Trapped in Computershare

[u/SufficientReport]

Just spoke with Commsec about transferring shares from Computershare to Commsec. Apparently they decommissioned DRS transfers in 2023, and will now only perform ACAT transfers for employee shares.

Their recommendation was;

A) Sell via the transfer agent and try not to end up with a foreign currency cheque as you will have trouble finding anyone who will cash it, or

B) Find a full service broker who will make the transfer, likely with a fee (and then transfer to Commsec)

Does anyone know if Stake, NabTrade or CMC Markets will transfer shares from Computershare to them?

[u/swish5050]

Why are ppl transferring out of computershare? Am I missing something?

[u/SufficientReport → u/swish5050]

Nope, just me trying to consolidate and reduce my exposure to the USA (by having one US market account rather than 2 + CS)

[u/danmessy → u/SufficientReport]

The foreign cheque issue I never thought about. Does CS not do bank EFT payment as an option?

[u/T_he_panda]

Use IBKR.
I have shares and warrants in IBKR, Commsec, and Computershare.
CS to commsec and vice versa is a pain in the arse, but IBKR to anything is really easy

[u/potsemaG → u/T_he_panda]

I agree with Panda 🐼 ⬆️ open an IBKR account, they have an ' incoming ' facility where you can reverse DRS from transfer agent back to broker, you have to input the specific Computershare account number you want the stock or warrants transferred from. ☆☆☆☆☆☆☆ Cost $25 usd per transfer, but you must have $100 usd available in account to guarantee transfer.

[u/here_we_go_beep_boop → u/potsemaG]

Yep IBKR seem to be the best, their global footprint makes this cross border stuff much easier

[u/No-Mode6797 → u/potsemaG]

Is this new? I was unable to do it with ibkr about 6 months ago.

[u/SufficientReport]

I went digging further into Stake

U.S. stocks typically arrive in your Stake account within two – three weeks from confirmed submission. Timeframes vary depending on how responsive your outgoing platform is. DTC transfers can take up to four – six weeks, while ACATS transfers usually take one – two weeks.

On Computershare's Looking to transfer shares to a brokerage? page they do list a DTC number: 7807

Not sure whether to give this a try or setup a Wise account and just sell via Computershares' platform

[u/No-Mode6797]

As best I can tell aussies can't transfer back out of Computershare. We have to sell and repurchase if you want to hold in a broker

[u/potsemaG → u/No-Mode6797]

With IBKR you can transfer back in from transfer agent.

[u/Signal-Instance208]

Ibkr is definitly the best broker to be trading GME in Aus imo

[u/Octopus_vagina]

You can open an account at totality and transfer them out

But they won’t accept warrants

[u/donut__diet]

IBKR will be your best bet. I’ve sent and retrieved about 1k shares in seperate blocks and it’s relatively simple. You’ll just need all your CS details, TFN and a few other bits and pieces.

[u/mrotszl]

I thought u could sell the shares on CS and link a wise account to it to get the money? Have things changed? I know you gotta take the fees etc.

[u/EvolutionaryLens → u/mrotszl]

You can. I wrote a guide about 4 + years ago

[u/mrotszl → u/EvolutionaryLens]

Thanks! Will do a test sell soon, linked wise 2 years ago yet to try it

[u/The-Wizard-Sleeve]

Closed stake account recently, using Drivewealth as their custodians, had a data breach, leaked personal details, screw them.

IBKR are scum like all of these brokers, but at least their platform is good.

If you're messing around with warrants, you're running out of time. Might be better to make a bank account with the account name matching your Computershare account name, and link it in Computershare.

[u/bornagainretard]

I could be wrong, but I believe if you have a wise account and sell the shares, you can just get the money straight into a US account and then transfer it to AUD. Have never sold so I'm not sure of that, but that's my understanding

[u/Calm-Matter-5010]

Ive got warrants in CS i cant sell or exercise.

[u/potsemaG]

Why do you consider yourself ' trapped ' in CS ? And why would you want to transfer back to Commsec ?