HYP - Canadian Shares

[Dod101]

I am not following you around floyd3592 but as it happens, I am looking to buy a Canadian bank and had established that the best way was on NYSE in USDollars. I have two brokers, II and HSBC Investdirect. Both obviously will allow me to deal in New York but so far I have found II to be the more responsive. I have not checked on costs.

When you say HSBC's International Share dealing service what exactly do you mean? I am contemplating using my SIPP which is with II, all other things being equal, because that gives me shelter from UK tax and yet allows me to hold the shares in US Dollars which saves me the FX costs every time there is a dividend. I tend to roll up dividends in my SIPP anyway.

Can you help and am I missing something with HSBC?

Dod

[floyd3592]

I am not following you around floyd3592 but as it happens, I am looking to buy a Canadian bank and had established that the best way was on NYSE in USDollars. I have two brokers, II and HSBC Investdirect. Both obviously will allow me to deal in New York but so far I have found II to be the more responsive. I have not checked on costs.

When you say HSBC's International Share dealing service what exactly do you mean? I am contemplating using my SIPP which is with II, all other things being equal, because that gives me shelter from UK tax and yet allows me to hold the shares in US Dollars which saves me the FX costs every time there is a dividend. I tend to roll up dividends in my SIPP anyway.

Can you help and am I missing something with HSBC?

Dod

lol I'd be honoured if u were following me around, I certainly look out for *ur* posts as I generally glean a lot of good tips / advice from them!

The HSBC service I use is their 'Investdirect International' one, via HSBC Expat branch who I have currency accounts with. I'm a 'Premier' customer with them so don't know if it's just available to those. The registration was not without its hiccoughs. The procedure itself was fairly straightforward I completed the forms and various documents (including a W8-BEN form) which I forwarded by email initially to speed the process up & then posted everything onto them. Of course I needn't have bothered emailing as they cocked up the US dealing set-up & there was a substantial delay, but that was resolved along with a nice re-imbursement from them for the SNAFU. Once set up, all u do is select the 'US shares' option on the 'Buy' tab and then select ur shares from the ticker / name, the amount etc, place ur 'buy' order & Robert's ur mother's brother! Dividends are paid minus withholding tax into ur Investdirect International' account & forwarded to my linked HSBC Expat USD account the same day.

[Dod101]

Thanks. I am a Premier customer as well. Maybe it is just the Covid business but they seem unable to get even simple things like the W-8BEN right whereas II have given me clear answers to my questions and I think I may go with them.

Mind you Investdirect is a clunky site at the best of times.

Dod