Hi All, I was wondering if anyone uses internet banking in conjuction with their online broker? The maximum my bank will allow me to transfer per day is $5k. This is a problem if I have just done a $20k plus transaction. What different solutions to this do people use?
RichKid
29th-November-2004, 03:36 PM
Most online brokers have dedicated share trading ac's which are quite flexible so you can move money instantly (or within a day or two- subject to normal settlement period). Maybe you should inquire about one. The bigger online brokers have a direct investment account into which your trades are settled.
stefan
29th-November-2004, 05:44 PM
I'm using Westpac for trading and I have it linked to my Westpac Account. They take the money out of it after settlement if need be and I don't have to do anything (except making sure that there IS money in the account when settlement is due, of course ;) ). I see your problem when you have a broker but no linked account. Depending on your bank you can increase the external transfer limit easily. Have a word with them. Otherwise you'll have to transfer enough money into your broker account before you trade which is a bit of a hassle at times as you just found out.
Happy trading
Stefan
RodC
30th-November-2004, 07:32 AM
As Stefan said the easiest way is to have a linked account or for the broker to have a debit authority over an account (doesn't even need to be the same institution). I use comsec for broking but they have a debit authority over a Westpac account.
Rod.
RichKid
30th-November-2004, 10:53 AM
Only benefit of having linked ac's from the same bank is that transfers are instant (even though it may take a day for the details of the transaction to show on both ac's). But I suppose it depends on your circumstances and what suits you the best overall as banks try to entice you with various deals as you use more of their products.
