Buying Shares through NAB Trade/Commsec as a non resident

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by JohnG 156, 26th Sep, 2018.

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  1. JohnG 156

    JohnG 156 Active Member

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    30th Mar, 2017
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    Location:
    Spain
    Hi All,

    I will look to purchase shares using my existing NAB Trade account (As my cash is sitting in OZ banks) and was wondering whether that will cause any problems as a non-resident (I'm living in Spain).

    I have looked at Saxo and IB but from a safety and trust point of view transferring big cash to these global institutions doesn't sit right with me.

    Could NAB trade force me to sell or even transfer my shares to an overseas trading platform if they realize I am a non resident?

    Cheers
    JohnG
     
  2. hobartchic

    hobartchic Well-Known Member

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    Location:
    Hobart
    You are required by the NAB Client Agreement to update your address with NAB Trade. A change of address information form is available on their website.
    2.2 (b) of the Client Agreement states:
    "we’re required by law to verify your identity before we can provide you with the Services and that it’s an offence under the AntiMoney Laundering and CounterTerrorism Financing Act 2006 (Cth) to provide false or misleading information about your identity"

    Link to NAB Trade Client Agreement:
    https://www.nabtrade.com.au/content...Disclosure_Docs/nabtrade_Client_Agreement.pdf

    It's possible that living in Spain may force closure of the account. I am unable to give you a clear answer. Contact NAB Trade:
    (in Australia) 13 13 80
    Help and Support - nabtrade
     
  3. JohnG 156

    JohnG 156 Active Member

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    Location:
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    Thanks for the post, I was intending to change the address to my international one once I purchased the shares. Perhaps it's better for compliance and risk to see some shares being held rather at the moment my NAB trade account is zero and likely they may just tell me to shut it down instead.
     
  4. hobartchic

    hobartchic Well-Known Member

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    No problem. Best check with NAB Trade.
     
  5. Anthony Brew

    Anthony Brew Well-Known Member

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    I have the same concerns and prefer the idea of CHESS, but Commsec and most others don't allow non-residents, so nabtrade might be an option.
    If you don't mind, please let us/me know how you go.
     
    Last edited: 26th Sep, 2018
  6. JohnG 156

    JohnG 156 Active Member

    Joined:
    30th Mar, 2017
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    Location:
    Spain
    Hi Anthony,
    I have gone cold on the idea of using NAB trade, I called the Nabtrade help desk and told me to fill out a self-certification supplementary form. It basically just asks what is my foreign resident TFN and gives me no ability to provide my international address (can't do it on the phone either).
    I managed to open up a brokerage account with Interactive brokers, which they opened in only 2 hours after submission! Trading platform is butt ugly but will do the job and is reasonably cost effective.
     
    Anthony Brew likes this.
  7. Anthony Brew

    Anthony Brew Well-Known Member

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