Author Topic: Foreign Stocks (Australia)  (Read 669 times)

dubbin(coz I'm stubborn)

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Foreign Stocks (Australia)
« on: June 23, 2017, 01:45:40 PM »
Hi there long time lurker here

I have about 15K USD of shares/stocks sitting in Computeshare and Morgan and Stanley

I was going to take the money out and run but being the miser, I hate  paying bank fees etc...
PS I don't need the money for at least 10 years so I have no problem leaving it there but I think I could be using this part of my stache more efficiently.

I started to think of some options  (dangerous for me )

1) Do nothing and pray the company starts recovering.
2) Take the hit like everybody else and pay the bank their "blood" money. so I can invest on home soil.
3) If I had a US savings account and then did the transfer to AUD on my own terms,canned that idea since I am lazy and trying to set up an account in the USA has been filed in  my too hard basket.
4)  That's when I thought of diversifying my small parcel of shares.

I would like to explore option 4 by opening up a brokerage account like  TD Ameritrade account (or similar) since there is no ongoing fees plus it looks like they set up a cash account  Therefore I could use a peer to peer currency service when I want to transfer to AUD and hopefully  get a better rate.

My thoughts is that I could transfer my holdings to the brokerage account then I could sell 10K of my parcel and then purchase other stocks/ETF  in order to diversify also I hope to minimize bank fees and charges.

Not sure on the actual costs involved but would appreciate any other thoughts on why this is a bad/good idea. I am  open to any other suggestions and criticisms.