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The Online Multi-Currency Account (OMCA) allows you to hold balances in up to
10 different currencies, to manage those balances
online and to easily settle international trades in their home currency.
The OMCA removes the restriction of settling your international trades in New
Zealand Dollars (NZD), thus giving you control to separate your share trading
decisions from your currency decisions.
If funds are available at the time you place your order, you can settle your AU
trades in Australian Dollars (AUD), your US trades in US Dollars (USD) and your
UK trades in British Pounds (GBP).
Our online interface also allows you to request a transfer between any currency
pair, request a transfer to/from your Direct Broking Call Account and request a
withdrawal to your Direct Broking Call Account or personal NZD bank account.
You will earn a competitive interest rate on balances in many currencies and
while there is a currency conversion fee whenever you request a transfer from
one currency to another, there are no transaction fees, monthly account fees or
withdrawal fees.
In addition, dividends from US and/or UK custody holdings paid in USD, GBP or
Euro (EUR) can be paid directly into the appropriate OMCA bank account, giving
you the choice of when (or if) to convert to NZD.
Just like a regular bank account, we will send you a statement every month and
a Resident Withholding Tax (RWT) certificate at the end of the tax year.
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The OMCA is only available if you have an existing share trading account or if
you are establishing an OMCA in conjunction with a new share trading account
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All funds are held by ANZ Bank New Zealand Limited
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CURRENCIES
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IS THE omca RIGHT FOR YOU?
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The following currencies are available to all OMCA clients:
NZD - New Zealand Dollar
AUD - Australian Dollar
USD - US Dollar
EUR - Euro
GBP - British Pounds
JPY - Japanese Yen
CAD - Canadian Dollar
CHF - Swiss Francs
HKD - Hong Kong Dollar
SGD - Singapore Dollar |
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The OMCA may be beneficial for Direct Broking clients who are trading in Australia,
the US or UK and wish to retain their funds in the home currency of that
market.
The OMCA also provides a function to transfer between any of the available
currency pairs, however there are restrictions on this activity.
Please read more... >
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Download Form
OMCA FAQs
Deposit Funds
OMCA Rates
Investment and Administration
The Online Multi-Currency Account is a number of call debt securities offered by
ANZ Bank New Zealand Limited and managed by Direct Broking (part of ANZ New Zealand
Securities Limited). Money deposited into the Online Multi-Currency Account will be placed on deposit with
ANZ Bank New Zealand Limited. ANZ New Zealand Securities Limited is a subsidiary
of ANZ Bank New ZealandLimited.
Objective
The Online Multi-Currency Account is used to allow Direct Broking customers to
hold funds in foreign currencies so they may separately manage and mitigate
their currency and share trading risks when trading on the Australian, US and
UK share markets.
Tax Rates
The Online Multi-Currency Account is a New Zealand domiciled account and
subject to New Zealand tax laws. Direct Broking, as an agent for ANZ
Bank New Zealand Limited, will deduct Resident Withholding Tax (RWT) from interest
payments made to investors each month. Account holders that are exempt from RWT
will need to provide a copy of a current certificate of exemption to Direct
Broking. RWT will be deducted at either 10.5%, 17.5%, 30% or 33% as selected in
the application form. RWT deducted from interest in each currency will be
converted to NZ dollars and will be paid to the Inland Revenue Department each
month. The Portfolio Investment Entity tax provisions in the Income Tax Act
2004 do not apply to the Online Multi-Currency Account. If no IRD number is
provided on your application form or you do not indicate what rate you wish RWT
to be deducted at, your rate will be set at the No Declaration rate of 33%.
Direct Broking
Direct Broking is part of ANZ New Zealand Securities Limited, a subsidiary of ANZ Bank
New Zealand Limited.
Disclosure Statements
View the Disclosure Statement for ANZ Bank New Zealand Limited.
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