Forum Archive Index - October 1999

[Mark Tilley <o.tilley@xtra.co.nz>]

Kelvin Worsfold wrote:
> 
> Looking for information from investors using sites like e-trade,quicken or
> other on-line brokers. What I need to know  is which companies and my main
> interest in how payment is made, do you have to have funds in Australia? or
> if you are only going to make the odd trade are you as well to stay with
> your N.Z.. broker  which mine purchases the funds at good rates and I pay
> them in N.Z. $, brokerage may be a bit higher but for the occasional  trade
> should I stay with this method? Look forward to your comments.
> --P.S. I received my chq. back from Telemedia, well over subscribed, and
> you'd know it $1 share traded up to $1.70 in my case I re banked the chq.
> and with currency differences the whole exercise cost me over $200, I guess
> it's only money . By the way I'm watching hih (long
> term)-----------------------------------------------------------------------
> ---------------
>                  You get education by reading the fine print ......
>                            and experience by not reading it.
> ----------------------------------------------------------------------------
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Kelvin,
I missed out on the 10,000 Telemedia shares I had applied for because
they were over subscribed.  It's a pity that the applications weren't
scaled back so that small investors at least received some shares.  
I sent my refund cheque back to Aussie to my e-trade account.  E-trade
opens up a bank account (Macquarie Bank) when you join and your funds
can either be deposited or withdrawn from that account.  From NZ the
deposit of funds can be done by either Telegraphic Transfer (TT)(same
day service) or by  Bank Cheque (postage time).  I believe TTs cost
$25.00 and a bank cheque $20.00 approx.  The secret is to deposit enough
funds in the account and live on the money made from the initial
purchases.  Cheers.

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