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  1. #11
    Member
    Join Date
    Apr 2006
    Location
    Auckland, , New Zealand.
    Posts
    44

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    I have a margin lending account with ASB. All shares are therefore held in a nominee account. Dividends etc are dealt with by asb and sent to my account after they have received it. Makes it easy to deal with any rights issues etc too, as everything goes through them. No need to worry about missing deadlines and postage etc.

  2. #12
    Member
    Join Date
    Mar 2002
    Location
    Auckland, , New Zealand.
    Posts
    236

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    Lizard: From your post it sounds as if you have been ringing the banks here in NZ. I suggest you ring a bank in Australia directly,
    perhaps firstly look at their Australian websites and have a good read there, especially the opening an account portion.
    I have found local banks, although of the same brand, not connected with overseas at all, and quite uninterested.

    My account is with Bank of New Zealand Australia, I have had it for many years, well before things became difficult, BNZA is now owned by National Australia Bank and I am able to use internet banking, print statements etc using their website. Recently they added a new security measure, SMS texting to
    authorise BPay payments, similar to ASB Net codes. Whilst arranging this the lady to whom I was speaking commented that our personal details were well
    out of date,and needed updating. She offered two alternatives hard copy by mail and then some local certification, or she could arrange the details - rather like opening a new account- by telephone , if she initiated the call on my mobile number that I was using for the SMS texting.
    I chose this and all was sorted quickly.

  3. #13
    Share Collector
    Join Date
    Mar 2005
    Location
    Porirua
    Posts
    3,509

    Default

    Quote Originally Posted by OldRider View Post
    Lizard: From your post it sounds as if you have been ringing the banks here in NZ. I suggest you ring a bank in Australia directly.
    Good point!

  4. #14
    Junior Member
    Join Date
    Jul 2007
    Location
    Hamilton, , New Zealand.
    Posts
    15

    Default

    Hi - I have not done much! Filled in the bank account details for dividends and the dividends get deposited - statement shows AU$ dividend amount and NZ$ amount credited. I think that if you put in your NZ$ account details on the form, the dividend will automatically get credited to the NZ$ account.

  5. #15
    Member
    Join Date
    Dec 2010
    Posts
    330

    Default

    I bought some Cochlear (COH) shares and on the ComputerShare website, I tried to enter my ASB bank account details for "New Zealand Direct Credit" and the error comes up: "the company selected is not subscribed for this payment type."

    Dam what next?

  6. #16
    Share Collector
    Join Date
    Mar 2005
    Location
    Porirua
    Posts
    3,509

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    I ran out of time to keep following up options. From what I can find out, it is only some of the larger companies with quite a few NZ shareholders that will do payments direct to NZ bank accounts. The next things I am going to do are:

    1. Check with the ASX and/or some of the registries to find out whether companies are legally required to send payments to foreign holders without an Australian bank account. So far, I am thinking that companies may still have to send cheques to people in this category. I have recently had some notices implying that they may not, but when I checked with the registry as to this, was told all foreign holders would receive cheques. So long as this remains the case, I will at least keep receiving the divs and the main issue will be the cheapest/easiest way to bank them (sending them to the DB OMCA is looking the best option, but I need to check if they charge any fees for banking them).

    2. Check with the ANZ in Australia via their phone-line as to whether they can help me open an Australian Bank account from New Zealand in a format that I have access to funds.

    3. Check with several brokers that I deal with as to whether any of them can suggest/help the process for opening an Australian bank account from NZ that is verified for access.

  7. #17
    Senior Member
    Join Date
    Jul 2007
    Location
    Waitakere New Zealand.
    Posts
    1,083

    Default

    Lizard Read Post 575 on the Direct Broking thread Alice Saville is now back on duty
    Possum The Cat

  8. #18
    Share Collector
    Join Date
    Mar 2005
    Location
    Porirua
    Posts
    3,509

    Default

    Thanks Possum. Just working through all the options.

    So far, have confirmed that Direct Broking will bank cheques into the OMCA without a fee and just post in with name and account no. on the back.

    DB are going to get back to me on option 3.

    May have to have another go at getting them to open an account for the Estate fund that I also look after, as this proved too hard last time, but probably should try talking to Alice.

  9. #19
    Share Collector
    Join Date
    Mar 2005
    Location
    Porirua
    Posts
    3,509

    Default

    This is the response received from the ASX in response to a query as to whether it was obligatory or optional to pay dividends to overseas holders by cheque should they be unable to receive dividends by direct credit. I take this to mean that the company needs to provide a cheque (although perhaps the first sentence implies that the registry may not necessarily undertake this for them?)

    I might need to go back and check with a few of the registries regarding point 2, as that seems to suggest that any dividend should be able to be paid to a NZ account.

    Thank you for your email.
    Please be advised, we do not impose any rules directly on the Share Registries which pay dividends to shareholders.
    Dividends paid in cash can be received:
    1) by cheque (sent to your registered address); or

    2) by direct credit (currently this facility is available for shareholders in Australia, New Zealand, the United Kingdom and the United States).

    It is obligatory to provide shareholders the above two methods of receiving dividends – ultimately it is the shareholder who makes this choice.

  10. #20
    Member
    Join Date
    Mar 2010
    Posts
    263

    Default

    Hi Liz,

    All very frustrating! I wrote to Link Market Registry a few days ago asking if and/or when APA would direct credit divs to a NZ bank account. Reply:

    "Please be advised APA can only pay directly into an Australian Bank account. If in the future this changes you will be notified via post. "

    So I have replied asking if I should direct my enquiry to the company itself. I already receive a dividend by direct credit to a local bank from another company on the Link Market Register, which I have pointed out in my reply.

    I stopped short of quoting point 2) in your reply from ASX! And now I'm really , regarding the obligatory bit..".to provide shareholders the above two methods"??

    The way I read that, we should by obligation have two choices available, right now.

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