Moving South African share portfolio offshore - ideas?

[divv]

Hi guys.
I just opened my ABSA Stockbroking account this morning and noticed my cash balance had dropped.
On checking I see that I am now being charged a monthly fee of R67 (whereas previously it was an annual fee and you only paid it if you didn't trade at least 5 times a year).
Now the few shares I have left in the account are ones I want to hold on to longer term so I don't want to sell them (plus I'd incur CGT for it).
Does anyone know of a way to move these to an offshore stockbroking account or have some other suggestion of how to keep them without the monthly charge?

Thanks

 

[borga]

Possibly move your portfolio to EasyEquity, there is a large discussion thread on it.
They don't seem to have monthly fees.
http://mybroadband.co.za/vb/showthread.php/637974-Easy-Equities-good-or-bad

 

[Lukcydog]

Hi guys.
I just opened my ABSA Stockbroking account this morning and noticed my cash balance had dropped.
On checking I see that I am now being charged a monthly fee of R67 (whereas previously it was an annual fee and you only paid it if you didn't trade at least 5 times a year).
Now the few shares I have left in the account are ones I want to hold on to longer term so I don't want to sell them (plus I'd incur CGT for it).
Does anyone know of a way to move these to an offshore stockbroking account or have some other suggestion of how to keep them without the monthly charge?

Thanks

Be aware that the bank is going to charge you additional fees to transfer those shares to another broker. They typically charge per holding (ie your Shoprite or Billiton or whatever you hold).

 

[divv]

Thanks for the replies.

@borga - I did briefly look at them yesterday; didn't like the lack of control on timing but I guess if its just to hold it may be less on an issue.. I'll have another look.

@ Lukcydog - yes sadly they will charge a fat fee.. so I'm not sure if it is actually worth moving (to EE or anyone).. they sort of have me over a barrel... Considering just selling, taking the CGT hit and placing the money elsewhere..