Alright folks,
Information for investors using Commsec to apply for an international trading account .
This is my experience setting up the account ONLY. A quick email or call to your broker should clear up any questions about your specific situation so I encourage all to get that information early.
https://www.commsec.com.au/content/dam/EN/PDFs/Product/International/Brochure/internationalsecuritiestrading.PDF
The setup process to register for an international trading account was very simple, the entire processing time is said to take up to 15 days. The online registration was easy and took me less than 5 minutes to apply. You can do this once you are logged in. Search - “ international account” and click the application.
Once this is completed Commsec will make contact requesting that you complete a W8 form (assuming not already completed). The W8 is a document required by US tax authorities and is used to declare tax status. Most of the information was pre filled based on my existing information with Commsec. Based on my circumstances the form took me once again less than 5 minutes to complete and submit. Please take your time completing this form and ensure to consult an accountant if you are unsure at any point. Once it’s complete save a copy to your computer as a back up.
As for trading this will be done via a 24 hr (during US trading days) phone service for Canada. Using Commsec international this is common practice for all markets aside from NYSE, NASDAQ and ASE (refer to screen shot). I spoke with the trading desk today. And the CSE is a valid exchange.
Very briefly! Once your holding moves to the Canadian exchange (poster merger) you will receive a holding statement. You can then advise Commsec with this new holding statement and they will update your holding on your new international account. This process can take approx 7-10 days.
All other information in regards to brokerage etc is found in the document I attached.
It is very easy to call commsec on 1300 361 170 if you have any questions and they will explain it better than I did.
If anyone has any updates or a different experience please share. This is just my experience this far.
Cheers
