Westpac broking linked account

[Student of Gann]

hello could someone please assist me . I have Westpac broking that is linked to a CBA account and usually have a biller code and ref number to transfer money into Westpac when a trading opportunity arises . the question I have is if I sold a position on the 1st September as an example and planned to open another position on the 2nd or 3rd of September using the same funds I would have to wait for original funds to be be credited into my CBA account which would take 24 hours approx and then I would have to initiate a BPay which would take another 24 hours so my planned entry into the stock would be delayed 24 hours due to funds turn around . is there anyway that I could request on this particular occasion to reserve the funding in the Westpac account or does it have to automatically be routed back to CBA and a BPay transaction initiated to get it back into my account which could lead me to miss the trade by a day or two
thanks

 

[frugal.rock]

I suggest that you ring them.
I would imagine that you may be able to trade the funds again the same day, or the next day using their offset feature.
You might consider opening one of their cash accounts instead as a go between. I believe this would/ may give you cheaper brokerage also.
Cheers.

 

[Student of Gann]

thanks I might ask them about the offset feature . the issue is I am planning on possibly exiting a position on the 1st September and entering a position on the 3rd of September which means that as soon as I close the position on the 1st there will be a 48 hour turn around period including settlement and BPay before the funds will reinstated to the account once again for trading which might delay my planned 3rd September by a day or two . thanks . it would be ok if I exited the morning of the third and entered the afternoon of the third as the funds would still be in the WBC account but because the positions are a few days apart it could present problems with delayed entry . thanks

 

[cutz]

@Student of Gann

Hi Grant,

I learnt the hard way trading options using the Australian Banks ( the Big Four charge similar), brokerage that will make your eyes water, do yourself a favour and have a look at the company I have linked below, you won't have to worry about the issues you mentioned above.

Brokerage tends to have a huge impact on option trading profitability.

https://www.interactivebrokers.com.au/en/index.php?f=13868

Actually the Westpac brokerage may have it's place for trading big lot low value options like Telstra but you need to link a Westpac bank account.

 

[cutz]

@Student of Gann

***This is in no way a recommendation***

If you already have a CBA bank account why did you set up brokerage with Westpac and not Comsec ?

 

[frugal.rock]

If you already have a CBA bank account why did you set up brokerage with Westpac and not Comsec ?

Conversely, why not have a cash account with Westy...
It all sounds a little over convoluted, life can be easier.
There must be reasons unforeseen by us.

 

[Student of Gann]

thanks , I think I will switch all of my accounts over to Westpac to streamline the process . I did ask the chap if I could offset the trades and he said the settlement process had to occur unless the positions were initiated on the same day then the funds would be immediately available to roll over into the next position . thanks for the advice

 

[Country Lad]

thanks , I think I will switch all of my accounts over to Westpac to streamline the process .

Sounds like the best option. I trade with Westpac and my full service broker also has access. All works instantly and very smoothly.