Brokerage/platforms terrible in Oz

[yonnie]

I would like to transfer money to Citibank in Sydney, but I am getting a BSB code 242-000 account number 121229005 from IB.

As BSB`s start with a 0 in Australia, I dont think its the Australian bank account.

Could somebody tell me the Citi bank account in Sydney?

thanks

 

[Sir Burr]

Can't find market depth on the WebTrader???

Just had a look at the demo, am I blind.

Edit: do you have to pay the data fee to get market depth?

 

[yonnie]

sir, I think so.

 

[juw177]

Can someone give more details about the Citibank account that will be used? What are the fees involved in keeping a citibank account?
Upkeep fees?
Transaction fees?
Withdrawral fees?

Thanks

 

[yonnie]

juw, you will not have a personal Citi bank account, but you will deposit the monies into IB`s Citi bank account, where they keep all their clients money.

I think IB will give you 2 free withdrawels a month and IB wont charge for any deposits, but your bank might charge you for transfers.

 

[juw177]

Thanks yonnie. Look forward to trying this out.

On a side note, an American based stock portfolio + bank account that does not belong to you + access to markets worldwide may raise some eyebrows with the ATO?

 

[yonnie]

Thanks yonnie. Look forward to trying this out.

On a side note, an American based stock portfolio + bank account that does not belong to you + access to markets worldwide may raise some eyebrows with the ATO?

juw, ATO doesnt care where you invest your money as long as you declare all your income world wide.

with some Australian brokers you will also deposit money into their trust account that is not in your name, but those deposits are not insured.
with IB however your money is insured in case they go bankrupt, so that is a bonus.

 

[Steve-IB]

“I would like to transfer money to Citibank in Sydney, but I am getting a BSB code 242-000 account number 121229005 from IB. As BSB`s start with a 0 in Australia, I dont think its the Australian bank account. Could somebody tell me the Citi bank account in Sydney?”
IB: That is the correct BSB code. The first two digits represent the bank code, the 3rd digit the state code, and the last three digits the branch code.

“Can't find market depth on the WebTrader??? just had a look at the demo, am I blind. Edit: do you have to pay the data fee to get market depth?”
IB: Market Depth is available on the Trader Workstation. Webtrader only shows the best bid and offer. Market depth is included in the standard data fee package (A$37.50)”

 

[yonnie]

thank you Steve, money coming up

 

[juw177]

So for those who have done the account opening, how long does it take to process from the time you email your bank statement etc and deposit the money?

 

[CFD]

Re the bank number. ie first two digits of the BSB code
http://mark-dixon.com/BSBcodes.html

 

[Uncle Festivus]

A TOP US brokerage house has emerged as one of two firms vying to establish alternative platforms for processing trades in Australian Securities Exchange-listed companies.
A discussion paper released yesterday by the Australian Securities and Investments Commission and foreshadowed exclusively by BusinessDay on Saturday says the corporate regulator has received an application from US institutional broker Liquidnet to trade ASX-listed shares independently.

http://www.theage.com.au/articles/2007/07/23/1185043032043.html

 

[yonnie]

hi uncle,

I read they will only do the cross trades for now, so no real competition is it?

would it have any effect on us traders?

hopefully the expensive quote data will be brought down a lot in the future.

 

[yonnie]

hi Steve,

can only place a trade for up to 500,000 shares for a penny stock. would I be able to raise that to say 5m for those 0.5 cent stocks or do I have to place 10 orders @ 500,000 shares to get my $ 25,000 worth of shares?
brokerage then would be 10x$6 = $ 60 instead of 0.8% on $ 25,000 = $ 20

 

[juw177]

Steve, yonnie, or anyone, I have some questions that I couldnt find answers for:

1. Margins: I have $10k equity in my account, I can borrow another $10k for my next buy. I will be paying ~7% interest on that loan. How do I pay back this loan? Are there minimum repayments? How is the interest deducted?

2. ASX feed subscriptions: If I don't subscribe, do I still get the very basic info such as the last price, opening price etc? Or is it something I am doing wrong, because when I logged into webtrader, I do not see any quotes, not even forex quotes which is meant to be free.

 

[yonnie]

Steve, yonnie, or anyone, I have some questions that I couldnt find answers for:

1. Margins: I have $10k equity in my account, I can borrow another $10k for my next buy. I will be paying ~7% interest on that loan. How do I pay back this loan? Are there minimum repayments? How is the interest deducted?

2. ASX feed subscriptions: If I don't subscribe, do I still get the very basic info such as the last price, opening price etc? Or is it something I am doing wrong, because when I logged into webtrader, I do not see any quotes, not even forex quotes which is meant to be free.

Steve hasn`t been here for a couple of days so I`ll just try to answer your questions.

1.interest is around 7.75%; you dont have to make any repayments on the borrowed part, so could borrow indefinitely.
that part will be repaid when you sell your position.

the interest will be deducted daily from your account.

2. if you dont subscribe, you get no data at all.
you can get data from your aussie broker.

3. maybe you cant get forex on webtrader, but only on the TWS platform

 

[Steve-IB]

can only place a trade for up to 500,000 shares for a penny stock. would I be able to raise that to say 5m for those 0.5 cent stocks or do I have to place 10 orders @ 500,000 shares to get my $ 25,000 worth of shares?brokerage then would be 10x$6 = $ 60 instead of 0.8% on $ 25,000 = $ 20”

IB: We set the maximum order size at 500,000 shares. I’ll take a look and see if we can change.

Margins: I have $10k equity in my account, I can borrow another $10k for my next buy. I will be paying ~7% interest on that loan. How do I pay back this loan? Are there minimum repayments? How is the interest deducted?

IB: Interest accrues daily and is deducted at the end of the month.

ASX feed subscriptions: If I don't subscribe, do I still get the very basic info such as the last price, opening price etc? Or is it something I am doing wrong, because when I logged into webtrader, I do not see any quotes, not even forex quotes which is meant to be free.

IB: If you do not subscribe to ASX data you will not get any data. For FX spot (IDEAL-Pro), you can get free quotes if your account is funded and you have subscribed to the data.

 

[yonnie]

thank you Steve, I hope you can change the volume orders.
otherwise I will have to place the over 500,000 orders with another broker and that is not very convenient.
I would really love to use IB as my one stop shop

sorry juw, I was not completely right with my answers and now Steve is back, I better leave it up to him

 

[juw177]

Thanks for the replies! All looks good to go, just waiting to get paid at the end of the month before I have some spare cash for initial deposit.

 

[Sir Burr]

IB: We will add shorting capability before the end of July.
Hope this helps

End of July? Monday or Tuesday?
:band