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Best platform to invest on the ASX

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  1. #1

    Join Date
    Nov 2016
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    4

    Best platform to invest on the ASX

    Long time follower of geoexpat and firstly just want to say big thanks for all the regular contributors. Learnt a lot from this forum.

    I am an Aussie citizen who has been living here for the last couple of years. My knowledge of investing stems from reading blogs and forums and I’m a massive fan of the FIRE movement. I know this current period is a very volatile and crazy time to start investing. Not looking to beat the market by picking individual stocks or anything like that.

    I have had some experience investing in Australia mainly in vanguards ETFs. However as a non resident of Australia for tax purposes things start to get a bit complicated.

    Firstly if there is any Aussies here who invest on the ASX what brokerage do you use? I know a lot of platforms back home don’t allow non residents. I currently have a SelfWealth account but they do not allow non residents and have asked me to close my account.

    And secondly is there any benefits of investing outside of Australia? Tax, capital gains etc.

    thanks in advance


  2. #2

    Join Date
    Aug 2013
    Location
    The World
    Posts
    951

    I've bought stocks on the ASX via Interactive Brokers in the past.


  3. #3

    Join Date
    Feb 2015
    Location
    Hong-Kong
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    @jared apologies if the idea sounds too simple but have you considered.... just HSBC Australia ? So that you can also transfer money for free between HSBC HK and HSBC Australia.
    I am a non-Australian citizen but opened an account with HSBC Australia a couple of weeks ago (took 2 days from HK !).
    They charge 0.11% in brokerage for ASX listed stocks, it's substantially cheaper than what banks will charge you for local stocks here in HK (an no dividend collection fee, no recurring custodian fee). Of course InteractiveBrokers will be cheaper, but you'll get in service and platform stability what you pay for.

    Kowloon72, emx and cwd like this.

  4. #4

    Join Date
    Jul 2015
    Posts
    90

    Agreed.

    i would also look into investing US stocks now thru HSBC.

    jared likes this.

  5. #5

    Join Date
    Jun 2017
    Posts
    27
    Quote Originally Posted by jared
    Long time follower of geoexpat and firstly just want to say big thanks for all the regular contributors. Learnt a lot from this forum.

    I am an Aussie citizen who has been living here for the last couple of years. My knowledge of investing stems from reading blogs and forums and I’m a massive fan of the FIRE movement. I know this current period is a very volatile and crazy time to start investing. Not looking to beat the market by picking individual stocks or anything like that.

    I have had some experience investing in Australia mainly in vanguards ETFs. However as a non resident of Australia for tax purposes things start to get a bit complicated.

    Firstly if there is any Aussies here who invest on the ASX what brokerage do you use? I know a lot of platforms back home don’t allow non residents. I currently have a SelfWealth account but they do not allow non residents and have asked me to close my account.

    And secondly is there any benefits of investing outside of Australia? Tax, capital gains etc.

    thanks in advance
    I use CommSec for penny stocks. You can set it up online with your passport. The only problem is that you must have an Australian address and mobile (mine was using TravelSIM set up + parent’s place).

    You can’t access the US exchange via commsec if you are not resident. But ASX is open game.

  6. #6

    Join Date
    Jun 2017
    Posts
    27
    Quote Originally Posted by jrkob
    @jared apologies if the idea sounds too simple but have you considered.... just HSBC Australia ? So that you can also transfer money for free between HSBC HK and HSBC Australia.
    I am a non-Australian citizen but opened an account with HSBC Australia a couple of weeks ago (took 2 days from HK !).
    They charge 0.11% in brokerage for ASX listed stocks, it's substantially cheaper than what banks will charge you for local stocks here in HK (an no dividend collection fee, no recurring custodian fee). Of course InteractiveBrokers will be cheaper, but you'll get in service and platform stability what you pay for.
    A question off the tangent. Did you open a Premier account in Australia? Was informed by HSBC that they come with a 35 dollar charge per month on top of the eligibility.

  7. #7

    Join Date
    Feb 2015
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    Quote Originally Posted by Fymmie
    A question off the tangent. Did you open a Premier account in Australia? Was informed by HSBC that they come with a 35 dollar charge per month on top of the eligibility.
    The way it works is that when you are Premier in any country, you are Premier everywhere.
    I was Premier in HK so I am automatically Premier in Australia.

  8. #8

    Join Date
    Jun 2017
    Posts
    27

    Thanks.

    Was only told by the Australian branch (Bourke Street , Melbourne) in November last year that HSBC premier in Hong Kong doesn’t create an automatic waiver on the account charge in Australia. I will clarify with the Hong Kong branch.


  9. #9

    Join Date
    Feb 2015
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    Quote Originally Posted by Fymmie
    Thanks.

    Was only told by the Australian branch (Bourke Street , Melbourne) in November last year that HSBC premier in Hong Kong doesn’t create an automatic waiver on the account charge in Australia. Might clarify with them again.
    My account was opened in early January and since then my balance has been zero. I have not transferred anything yet nor traded any stock just yet. Basically zero activity.

    I have not been charged anything.
    Fymmie likes this.

  10. #10

    Join Date
    Feb 2015
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    Hong-Kong
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    6,012

    @Fymmie my branche is in Melbourne as well. Collins Street branch.

    Fymmie likes this.

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