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  1. #21
    Ignorant. Just ignorant.
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    Default Australian Bank Accounts

    Hi team,

    You can open an Australian bank account over the internet, but you then have to front up and prove your identity.

    I did this in July, and the process was really easy. I also opened secondary accounts, changed account types, and a whole host of other little admin-type things

    And it's a useful excuse for a day or two in Sydney.

  2. #22
    Share Collector
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    I have now established that it is possible to open a verified Australian Bank account without leaving New Zealand through the ANZ. However, the process is not well established and many branch staff may not be aware of it, so you may need to visit your branch with the instructions for them.

    Instructions for the staff member:
    1. Visit the ANZ Intranet - "Max" - and search for "Australian Account Opening Customer Staying in New Zealand"
    2. In the search results select the first option "Work Aids"
    3. Scroll to the bottom of the page and click on the option for a customer staying in New Zealand

    This should give the ANZ staff member the info they need to help you. Basically, the process should involve them:
    1. Ringing the Australian call centre or getting you to ring them and open the account
    2. Printing off a form and filling it in with details of your ID for you to sign and taking copies of your ID

    You need TWO forms of ID (I used passport and drivers licence)

    The process took me about 25 minutes. I was advised to open an Access Advantage account, which will give me on-line and telephone banking, cheque-book, atm card (credit card if I wanted it). This account currently carries a $5/month account fee, which is something to be aware of when comparing options for dealing with divs. I believe the verification will take 3-5 working days, so will not be able to withdraw money until after that (I'm still figuring out how to get the money in!).

    They gave me internet banking customer number and telecode which I used to register for internet banking as soon as I got home. My account was already visible. They also gave me a Swift Code that can be used to deposit funds from here if needed - they suggest $50 deposit to activate the account, but I am currently trying to see if I can divert any dividend payments that way in the next month, as the ANZ staff member said she thought it would cost me about $25 to get the Swift transfer made from my bank.

    Unfortunately, I haven't had much success with the registry sites yet, as Computershare keeps going down while I'm trying to register today and Boardroom I could not find a password for, as I've tended to throw those away in the past. Oops. I can see there could still be a bit of time involved in getting the whole process working smoothly.

    I think it is probably possible to link the ANZ Australian account to some broker cash management accounts - would pay to check. This might provide the simplest way to move funds between Australia and New Zealand.

  3. #23
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    Auckland, , New Zealand.
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    Lizard,

    You have done well, though I am surprised your new account has monthly fees, do you get interest perhaps on your balance?
    My BNZA account has no charges, interest paid monthly at 0.1%! Other NAB accounts similar, with the same
    facilities as your ANZ account. If cash builds up a term deposit is easily arranged via internet

    Once you manage to register with Computershare you will find some advantages, you shouild be able to easily enter your new bank account and direct payment there, as well dividend payment payment slips can be printed on day of payment. For me Link registry is a better website, I've forgotten about registering
    with them but think it was easy, there are one or two others as well, once set up life gets easier. For many companies you can as well
    register your vote for company meetings

    Please continue with your experience, transfer of funds between Australia and New Zealand or viceversa is still a problem for me, as yet I have not been able
    to link my brokers cash management account with the BNZA account. I try to avoid transferring cash and changing currencies, if I have to I just write a BNZA cheque and deposit it at Westpac locally, costs $5 fee plus exchange loss, the other way I make a phone transfer from Westpac to BNZA costs $25 I think,
    I have on occasions subscribed to SPP's directly from the brokers Australian Cash Management accout, cost about $25 if I remember.

    With careful planning these transfers are only occasionally required, but it would be easier if able to do them electronically

  4. #24
    Share Collector
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    Thanks Old Rider.

    It is interesting to compare notes on the fees. I thought when I got into the bank that I should probably have researched the options before I did, as I hadn't given much thought to account fees or types, presuming there would be only one type available. However, I couldn't go with the BNZ option as they could not open me an NAB account from here - at least as far as I got with them. One bank I have still to try is ASB - I am told they can open CBA accounts, although need someone else to confirm if they can be verified for access from NZ.

    Have tried again with computershare, but so far found that only two of my holdings came up on first attempt and am wondering how many log-ons I may have to create in order to find them all or whether I need to somehow load each of my holdings back to the logon I've created. Perhaps related to one of the problems I have with the old full-service brokers - they have hardly ever managed to keep two separate purchases of the same stock on the same SRN, even when I've quoted them my existing SRN number.

  5. #25
    Senior Member
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    Lizard now you have Australian ANZ bank Account get them to open an online saver account which pays 4.75%interest & you can then transfer money electronically between your two accounts instantly.Also if you contact Alice Saville at Direct Broking she will link your OMCA A$ account to your Access Advantage account at the moment there are no fees for this as far as I know For transferring money between them.
    Possum The Cat

  6. #26
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    Auckland, , New Zealand.
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    Lizard

    I decided to have our ASX holdings CHESS registered, sounds if yours are issuer sponsored. There are advantages/disdvantages each way.

    Your broker would probably transfer Issuer sponsored to CHESS without charge if you went that way, not the other way though cost about $50 a company
    if I recall correctlyto remove, you are right about the time it takes to get things organised, hopefully some of our posting here will enable others to get things right from the start. It was some time ago that I reorganised things but I recall a problem and wonder if it might be similar for you, I have limited experience with
    SRN holdings having shifted all to CHESS some years ago, prior to registering with Computershare

    The problem I remember though was that all the ownership titles for shares must be absolutely identical, right down to the same spaces, for recognition to take place, eg J B Smith seen differently to JB Smith, diffeerent or missing Post Codes messed it up as well, certainly all SRN holdings for each company needed to be amalgamated under the one number and then the title to be set exactly the same prior to any transfer to CHESS. All took time but worthwhile in the end.
    Last edited by OldRider; 06-10-2011 at 06:10 AM.

  7. #27
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    Thanks Possum. As I understand it, this is possible to transfer between DB OMCA and ANZ Australia account but maybe not quite as straightforward as a NZD transfer. Does not look to involve fees at this time. I think it is a case of "contact your broker" on this one.

    I was offered the chance to open the on-line saver, but will probably tend to move money out to other places before it builds up to enough to make a difference. That is a good rate though. Am guessing it will be easy enough to either open one on line or via call centre if I decide it would be useful. Had to have the Access account first either way.

  8. #28
    Share Collector
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    Thanks Old Rider. Things keep evolving and mine seem to have become quite complex - made worse by the levels of security now required for most things.

    I've got too many accounts and brokers and will need to rationalise. There were reasons for all of them and it has been hard to know which way to go. I think the full-service brokers have contributed to the problem - somehow their entries seem to be more manual. I don't think they offer CHESS either - it is either issuer-sponsored or custodial with annual holding fee. Although there is one account I have where the broker automatically loads custodial unless I ask for scrip and they don't seem to charge - or at least, I haven't noticed any fees going through. Though brokerage there is enough to more than compensate them!

  9. #29
    percy
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    christchurch
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    What an interesting thread.Well done Lizard and others for your hard work.

  10. #30
    Senior Member
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    Waitakere New Zealand.
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    Lizard as little as $2000 in the online saver account will cover your access advantage accounts fees & you can do most banking operations from the online saver account. I usually run a positve balance of Approximately $40.00 & do all transactions bar the odd cheque out of the online saver account including B/PAY payments for rights issues.
    Possum The Cat

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