Can I open a CommSec account if I live overseas?  (2024)

FAQs

Can I open a CommSec account if I live overseas? ›

If you're currently living overseas, you might be able to trade with us if you are CHESS sponsored with CommSec and you use an Australian bank account to settle your trades. However, restrictions may apply to applicants from certain jurisdictions, depending on legal and regulatory requirements.

For further information, call our International Desk on 1300 361 170 (24 hours a day during US Trading Days).

With CommSec, it's easy to invest globally. A CommSec International Securities Trading Account gives you access to many of the leading global share markets, including the New York Stock Exchange and the London Stock Exchange.

U.S. expat brokerage account restrictions vary between brokerage firms. Some firms let clients keep their existing brokerage account once they have moved overseas but will not permit clients to open a new brokerage account due to residency in a foreign country.

Can I open a CommBank account if I am not from Australia? Yes, most people who are coming to Australia to work, live or study are able to open a bank account with CommBank.

International Shares

With a CommSec International Trading Account, you can take advantage of investment opportunities across the globe, gain access to global share markets, including the New York Stock Exchange, NASDAQ, Hong Kong Exchange and the London Stock Exchange.

A CommSec International Trading account allows you to trade on international exchanges, including the New York Stock Exchange, NASDAQ, and the London and Tokyo exchanges. It's free to open an international trading account, however you will be charged brokerage for any trades that you execute.

Whether you are an Australian expatriate, or an overseas investor, you will generally find it difficult to buy or sell Australian shares when outside Australia - even if living in financial centres such as London, Singapore, Hong Kong or the UAE.

When you're overseas. So long as you've got internet access, you can log on to NetBank and the CommBank app from anywhere in the world. Not only can you manage your money on-the-go, you can also reload your Travel Money Card in NetBank and the CommBank app if a currency is running low.

Is CommSec international good? ›

With over 20 years of share trading experience, it's one of the most widely used platforms in Australia. While it is one of the better brokers around, investors are paying for the service. CommSec has higher fees, especially on trading in the United States, compared with some of the low-cost options.

Secondly, US shares are also subject to Australian capital gains tax, just like ASX shares. If you sell your shares for a profit, you will have to declare the proceeds for tax, just like you would with an ASX share.

Every time you buy or sell shares you will pay a brokerage fee, for example $10.00 for trades up to $1,000 on CommSec. The more you invest, the smaller the brokerage fee as a percentage of your investment.

Account Features for U.S. Expatriates

As a U.S. citizen living abroad, you'll enjoy a number of advantages with Schwab, including: Convenient access to your money through U.S. dollar–denominated checks, debit cards, and the Schwab MoneyLink^® Electronic Funds Transfer Service.

Yes, US-based NRIs are allowed to open demat account in India. An NRI Demat account can be opened by a Non-Resident Indian (NRI), Overseas Citizen of India (OCI) or Person of Indian Origin (PIO) living in any country abroad.

Can I Open a Bank Account in Australia? Yes. Most Australian bank accounts make it quite simple for foreigners to open a bank account in the country. Unlike some places, you do not have to be in the country to do so.

Having a UK bank account when living abroad is possible for both foreigners and UK expats. Likewise, both foreign and non-resident UK companies can have a UK bank account.

In short, yes, you can open a US bank account online—but only if you have a US address. If you don't have this proof of address it can become quite difficult to open a US bank account from AU.

Do I need a bank account to use CommSec? ›

Please consider the Financial Services Guide for fees and charges. To operate a CommSec Pocket account, you'll need an eligible CommBank transaction account.

Your cash account for trading

Your CDIA is linked to your CommSec Trading Account so you enjoy low brokerage costs plus the convenience of settling trades without the need to transfer between accounts.

Log in to Netbank (you can access NetBank from your CommSec account by selecting the NetBank tab in the top left corner of your screen). Select Transfers & BPAY in the main menu. In the "From" field, use the dropdown menu to select the CDIA you would like to transfer from.

To start buying U.S. stocks from Australia, you'll need to open an account with a broker like Stake. It takes just minutes to sign up and download the Stake stock trading app. You'll need some I.D. to create your account. Once that's done, go to Stake Wall St and choose your deposit method and speed.

Foreign investors can trade directly in securities listed on the ASX only if they open an account with a broker that participates in the exchange. International brokers may not all have ASX trading privileges. Investors can choose from a number of indices tied to prices of various securities listed on the ASX.

Conversely, US investors can also buy and sell stocks on foreign exchanges. However, they will be subject to American capital gains rules rather than international ones. It's best to familiarize yourself with the tax laws in your home country before making any investments.

So long as you've got internet access, you can log on to NetBank and the CommBank app from anywhere in the world.

To sum up, you can open a trading account at an international broker by law, but it is up to the broker whether they provide the service in your country. Let's go further. One advantage of having an international broker account is the foreign market access.

There are a couple different ways non-U.S. investors can open an international brokerage account. You could open an account with a financial services company in your country of residence that offers access to U.S. stocks. Or, you might open a brokerage account for non-U.S. residents with a U.S.-based broker.

Can I have a bank account outside of the US? ›

An international bank account is entirely possible and could offer benefits that you may not get with a bank account here at home. Be sure to take your own financial goals into consideration as you keep reading to learn why and how to open an international bank account.

If you have no proof of where you live, you could use a temporary address. You could provide a letter from a hostel, refuge or the council. Ask the bank if they can be more flexible with their checks and try another bank if the staff aren't very helpful.

Yes, one of the most important things you need to do before going abroad is informing your bank. You want to make sure you'll be able to access your funds and use your debit or credit card while you're on vacation.

Can Non-US Citizens open bank or brokerage accounts? Yes, they can. Even if they don't live in the US. They can do it from home.

Buying stocks directly in a foreign market like India or China is possible, although it might be harder than purchasing domestic shares. Investors can purchase American Depositary Receipts on U.S. exchanges, which are certificates that represent shares in a foreign company.

Investors can access foreign stocks via ADRs, GDRs, direct investing, mutual funds, ETFs, and MNCs. Buying foreign stocks allows investors to diversify their portfolio's risk, in addition to giving them exposure to the growth of other economies.

INVESTMENTS. If you wish to continue holding your equity portfolio, your demat account will have to be redesignated as an NRO or NRE (non-resident external) account. “If you are making any fresh investments in the country of residence, the earning will be sent to India via the NRE account.

Yes, a foreigner can open a U.S. trading account through a US-based online stock broker, but it would require additional documentation to comply with U.S. regulations. Some of the extra paperwork include proof of identity, tax documents, and sometimes, visa information.