posted 2019-Jan-10, 5:26 pm AEST However, if you want to transfer money from the trading account back to your own personal bank account (to use it for normal things) you have to wait for the trades to be settled (a day or two), then the transfer process – which should be an additional day or two.In my early use of Selfwealth I found transferring money to and fro my normal account and the Selfwealth trading account very clumsy, took ages and I often had to chase them up. posted 2017-Dec-11, 9:29 am AEST (Don't ask me what happens if/when the trade fails, it's never happened to me. Coming at it from the point of view of the occasional buyer. SelfWealth is not entitled to withdraw any amounts from your cash balance in the trust account, except in accordance with a direction from you. Apologies for noob Q.
Access industry best analytics, including real-ti… posted 2018-May-29, 2:09 pm AEST Here's how we tested.. Australian citizens looking to trade shares in the stock market have a variety of options. But, yes, makes you concerned when you’ve sold and it’s just sitting in the SelfWealth cash account waiting to Buy again.
Which, apparently, they're not.That is basically extending a line of credit to you (ie: margin lendingI notice that SelfWealth get all the interest in the Cash Management Account as per their website and that the account is in SelfWealth's name.It's not a line of credit, not at all – and it's certainly not margin lending. posted 2017-Dec-11, 11:07 am AEST I probably shouldn't have said "the trade fails" because that implies something about the consequences of failure to settle on T+2 that I don't know.The integrity of the Securites Exchange and the broker’s reputation depends on you receiving funds when shares are sold.The larger brokers will provide settlement funds if the buyer doesn’t have cash at T+2, and then come after you.Smaller brokers would probably want cash up front in settlement account with perhaps some sort of freeze to reserve the funds for settlement.Please take note of the Settlement Date and settlement method on your Confirmation Contract Note to ensure that you meet your settlement obligations. So, if SelfWealth goes down but the ASX is still running, everyone still knows that you have those shares.Essentially you're saying is safe than to use Selfwealth for trades and ANZ for market data?Any broker that uses CHESS register is safe. $9.50 vs $1,100.You misunderstood jimmgy: he was referring to Commsec allowing you 2 days to get funds into your account to settle a trade. Nabtrade vs commsec? posted 2018-Jul-18, 2:33 am AEST Learn about personal finance: budgeting, saving, getting out of debt, investing, and saving for retirement.
And not simply require it to be there T+2? I am looking to get into buying shares which includes buying stocks from overseas companies, I seen that SelfWealth don’t in fact support this ability (correct me if I am wrong please) So was looking at either nabtrade or commsec.
The features, rates and fees displayed in the table are current as at the time of rating but may be different to current rates and fees. Each SelfWealth member has an alias, so any shared information is anonymous. posted 2018-Sep-1, 2:27 pm AEST It seems to take like 2 days for both, regardless of bank...What about CMC Markets?
"Funds are held in a trust account held in SelfWealth’s name as bare trustee for you; monies are held by ANZ.the trust account is governed by ASIC and cannot be used for corporate purposesyes too risky to use a small broker.. just to save brokerage fee.The only worrying thing in a broker is their cash account, which i always keep close to zero anyway.another small broker has just collapsed. It only takes a day to send the money back.
Even though money can be transferred intra accounts within NAB instantly, I am not a fan. Hi there. Has anyone found out? :-)like if you don't want to be bothered looking at the share market for a while (going on holiday), pretty much like putting money in a bank account.As of a month or so ago the fee comes out of your SelfWealth account.It would solve the having to transfer funds and wait a day or 2 before they arrive issue. Send forms to forms@nabtrade.com.au or for general enquiries contact us on enquiries@nabtrade.com.au posted 2018-May-30, 4:17 pm AEST Australian Market Price Comparison. SelfWealth. Press question mark to learn the rest of the keyboard shortcutsCookies help us deliver our Services. SelfWealth has nice performance reporting features and low brokerage, but I still find myself logging into the old Commsec account to check some features that are missing in SelfWealth (since it's still fairly new, relative to IG and Commsec). Its not a credit enquiry, its just to confirm your identity.Also I am not aware of anyone who has got anything back through the BBY liquidators yet last statement on KPMG site is 5 months oldEach time they prepare updates for creditors it would be a cost for the liquidation so unless they have good news to report there’s no hurry for an update. That is basically extending a line of credit to you (ie: margin lending).On reflection, I suppose I wouldn't expect them to, because they're not – again, NOT dissing those services – operating at that level of service, to try and choose the right words.I suppose on reflection I should not describe that situation as "unsatisfactory" – it's apparently common and accepted, just not what I'm used to / expect.It's not a line of credit, not at all – and it's certainly not margin lending. So I've made a slight profit from that sale. If I want to sell $10K and buy $8K on the same day, I expect my broker to make those trades regardless of the cash balance in my account – not wait until T+2 for the sale proceeds to be available.It’s held in trust as explained above, and there’s also no interest paid, so I would park my money in AAA if I was not going to make an immediate trade with it – it’s only $9.50.Amscot is cheaper at $9.90 or .077% – but (unless they’ve changed their fee structure since last year) there is an $11monthly fee if you log into your account at any time during the month and don’t make sufficient trades.You can also settle trades from a Macquarie CMA account with them which is great.These days, when I transfer funds from my Macquarie CMA to Selfwealth the money is available the next day without fail.I have zero balance on my cash account so Im not worried.If you are doing $1M trading blocks you can save quite a bit on fees.
$8 per trade or 0.1% of transaction value, whichever is greater. Might need minimum $5K however.would you say going that path is worth it.