Forum Archive Index - January 2000

[Nigel McCarter <n.mccarter@clear.net.nz>]

At 06:06 PM 1/29/00 +1300, you wrote:
>   Nigel/Tony,      information.      payment and their rate is  often
>better than banks'.   What is the charge of etrade and how do you handle 
>exchange ?  

I don't act as etrade unpaid advertising consultant, but this is how I set
up my system.

It took about six weeks to set up the etrade account.  the details can be
downloaded from etrade.com.au.

essentially the steps are:
1.  Apply for e trade account via net or snail mail
2.  At the same time, open a Macquarie Bank or ANZ etrade call account
(like the access brokerage BNZ call account.  You need a minimum of $1000 UD.
3. when the funds are cleared you are sent a trading number and password 
Away you go.
4.  Whenever I have more funds, I send them an AUD cheque, it gets added to
the account.

Fees have been $39.50 plus stamp duty per tade = which is roughly the same
as what Access used to charge me for Australian trades.

the advantages so far are 
1.  the ease with which one can make trades via the net
2. Crystal clear information with regard to account balances
    In comparison, When I use NZ brokers to buy Australian shares:
the fees are about the same
but (a) It takes an age for share market ownership papers to come through,
therefore 
(b) selling is more complex and it would be impossible to complete quickly
(c) It has proved difficult to manage the NZ account, because the call
accounts in New Zealand are not yet accessible via the web.  To get a
statement, I call access, who call BNZ who eventually get around to sending
me statement. 
(d) I still have no idea who the ASX sponsoring broker is for my oz shares
bought via a NZ broker. 
and a host of minor irritations.

As I said, I looked also at Commonwealth Bank ... no-one ever replied to
the letters, and they don't have a good facility for handling foreign
customers
Quicken never replied, they are very much an australian operation.



Nigel McCarter

Shorten the Odds 
The Short Portfolio
Box 23 019 Hamilton
Phone 64 7 858 2429 Fax 64 858 2689
Mobile 025 274 8560

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