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About the OMCA

   
31/10/2014 06:22 p.m.
Trading
NZ/AU Markets   
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Currencies & Cash
Online Multi-Currency Account   
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 and request a withdrawal to your 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.


  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

  All funds are held by ANZ Bank New Zealand Limited


Currencies

Is the OMCA right for you?

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
  The OMCA may be beneficial for ANZ Securities 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.





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FAQs

Deposit Funds

Rates & Fees



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 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 ANZ Securities 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. ANZ Securities, 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 ANZ Securities. 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%.

Disclosure Statements
View the Disclosure Statement for ANZ Bank New Zealand Limited.