has anyone had experience setting up a bank account in Link Market Services Australia?

Aaron, despite the example for Bank-Branch number showing a hyphen i.e. they show it as 12-3456 enter it with no hyphen 123456 and it should work. This is how they setup for paying dividends in $NZ to a NZ bank account, it and works. I don't know why they have a misleading example, but try it without the hyphen.

This is an ASB Securities Cash Management account setup in Link Market Services. It works for any NZ bank account number.
Attachment 14483

[dibble]

Perhaps Tip of the day for you...

You may wish to explore simply setting up an account with a reputable Online currency exchange (no branch interaction needed). E.g WISE & XE.

You will then be provided with an account number specifically relating to you (or your 'entity'), domiciled in Aussie. From there, all you then need to do is provide Link Aussie (or any of the other Share Registries for that matter) with your "Aussie Banking details" for all future remittance.

Following receipt of any Aussie funds (e.g. Dividends) you then convert into NZD, when you want to. You will generally find that the true cross rate (incl any fees) will be much better than the standard banks, and much faster too!

Helpful stuff thanks but on investigation I have found these companies only operate if you exchange the money (and I found they do offer better rates than eg ASB). The "account" is a forex trading account not a mechanism to hold your AUD dividends for further AUD processing. So....if you want to get your AUD dividend from your Aussie company paid into your AUD account in your NZ (eg ASB) bank account rather than into your NZD account, there seems to be no way of achieving this.
If anyone has somehow achieved this I would be grateful for the know-how.

[FTG]

The "account" is a forex trading account not a mechanism to hold your AUD dividends for further AUD processing. So....if you want to get your AUD dividend from your Aussie company paid into your AUD account in your NZ (eg ASB) bank account rather than into your NZD account, there seems to be no way of achieving this.
If anyone has somehow achieved this I would be grateful for the know-how.

Hi Dibble. Respectfully, I encourage you to dig a little further.

Over the last month I have had various AUD dividends deposited into our WISE (AUD) a/c and have distributed them how & when I wish.

One can elect to transfer those funds into pretty much any nominated account, whether they be an AUD a/c, anywhere in the world, e.g your ASB - AUD a/c, or a kiwi domiciled NZD a/c (of course following competitively priced currency exchange with WISE).

And yes you are correct, WISE for example will generally offer much better NET conversion rates (incl any fees) then your bank. So generally speaking, for retail investors I would suggest it is easier & more cost effective to get WISE to convert from AUD to NZD, and then transfer the funds to your NZ domiciled NZD a/c.

[dibble]

Aha, many thanks. I am indisposed for a bit but will pursue your, er, Wisedom in due course. If I learn anything new I shall share.

[whome]

I’ve found Link Market Australia to be bloody hopeless. Bought shares in an Oz company just before a divi and before the bank details were registered so ended up with ‘dividend withheld’ notice on my Link Market Account statement. Have since set up bank details and subsequent divi payments have been made into ASB NZ $ account, but the 1st divi has remained withheld despite request emails etc. since last October. Tried through Link Market NZ but they say Oz is a different outfit………. I prefer Oz companies operating a DRP.

FTG, I like your method suggesting a WISE account and will set up accordingly. Recently transferred NZD 10.7k via my ASB Sec cash managt NZD acc to my ASB Sec Foreign Currency acc, and got charged $214 for the pleasure. Thinks HHhmmm….

[FTG]

FTG, I like your method suggesting a WISE account and will set up accordingly. Recently transferred NZD 10.7k via my ASB Sec cash managt NZD acc to my ASB Sec Foreign Currency acc, and got charged $214 for the pleasure. Thinks HHhmmm….

Ouch! Hmmm indeed. A 2% fee is daylight robbery....and I'm afraid to tell you.... they probably took a good chunk off the cross as well - 50+ BP?