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  1. #41
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    They don't list it in the manner you'd expect. I think you'll find that 1 : 0.93 was the NZ:AUD rate at the time.


    Details are as follows:

    Consideration:

    ASB Brokerage: AUD 15.18

    CommSec Brokerage: AUD 14.82

    Total Credit AUD 7,635.00

    NZD 8242.47

    Exchange Rate: 0.9263

    Settlement Credit

    Settlement Instruction: Cash Management Account

    Settlement Date: 01/08/2014
    So going buy the exchange rate at the time I should receive $1.10 NZD per AUD but received $1.075 after ASB's commision.

    They are exorbitant but no where near your math is making them out to be
    Last edited by Okebw; 29-07-2014 at 05:22 PM.

  2. #42
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    Quote Originally Posted by Okebw View Post
    They don't list it in the manner you'd expect. I think you'll find that 1 : 0.93 was the NZ:AUD rate at the time.




    So going buy the exchange rate at the time I should receive $1.10 NZD per AUD but received $1.075 after ASB's commision.

    They are exorbitant but no where near your math is making them out to be

    "Thank you for your email.


    When you trade on ASX market settling to your NZX Cash management account, at the time the order gets traded, the settlement amount is calculated with the FX rate at that time. Unfortunately, we are unable to provide you details on how our rates are calculated and what margins are charged on this.

    There is an option to open a foreign currency account (FCA) available in our share trading account opening application. Should you wish to open a FCA, please call us on our broker line to enable us to identify you and get it set up for you. There are no accounts fees as such on the Foreign Currency Account except for International Money Transfer fee, Foreign Draft & cash withdrawal at a branch.

    The procedure for transferring funds with a currency (FCA AUD to NZD) involved is to call us to enable us to identify you and as per your request, we will let you know what the indicative FX rate is (this changes every 30 seconds). If you are happy with the rate we can then proceed with the transfer. There are cut off times for FX currencies but we can lock the rate for the next business day. Alternatively, you can do an online FX transfer through internet banking.

    If the value of your transaction is over NZD 100k, please call us to do the FX transfer. We have to call our Dealers to provide us a rate and we are able to shave the margin for you.

    Please also note under our ASB Securities Terms & Conditions, section 12.3 its states that “ ASB Securities may at its absolute discretion charge you a commission or margin on all foreign exchange dealings” Also when you placing the order there is print stating “You should be aware that investment in securities involves risk including (but not limited to) currency and market fluctuation. ASB Securities is not liable for any loss or expense incurred as a result of any investment decision made.”

    Should you have any further queries, please do not hesitate to contact us. "

    So there you have it. Unable or unwilling to disclose rates or how they calculate. So when you pres the buy or Sel Buttons, you are at their mercy.
    ANZ however clearly states how they do it they take an average for the buy/sell rate , then multiply by 0.89 to give a margin figure

  3. #43
    Senior Member Whipmoney's Avatar
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    [QUOTE=mbrook;494638]
    Quote Originally Posted by Jay View Post
    Simply because I trade NZX and ASX so its handy to have one central account having two accouts would be neccessary if ASB were honest with their exchange rates.
    I have traded Forex, and know have narrow the real pip margins are, less than 5 mostly, not hundreds like ASB are adding to each trade.
    That isn't Margin, and they are not being open about their ASX dealing.

    Example, say the rate is 0.9 AUD per 1 NZD when buying on ASX, then you'd expect the reverse rate of 1.1 NZD per 1 AUD if you sold on the same day at the same rate, give or take a FEW pips. Surely!
    I got 0.93 instead of 1.07 on a recent sale, so my $700 profit ended up just over $300. ASB applies Sub 1.0 rates on buys and sells, spreads as wide as 3000+ pips on dealing with them.
    Am I missing something, or is it really that much of a con?

    I shall be having a long talk with them tomorrow, and would like them to explain their spreads, margins to me..
    1) If you've traded Forex were you trading actual spot delivery, or simply futures/contracts for difference? If the latter then the spread is significantly lower.

