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Author Topic: ABSA stockbrokers becoming more expensive  (Read 72376 times)

willemm

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Re: ABSA stockbrokers becoming more expensive
« Reply #15 on: April 21, 2018, 10:19:34 am »
Quote from: Duan on April 21, 2018, 08:54:28 am
Quote from: Mr_Dividend on April 09, 2018, 11:46:30 am
Talking about the standard account.  As you say the TFSA is  free to move.

For those that are interested is R171 per counter - going up to R200 in May.

Hi, can you please clarify if moving a TFSA is free? My TFSA is currently with absa as well and I'll definitely be moving to EasyE, but can only do so next month (May)

I'm really upset with absa still over their new fee's and for me to pay R200 per ETF (i'm still a student) is ridiculous .
The only thing they said on twitter to me was ''were sorry to see you go'' , yeah whatever. I opened my TFSA with EE this week, waiting for my docs to be ficad.

I feel your pain. Same boat with my wife's and daughter's TFSA. The buggers. Busy moving to EE also.

I think Patrick mentioned a R172,50 cost to transfer per ETF holding. So hopefully you just own one type of ETF :)

Probably best to phone them and get the details for confirmation.
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Duan

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Re: ABSA stockbrokers becoming more expensive
« Reply #16 on: April 21, 2018, 10:51:01 am »
Quote from: willemm on April 21, 2018, 10:19:34 am
Quote from: Duan on April 21, 2018, 08:54:28 am
Quote from: Mr_Dividend on April 09, 2018, 11:46:30 am
Talking about the standard account.  As you say the TFSA is  free to move.

For those that are interested is R171 per counter - going up to R200 in May.

Hi, can you please clarify if moving a TFSA is free? My TFSA is currently with absa as well and I'll definitely be moving to EasyE, but can only do so next month (May)

I'm really upset with absa still over their new fee's and for me to pay R200 per ETF (i'm still a student) is ridiculous .
The only thing they said on twitter to me was ''were sorry to see you go'' , yeah whatever. I opened my TFSA with EE this week, waiting for my docs to be ficad.

I feel your pain. Same boat with my wife's and daughter's TFSA. The buggers. Busy moving to EE also.

I think Patrick mentioned a R172,50 cost to transfer per ETF holding. So hopefully you just own one type of ETF :)

Probably best to phone them and get the details for confirmation.

See that's the problem, I currently have 4 ETF's (part of my diversification strategy)  , can't wait to get process over and done with.

I will definitely phone them but is there any costs involved from EE side as well?
« Last Edit: April 21, 2018, 04:28:43 pm by Duan »
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Hamster

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Re: ABSA stockbrokers becoming more expensive
« Reply #17 on: April 22, 2018, 08:43:45 am »
Quote from: Duan on April 21, 2018, 08:54:28 am
Quote from: Mr_Dividend on April 09, 2018, 11:46:30 am
Talking about the standard account.  As you say the TFSA is  free to move.

For those that are interested is R171 per counter - going up to R200 in May.

Hi, can you please clarify if moving a TFSA is free? My TFSA is currently with absa as well and I'll definitely be moving to EasyE, but can only do so next month (May)

I'm really upset with absa still over their new fee's and for me to pay R200 per ETF (i'm still a student) is ridiculous .
The only thing they said on twitter to me was ''were sorry to see you go'' , yeah whatever. I opened my TFSA with EE this week, waiting for my docs to be ficad.

A couple of guys moved from FNB to EE and it was free. The only cost that might be involved is if they do not transfer the shares between the platforms and require you to sell it and move the money (transaction fees).
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Duan

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Re: ABSA stockbrokers becoming more expensive
« Reply #18 on: April 22, 2018, 04:12:34 pm »
Quote from: Hamster on April 22, 2018, 08:43:45 am
Quote from: Duan on April 21, 2018, 08:54:28 am
Quote from: Mr_Dividend on April 09, 2018, 11:46:30 am
Talking about the standard account.  As you say the TFSA is  free to move.

For those that are interested is R171 per counter - going up to R200 in May.

Hi, can you please clarify if moving a TFSA is free? My TFSA is currently with absa as well and I'll definitely be moving to EasyE, but can only do so next month (May)

I'm really upset with absa still over their new fee's and for me to pay R200 per ETF (i'm still a student) is ridiculous .
The only thing they said on twitter to me was ''were sorry to see you go'' , yeah whatever. I opened my TFSA with EE this week, waiting for my docs to be ficad.

A couple of guys moved from FNB to EE and it was free. The only cost that might be involved is if they do not transfer the shares between the platforms and require you to sell it and move the money (transaction fees).

That would be a huge problem, that means that I would lose all my contribution limits? Meaning I would have to sell, transfer the money out of the TFSA in to my bank account and then into EE.

I personally think its just absa that wants to be typical and charge a person R173 per ETF, if FNB can do free transfers why can't absa?

But i'll just make sure of everything before I start this process, also if they charge R173 per ETF , I want to pay them directly with a EFT, they can't sell units or use my cash component in my TFSA in order to cover costs because that means I will lose contribution limits as well.
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gcr

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Re: ABSA stockbrokers becoming more expensive
« Reply #19 on: April 22, 2018, 11:21:51 pm »
On March 3, 2018 Martin Hesse wrote an article for IOL's Personal Finance section on the ability to move TFSA's from one provider to another and it is apparent that there are no transfer fees to be levied and the issue around selling ETF and then moving the cash is covered.
Suggest you read the article and any others before making any decision to move from one provider to another
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Hamster

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Re: ABSA stockbrokers becoming more expensive
« Reply #20 on: April 23, 2018, 06:21:58 am »
Quote from: Duan on April 22, 2018, 04:12:34 pm
That would be a huge problem, that means that I would lose all my contribution limits? Meaning I would have to sell, transfer the money out of the TFSA in to my bank account and then into EE.

