Selling Australian shares

maddog180169

Woke up this morning to two emails - the first from Openmarkets -

"Hi Alan,

We can sell your shares for you as a one off sale, please see our help centre article for more information

Please note, there is a $100 fee to settle the proceeds into an overseas bank account, this is on top of the standard brokerage fee.
All you have to do is fill out the form and post it in with all the relevant ID and we can process this for you.

Let me know if you have any questions.
Kind regards,
Riane El Moustafa
Client Services Officer
OpenMarkets"

Which seems promising but the next one was something I wasn't expecting, from Link Market Services (The holding company for the shares) -

Dear Mr Keenan,

Thank you for your email.

At Link Market Services, we offer a share sale facility whereby the Commonwealth Bank of Australia is a participant. To sell your shares via the Share Sale Centre, these key conditions must apply:

· Your holding must be Issuer Sponsored (starts with an I rather than X);
· A fee of 0.66% of the total value of the sale will apply, with a minimum fee of $66.00
· You must sell your entire holding, no part sales allowed
· Payments via Direct Credit can only be made to a Australian Bank account
· Cheques will be issued in AUD dollars only,
· A fee of $35.00 AUD will apply to all cheque payments, this fee will be deducted from the sale proceeds.

Alternatively, you can contact Australian Stock Exchange’s Broker Referral Service on + 61 2 9338 0000, if you do not have a broker to act for you. You may wish to visit the ASX website at (ASX website)

Please note that the sale authority form can only be sent by post to your registered address and must be returned to our office by post, as original signatures are required.

If you wish to take part in our sale facility, please return this email with the following information and the appropriate documentation will be posted to your registered:

· The Security holder reference number (SRN) of the holding;
· The registered full name of the holding;
· The registered address of the holding.

Should we be able to assist you further, please do not hesitate to contact us on 1800 022 440, or for overseas callers: +61 2 8280 7199

Regards

Matthew
Investor Services
Email Correspondence
Link Market Services Limited Ph: (02) 8767 1111
Fax: (02) 9287 0303


I think I will respond back to Link Market Services as hopefully they will not require any ID sending over to Australia as they are the holding company and it shouldn't be as complicated as using an external company.



I have checked with my bank (Barclay's) and they will receive a cheque written in Australian Dollars for a fee of course and an exchange rate fee, but at least I might eventually be able to get rid of these shares. I was always expecting to be hit by some charges trying to perform this transaction.

I will let you know how it goes :-)



Alan

londoninvestor

The Transferwise Borderless account is worth looking at, as a way of receiving cash through an Australian domestic transfer, and exchanging it efficiently back to GBP.

Not sure if being the executor of the estate, rather than direct owner of the shares, will cause an issue though - possibly Link wouldn't pay it into an account with your name on it.

DreamweaverB

maddog180169 wrote: »

I think I will respond back to Link Market Services as hopefully they will not require any ID sending over to Australia as they are the holding company

Did you follow up with Link Market Services for this? (I'm in the same boat and thinking of using TransferWise to get the AUD funds as I've already had the shares transferred into the Executor's name.)

Mistermeaner

update on this subject:

I ended up in contact with

https://www.linkmarketservices.com.au/corporate/home.html

(the australian website NOT the UK one)

After weeks of sending letters and documents back and to I have eventually managed to sell the shares and get a cheque from them for the proceeds (Aus $38K)

Now the problem I have is that I need to find somewhere to cash this cheque that is marked ‘Payable to the administrators of XXXXXX’

Nationwide would not accept it so my next port of call is Barclays

I’ve separately started a thread on here about that and will provide link

Mistermeaner

thread on cheque:

https://forums.moneysavingexpert.com/discussion/6056237/cheque-payable-to-the-estate-of

Thrugelmir

Mistermeaner wrote: »

Now the problem I have is that I need to find somewhere to cash this cheque that is marked ‘Payable to the administrators of XXXXXX’

Have you not opened a bank account to handle the winding up of the Estate?

Mistermeaner

Thrugelmir wrote: »

Have you not opened a bank account to handle the winding up of the Estate?

yes and no

my father is the sole beneficiary - he had a joint bank account with my late mum (with nationwide)

we took mum off the account and added me so i've used this for all estate matters - everything else has been sorted this way without problem its just nationwide won't accept a cheque marked 'payable to the estate of...'

I personally bank with barclays so will see if they will allow me to open and estate account

if anyone has any pointers as to places that allow estate accounts would appreciate it

xylophone

Relative is sole executor of an estate and opened an executor's account with Barclays.

Gabrielle_attwater

Hi did you resolve your share selling issue as I have same problem, any help be appreciated.
Gabrielle

jennyjj

Gabrielle_attwater wrote: »

Hi did you resolve your share selling issue as I have same problem, any help be appreciated.
Gabrielle

I too have some Commonwealth Bank shares to sell. at least they are in my name. However, I've just read that my bank, Natwest, are going to stop accepting foreign cheques as of 7 Jan. ! Too tight a deadline for comfort.
Need to check if any of my other banks will accept such cheques later than that.