Pershing LLC is a subsidiary of the Bank of New York Mellon. As our International Custodian, Pershing provides trade execution, clearing, settlement and custody of international securites for CommSec clients. When you open an International Trading Account with CommSec, you access international markets through Pershing LLC via the CommSec website or by calling the CommSec International Trading Desk on 1300 361 170 (+61 2 9115 1531 from outside Australia), 24 hours a day on US trading days.

Yes, before you place a buy order, you need to have cleared funds in the relevant currency in your account. Funds must be transferred from a linked AUD bank account, which you can arrange by calling the International Trading Desk on 1300 361 170 (+61 2 9115 1531 from outside Australia), 24 hours on US trading days. Once the funds are received, we will request a currency conversion.

The request cut-off time for a transfer to be made the same day is 11am (Sydney time) and transfers are generally processed between 11am and 1pm (Sydney time). The exchange rate is determined at the time of processing. The funds are usually available within two business days after processing.

You can trade in 26 countries around the globe, including major markets such as the US, Canada, UK, Hong Kong, Japan and other countries in Europe and Asia

For a full list of countries, see the International Securities Trading brochure. 

There are two ways you can transfer funds between your International Trading Account and your linked Australian bank account.

1. You can submit your request online. To access the online transfer request form please log onto the CommSec website and navigate to Portfolio > Accounts then select your International Trading Account from the drop down menu and select the Transfers tab.

Simply enter the details of your transfer then review and submit your request. The exchange rate displayed during the online request is indicative only and when submitting a withdrawal request you cannot request an amount that will leave your Pershing account with a negative balance. The request must also be for the currency that you hold in your Pershing account and not the US dollar equivalent.

2. You can contact our International Trading Desk on 1300 361 170 (+61 2 9115 1531 outside Australia), 24hrs on US trading days. We must ensure you are an authority on the account before we can implement your instructions.

Please note: The request cut-off time for a transfer in all currencies to be made the same day is 11am (Sydney time) and transfers are generally processed between 11am and 1pm (Sydney time).

For transfers from Australian dollars to US dollars there is an additional request cut-off time of 2:30pm (Sydney time) for processing before 3:30pm (Sydney time). The exchange rate is determined at the time of processing. Transfer requests are processed each business day and the funds are generally available the same night for trading.

Funds take up to two working days to reach your CommSec International Securities Trading Account as available funds.

Trades on the US market can be placed either online or over the phone with one of our representatives. To place a US trade online:

1. Log into CommSec with your Client ID

2. Navigate to Trading > International and click on "Launch Platform"

3. Click on Trading and enter the details of your order

4. Press review before sending — this will give you a summary of your order

5. Confirm order details are correct then press send order.

For all other countries (ie non-US shares) you will need to contact our International Desk and place your order over the phone.

If you are unsure of the country in which your shares are listed or require further assistance, please call our International Desk on 1300 361 170 or +61 2 9115 1531 if calling from outside Australia (24 hours, US trading days).

The W-8BEN form is a requirement for setting up an International Trading Account. A W-8BEN is a US Treasury form that allows foreign investors to claim special tax treaty benefits, including a reduced rate of withholding tax. Each W-8BEN form applies for three years.

If you do not complete the form, you may be subject to US Treasury withholding tax on investments held on your International Trading Account. In particular, any dividends and sale proceeds credited to your account may be subject to a withholding tax of 30%, rather than 15%. That means that 30% of any payments to your International Trading Account may be withheld to cover the US Treasury Withholding tax liabilities.

The W-8BEN remains in effect until 31 December three years from the year you signed the form, unless a change of circumstances makes any information on the form incorrect. We will send you a new form to complete before your existing W-8BEN expires.

For more information on the W-8BEN form and how to complete it, please call the International Trading Desk on 1300 361 170 (+61 2 9115 1531 outside Australia), 24 hours on US trading days.

If you already have a CommSec International Securities Trading Account, simply complete the account transfer form (available from the International Trading Desk) and return it to us.

If you don't have a CommSec International Securities Trading Account, complete the application form. You will also need to complete the account transfer form (available from the International Trading Desk) and  return both to us with any supporting documentation.

Please note that the time taken to transfer your shares and/or cash from another broker to your CommSec International Securities Trading Account varies from broker to broker. Once your shares have been transferred, you will be able to view your holdings online.