When you sell shares you are required to pay brokerage. The amount you pay is usually made up of a minimum amount plus a small percentage of the value of the shares you are selling. Brokerage is paid for each independent share parcel you have, for instance if you are selling IAG shares and Telstra shares, you would pay the minimum brokerage charge on each; this is standard practice across the industry and reflects the costs we incur in clearing your trades through the ASX.
You can see our fees here.
You will need to provide a scanned copy of your certified ID. You can find more information on this here.
Once we receive your ID and signed share sale form the stock is usually be sold within 1-2 business days. The ASX works to 3 day settlement, meaning funds will be sent to your bank account 3 days after the shares have been sold. There is no way to speed this up, it is standard process for all ASX transactions.
You will also receive email confirmation with a sale receipt on the day the shares are sold.
See the post in our share sale blog for post for more information on this topic.
If your shares are in a stockbroking account they will be CHESS sponsored to your broking account HIN (Holder Identification Number). A HIN is a 10 digit number beginning with an ‘X’.
If your shares are not in a stockbroking account, they will instead be issuer sponsored at whichever share registry is used by the company you have shares in. Issuer sponsored shares have an SRN (Security Reference Number), a nine or ten digit number beginning with an ‘I’.