This is my experience
- I submitted the DTC Election before the 16th October deadline, nominating Interactive Brokers
- I submitted the DWAC after the close of market on the 3rd November (US time). The CUSIP was not recognised by IB, so I chose "Search by Symbol" and entered CREV
- around 6am Sydney time this morning my CREV shares were in my IB account
- I sold 107 CREV at USD 88, which incurred a fee of 1.09. I'm not sure why the extra 9c, but it's below my threshold of caring.
This is approx 14628 AUD for the equivalent of 107 / 0.00643121435972925 = 16637 shares CBR shares, so 88c. And they seem to be heading up again, but it's so crazy volatile it's hard to know what's going on.
So, can confirm:
- it is possible to get CREV into IB using a DWAC
- IB fees are extremely low
Also note, if you're holding a significant amount in US shares, exchange rate is much more important than commission on share sales (assuming you want to eventually hold AUD). I have used a number of platforms for forex, including HSBC and Wise (who are good if you want a multi-currency debit card to use while travelling) and IB. IB are the absolute cheapest. Fees here:
https://www.interactivebrokers.com/en/pricing/commissions-spot-currencies.phpThat's 0.2 basis points * trade value for under a million dollars. A basis point is 0.0001, so the fee is 0.00002 * your trade. That's $2 (the minimum) on anything under $100k, with the exchange rate being the actual spot rate at the time. DYOR, but I think you'll find Commbank and the others offering exchange rates some 30bp (i.e. 3c) from the spot rate. You may be able to get better, but you can't get 0.2bp.
If you choose to open an account, please use my referral code:
https://ibkr.com/referral/patrick4257I get money and you get some free IBKR shares.
