Non-resident with an Aussie bank account wanting to invest

andymo · 5 May 2011

Hi All, thanks for taking the time to answer my question.

I have a fair bit of cash in my wife's Westpac account - she is a Kiwi passport holder but a South African citizen.

She opened the account 2 years ago when she worked and lived in Melbourne.

We both currently live in S.Afr.

We attempted to register for Westpacs online trading system but got the following reply:

Thank you for contacting Westpac Securities

Westpac Securities requires all customers to be principally residents of Australia. This is because we are mindful of potentially breaching foreign licensing and securities laws when offering securities to overseas residents.

This is important for the Westpac Group, particularly when it is operating in many foreign jurisdictions.

Consequently, Westpac Securities will only establish/maintain an account for an Australian resident who resides overseas, where an Australian residential address and details of an Australian bank account are provided. Hence all Westpac Securities customers are subject to the Goods and Services Tax (GST).

You may nominate an overseas postal address; however you must maintain an Australian residential address.

Should you have any further queries regarding this or any other issue, please do not hesitate to email us at securities@westpac.com.au or simply reply to this email. Alternatively, you may contact us on 13 13 31 (7am to 7pm EST Monday to Friday). Our representatives will be happy to assist you.

Regards,

How do I maintain an Australian residential address while living overseas. Can I nominate a friends address?

Alternatively would it be easier to use a broker to avoid the monolithic and bureaucratic bank requirements. Can you suggest any brokers, who maybe regularly deal with foreign scum?

regards

Andy

andymo · 6 May 2011

Wrong forum?

Caveman · 7 May 2011

Interactive Brokers?

Caveman · 7 May 2011

Though they dont do the Chess thing.

Non-resident with an Aussie bank account wanting to invest

andymo

andymo

Caveman

Caveman

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