No man, they/you sell the ETFs within and transfer the cash from one TFSA/BDA to another. You don't cash out to a bank account.

Cash is the common currency/denominator between all the TFSAs. Example, if I had a unit trust TFSA from FNB and wanted to move it to EE which only uses ETFs there will be no other way other than to sell the unit trust and use the cash to buy ETFs - you cannot transfer the unit trusts. I don't know what would happen if you transfer ETFs from one provider to another though, maybe you can do a normal securities transfer or treasury took the one-solution-fits-all approach and you transfer cash.

Either way, you are transferring your TFSA between providers, regardless of what is in it, so no contribution limits will be affected.
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Duan

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Re: ABSA stockbrokers becoming more expensive
« Reply #21 on: April 23, 2018, 10:40:18 am »
Quote from: Hamster on April 23, 2018, 06:21:58 am
Quote from: Duan on April 22, 2018, 04:12:34 pm
That would be a huge problem, that means that I would lose all my contribution limits? Meaning I would have to sell, transfer the money out of the TFSA in to my bank account and then into EE.

No man, they/you sell the ETFs within and transfer the cash from one TFSA/BDA to another. You don't cash out to a bank account.

Cash is the common currency/denominator between all the TFSAs. Example, if I had a unit trust TFSA from FNB and wanted to move it to EE which only uses ETFs there will be no other way other than to sell the unit trust and use the cash to buy ETFs - you cannot transfer the unit trusts. I don't know what would happen if you transfer ETFs from one provider to another though, maybe you can do a normal securities transfer or treasury took the one-solution-fits-all approach and you transfer cash.

Either way, you are transferring your TFSA between providers, regardless of what is in it, so no contribution limits will be affected.

Ahh I see, Sorry i didn't quite understand the whole process on how they do it. Thank you for the clarification.
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Zilch

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Re: ABSA stockbrokers becoming more expensive
« Reply #22 on: May 09, 2018, 04:25:43 pm »
I was/am also very disipointed when ABSA announced their fee adjustment.

For those doing an once of lump sum into your TFSA. ABSA waives the inactivity fee of your TFSA once your full yearly allocation has been reach.

See attached or go to your ABSA stockbroker account and click on “fee adjustment notification” (top-left hand corner).


Ps. Long time lurker. Thanks to everyone’s contribution to the site.
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Patrick

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Re: ABSA stockbrokers becoming more expensive
« Reply #23 on: May 10, 2018, 08:24:20 am »
Thanks for the info, it's good to see they relented on the inactivity fee once you reach your R33k cap. That works for R33k lump sum investors, but it's still no good for monthly investors as the R15 minimum fee means they will be paying 0.55% in fees.

I also see the SMART account now has an annual fee of R1035. That's utter madness!

Oh and welcome :)
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RayRay

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Re: ABSA stockbrokers becoming more expensive
« Reply #24 on: May 10, 2018, 09:09:18 am »
Quote from: Zilch on May 09, 2018, 04:25:43 pm

For those doing an once of lump sum into your TFSA. ABSA waives the inactivity fee of your TFSA once your full yearly allocation has been reach.


This makes me very happy  :)

Thanks Zilch, welcome
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Imran

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Re: ABSA stockbrokers becoming more expensive
« Reply #25 on: May 19, 2019, 08:10:19 pm »
Hi all, I currently have two stock brokarage accounts, one with Standard Online Share Trading (personal protfolio) and one with ABSA Stock Brokers (TFSA, signed up before they started all there shenanigans  :frustrated:). I'm looking to consolidate these two accounts with one provider, Probably Easy Equities.
For all those that have moved over how has the customer service been with EE? Have you experienced any website downtime etc.?
Also I know a few people have complained about execution prices not matching market prices, has any one experieced this?
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WealthSmith_1

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Re: ABSA stockbrokers becoming more expensive
« Reply #26 on: May 20, 2019, 07:03:26 am »
EasyEquities is a market maker so they'll NEVER execute your trades at the market price, I'm talking from experience. They do have down times from time to time, since they don't really have a platform, these can be insignificant, unless you day trade.

Can you place stop losses on SBK OST?
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Tovad

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Re: ABSA stockbrokers becoming more expensive
« Reply #27 on: May 20, 2019, 10:26:57 am »
Can you place stop losses on SBK OST?

Yes you can and what I like is that you can put in a buy/sell order with a validity of up to one month
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Mr_Dividend

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Re: ABSA stockbrokers becoming more expensive
« Reply #28 on: May 20, 2019, 10:58:36 am »
I actually have live pricing on two accounts (absa and GT247) and when initiating a trade on EE always check on the price - and they have always been spot on.

They have had a bit of downtime lately, on less liquid stock you often need to enter a trade multiple times to get your required amount - changes per counter. For instance, right now I can only buy around R510 worth of SSK, but can spend just over a R1mill on ABH.

So it has some quirks, but fine for an investor - with no minimums, you can really do multiple buys/sells.
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DieLyn

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Re: ABSA stockbrokers becoming more expensive
« Reply #29 on: November 02, 2023, 12:42:07 pm »
Quote from: Patrick on April 09, 2018, 11:18:29 am
So just tweeted that my moving forms to EE are in and that I'm happy that they've never shifted goalposts. Their CEO replied that they never will. It's in writing now :)

Apologies for the necro, but this is appropriate. The ghosts of internet past coming to bite them.

EE have announced they charge a platform fee if you don't deposit every month. Talk about "not moving the goalposts"
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