International Trading

Pershing LLC is a subsidiary of the Bank of New York Mellon. As our International Custodian, Pershing provides trade execution, clearing, settlement and custody of international securities for CommSec clients. When you open an International Trading Account with CommSec, you access international markets through Pershing LLC via the CommSec website or contact us on the CommSec International Trading Desk - 24 hours a day on US trading days.

Before you place a buy order on your International Trading Account, you will need to ensure that you have completed a W-8BEN form and have cleared funds in the relevant currency in your international trading account. Funds must be transferred from a linked AUD bank account, which you can arrange via the online transfer form, or by calling the International Trading Desk, 24 hours on US trading days.

For information on transferring funds to your account, please see FAQ, How do I transfer funds to and from my International Trading Account?

You can trade in many of the leading share markets around the globe, including major markets such as the US, Canada, UK, Hong Kong, Japan and other countries in Europe and Asia.

For a full list of countries, see the International Securities Trading brochure.

There are two ways you can transfer funds between your International Trading Account and your linked Australian bank account.

1. You can submit your request online. To access the online transfer request form please log onto the CommSec website and navigate to Portfolio > Accounts then select your International Trading Account from the drop down menu and select the Transfers tab.

Simply enter the details of your transfer then review and submit your request. The exchange rate displayed during the online request is indicative only and when submitting a withdrawal request you cannot request an amount that will leave your Pershing account with a negative balance. The request must also be for the currency that you hold in your Pershing account and not the US dollar equivalent.

2. You can contact us on our International Trading Desk 24hrs on US trading days. We must ensure you are an authority on the account before we can implement your instructions.

Please note: The request cut-off time for a transfer in all currencies to be made the same day is 11am (Sydney time) and transfers are generally processed between 11am and 1pm (Sydney time).

For transfers from Australian dollars to US dollars there is an additional request cut-off time of 2:00pm (Sydney time) for processing before 3:30pm (Sydney time). The exchange rate is determined at the time of processing. Transfer requests are processed each business day.

Funds may take up to two working days to reach your CommSec International Securities Trading Account as available funds.

Trades on the US market can be placed either online or over the phone with one of our representatives.

To place a US trade online:

1. Log into CommSec with your Client ID

2. Navigate to Trading > International and click on "Launch Platform"

3. Click on Transact 

4. Select the correct account (if you have multiple accounts)

5. Enter the trade details (transaction, symbol, quantity, order type, duration)

6. Click on Review Order

7. Confirm your order details are correct, then click on Submit Order

8. View your trade confirmation by navigating to Communications > All Communications > Trade confirmations (available 24 hours upon trade execution)

For all other countries (ie non-US shares) you will need to contact our International Desk and place your order over the phone.

If you are unsure of the country in which your shares are listed or require further assistance, please contact us on our International Desk (24 hours, US trading days).

The W-8BEN form is a requirement for setting up an International Trading Account. A W-8BEN is a US Treasury form that allows foreign investors to claim special tax treaty benefits, including a reduced rate of withholding tax. Each W-8BEN form applies for three years.

If you do not complete the form, you may be subject to US Treasury withholding tax on investments held on your International Trading Account. In particular, any dividends and sale proceeds credited to your account may be subject to a withholding tax of 30%, rather than 15%. That means that 30% of any payments to your International Trading Account may be withheld to cover the US Treasury Withholding tax liabilities.

The W-8BEN remains in effect until 31 December three years from the year you signed the form, unless a change of circumstances makes any information on the form incorrect. We will send you a new form to complete before your existing W-8BEN expires.

For more information on the W-8BEN form and how to complete it, please contact us on our International Trading Desk 24 hours on US trading days.

If you already have a CommSec International Trading Account, simply complete the account transfer form and return it to us.

If you don't have a CommSec International Trading Account, you will need to first establish an account. You will then need to complete the account transfer form and return to us with any supporting documentation.

Please note that the time taken to transfer your shares and/or cash from another broker to your CommSec International Securities Trading Account varies from broker to broker. Once your shares have been transferred, you will be able to view your holdings online.