    2) You've quoted a rate of the day / time (not sure of your source) however that's probably just an estimate of the mid-rate so you are missing the bid-ask spread. In your example you are crossing the spread twice by going from NZD to AUD and back. Your example also doesn't take into account intra-day movements.

    3) Depending on the amount of cash in your account they will be applying a 'shading' to your spread so you shouldn't ever expect Forex futures like spreads..
    Last edited by Whipmoney; 30-07-2014 at 04:40 PM.
    Truth is like poetry. And most people f*cking hate poetry.

  4. #44
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    Don't know how that happened whip, but it looks like I said the above when I did not

  5. #45
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    What a day to not be able to get into the ASB Securities website. It would have been terrible if I wanted to panic sell. A call to ASB Securities and they tell me they will call IT about it.

    I thought maybe a few extra nervous investors may have crashed the system. Has anyone else had trouble logging on or know why we can't log onto ASB Securities website.

    I would hate to be a trader and have it crash in a crash.

  6. #46
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    Trading system unavailable-rest of ASB system working****.

  7. #47
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    ASB brokerage fees changed today:



    New Zealand trades (excluding fixed interest trades)
    $15 (up to and including NZ$1,000)
    $30 (over NZ$1,000 and up to and including NZ$10,000)
    0.30% (over NZ$10,000)
    Australian trades
    0.30%
    minimum AU$30 per trade

  8. #48
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    Hardly encouraging is it - how many trades do they get in a day that are under NZ$1000 I wonder and why no reduction on AX trades !!!!

  9. #49
    Legend peat's Avatar
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    Quote Originally Posted by pedro.nz View Post
    why no reduction on AX trades !!!!
    because the Australian wont cut their minimum take.
    For clarity, nothing I say is advice....

  10. #50
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    Quote Originally Posted by pedro.nz View Post
    Hardly encouraging is it - how many trades do they get in a day that are under NZ$1000 I wonder and why no reduction on AX trades !!!!
    You might be surprised. Some of us are beginners with limited capital to invest so we may very well spend up to $1000 in a trade. Just saying.

  11. #51
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    Fair enough justakiwi - anything that helps is always good...

  12. #52
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    Agree with justakiwi. Although I try not to do too many low value trades, if I am looking to top up on a lower priced share this might swing the calculations in favour.

    I usually calculate what the brokerage will work out per share, and then decide whether it is worth it. At $15 brokerage, buying (for example) 1060 OCA at $0.94 would work out to an extra 1.4 cents per share instead of nearly 3 cents if the brokerage was $30.

  13. #53
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    Anyone else can't log into today?.happens far to often imo. GRRRR. Will have to look at other options again. If i have say 20 trading stocks is it easy to transfer them to another online broker?

  14. #54
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    What is there to transfer? Surely you just trade the same stocks through a different broker.

  15. #55
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    Quote Originally Posted by Joshuatree View Post
    Anyone else can't log into today?.happens far to often imo. GRRRR. Will have to look at other options again. If i have say 20 trading stocks is it easy to transfer them to another online broker?
    Have talked to ASB and will be up and running soon. You can phone them and they will put the order in for you. 0800272732 or premium brokerage 0800272872. No problem.

  16. #56
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    A pain to me not accessing all my trades I've set and prices and profits /losses etc. Amateur website operators.

  17. #57
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    Quote Originally Posted by see weed View Post
    Have talked to ASB and will be up and running soon. You can phone them and they will put the order in for you. 0800272732 or premium brokerage 0800272872. No problem.
    Yeah, I just cancelled all my orders. ASB will loose tens or maybe hundreds of thousands today.

  18. #58
    Trying to get outta here
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    Have used ANZ Securities for 5 years now and are pretty happy with their service. Cant see any reason to use ASB.

  19. #59
    Antiquated & irrational t.rexjr's Avatar
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    Quote Originally Posted by couta1 View Post
    Have used ANZ Securities for 5 years now and are pretty happy with their service. Cant see any reason to use ASB.
    Speed.....

  20. #60
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    Quote Originally Posted by t.rexjr View Post
    Speed.....
    When it's working...

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