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How do I sell my shares without opening an account? One Off Sale

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How do I sell Issuer Sponsored shares?

A one-off sale account is opened temporarily to facilitate the sale of an Issuer Sponsored Holding. The process for Australian & International Residents is different. Please ensure you follow the appropriate steps depending on where you are residing to avoid delays.

What is the difference between a one-off sale and a trading account?

A temporary account is created for the "One-Off Sale" of an Issuer Sponsored Holding without the client having to sign up or establish an on-going trading account.

Alternatively, a trading account allows the client to buy and sell shares independently. All holdings are attached to a HIN and are CHESS sponsored via OpenTrader which is powered by OpenMarkets.

You can also convert your issuer sponsored holdings to a HIN. If you would a trading account is more suitable instead of a one off sale, you can apply for a Trading Account here.

What is the difference between Issuer and Broker sponsored shares?

Issuer Sponsored shares are issued directly from the company and maintained by a share registry. They are identified by a Securities Reference Number (SRN) that typically starts with an "I" e.g. I00076272.  

Broker sponsored shares are alternatively issued to you via CHESS and are sponsored by a stockbroker. Shares are attached to a Holder Identification Number (HIN) that starts with an "X" e.g. X000987626. 

How much does a One Off Sale cost?

One Off Sale Brokerage Fees:
Per parcel of shares up to the trade value of AUD$15,000 including GST: AUD$200 
Per parcel of shares above the trade value of AUD$15,000 including GST: 1.5%
Deposits into an overseas bank account incur an additional fee of AUD$100. 

Can I sell ASX listed shares via a one-off sale?

Yes.

Can I sell NSX listed shares via a one-off sale?

Yes, provided it is a uncertificated NSX share. Visit www.nsx.com.au to search your shares. Click on the details section to review under 'operating information' the certification status, it should look as below:
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Selling multiple shares

You can sell up to 3 holdings registered in the exact same name(s) and address using the one form. For any additional holdings please provide an instruction in a cover letter and attach copies of holding statements.

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Australian Residents: One Off Sale - Submission via Email.

Australian residents can submit one off sale documentation via email:

  1. Australian Residents only are to continue to the next step in this section.
  2. One Off Sale form to be signed with an ink pen (digital signatures cannot be accepted)
  3. A copy of current holding(s) or dividend statement(s) - dated within the last 6 months.
  4. A copy of your Passport - must not be more than 2 years past expiry.
  5. A copy of your Driver Licence displaying current residential address- must be valid. 
  6. If your current address is not displayed on your ID, you can provide a copy of a utility bill: gas, water or electricity - dated within the last 3 months 
  7. Ensure both your ID and Issuer Holdings registered name & address match exactly. The sale cannot be processed until you update your details with the registry. 
  8. A copy of the bank statement in the name of the share holder - dated within the last 3 months.
  9. Email service@openmarkets.com.au with the subject line:
    "OpenTrader - Australian Resident: One Off Sale Request - Full Name".

Please note: we will verify your identification documentation using our electronic verification system.
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International Residents: One Off Sale - Submission via Post Only

International Residents can submit a One-Off Sale request via post only.

  1. International Residents are to check that you are a residing in one of our serviced countries.
  2. One Off Sale form to be signed with an ink pen (digital signatures cannot be accepted)
  3. A certified copy of your Passport - certified within the last 3 months.
  4. A certified copy of your Driver Licence - certified within the last 3 months.
  5. A copy of your current holding(s) or dividend statement(s) - dated within the last 6 months. 
  6. Ensure both your ID and Issuer Holdings registered name & address match exactly. The sale cannot be processed until you update your details with the registry. 
  7. A copy of a utility bill: gas, water or electricity - dated within the last 3 months 
  8. A copy of the bank statement in the name of the share holder - dated within the last 3 months.
  9. Translate any non-English documents with an accredited NAATI translator.
  10. Optional: email service@openmarkets.com.au to review your documents with the subject line:
    "OpenTrader - REVIEW ONLY - International One Off Sale Request Full Name"
  11. Post the documents to our mailing address and email us your tracking number.

Mailing address:
OpenMarkets Australia Limited
Level 5, Suite 3, 500 Collins Street, 
Melbourne VIC 3000

Note: There will be a $100 transfer fee for proceeds settling into an international account.
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What happens next and how long does it take?

  1. Once a successful application with correct documentation & certification has been received, it will be actioned within 5-7 business days
  2. Your holdings will be sold ‘at market’ by our Trading Desk at the time the application is processed (i.e. the best bid price the market is offering at the time the order is placed)
  3. You will receive a Trade Confirmation via email once your Sell order(s) have been executed
  4. Sale proceeds will be deposited into the nominated bank account on T+2 (Trade date + 2 business days) less OpenMarkets' brokerage fee of $200 AUD per parcel of shares up to the trade value of $15,000 AUD or 1.5% for parcels above $15,000 AUD (including GST).

When will I receive the proceeds from a one-off sale?

Sale proceeds are deposited into your nominated bank account on T+2, which means two business days after the executed trade date.

Upon execution of the sale order, you will receive a Trade Confirmation note immediately via email confirming the settlement date.

Please note: International bank transfers incur an additional fee of AUD$100. time frames vary depending on your preferred bank. Currency is deposited in Australian Dollars ($AUD) and the currency will be converted by the receiving bank. 
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Can I sell International or US shares via a one-off sale? 

No. Sorry we do not yet provide services for products from international markets.

If you have any questions or need help, don't hesitate to get in touch 🙋

You can reach us on live chat or over the phone on 1800 OT TEAM (1800 688 326 or +61 2 9055 4400 for overseas). We're available between 9:00 am and 5:00 pm (Sydney time), Monday to Friday. If we're away, just send us a message and we'll get back to you.

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