When do international trades settle?

Settlement for most markets around the world operate in the same way as Australia. You can calculate when your trade will be settled using T+2, that is, trade day plus two local business days (please note local business days may be impacted if that specific market has a public holiday). From 28 May 2024 the U.S. and Canadian share markets will settle using T+1, that is trade day plus one business day.

How does settlement work?
  • Your International Shares Account will operate on a cash upfront basis, meaning you will need to transfer funds into your International Wallet before you place a buy order.
  • Available funds will be reduced when you place a buy order and in the event of a sale, you will have the ability to use the funds for another trade prior to its settlement.
  • You will not be able to withdraw the sale proceeds until they have settled (trade day plus two local business days for international share markets, except the U.S. and Canadian markets which is T+1 business day from 28 May 2024. Local business days may be impacted by public holidays in each specific market).
If you hold an International Shares Account:
  • You will transact in the currency in line with your order instructions.
  • You will settle in Australian Dollars (AUD) in your International Wallet.
  • Once a trade occurs, we will automatically convert the foreign currency settlement amount into AUD, and this AUD settlement amount will be confirmed on your trade confirmation.
If you hold an International Shares Plus Account:
  • Where you have enabled foreign currencies to be retained within your International Wallet, you will transact and settle in the currency in line with your order instructions. For example, if you wish to trade in the U.S market, you will transact and settle in U.S Dollars (USD). If you do not have U.S dollars, or enough U.S dollars in your International Wallet for your trade, you can either organise the conversion of currencies into USD prior to order placement, or we will automatically arrange the conversion on your behalf for settlement purposes when there are sufficient funds in your International Wallet. If there are insufficient total funds in your International Wallet, your order will be rejected.
  • When we arrange for the foreign currency conversion on your behalf we will convert currencies at our discretion, however we generally try to convert in the following order: We will convert any AUD that you hold first, and if this is insufficient, we will proceed with converting other currencies that you hold by selecting the next currency with the largest balance until the settlement amount is available in the correct currency.
  • If you want certainty on which currency gets converted for settlement, we recommend that you perform the conversion yourself before placing an order to trade.

Important information

Fees and charges apply with foreign exchange conversions, please refer to our Financial Services Guide (FSG) or head to Products > International Shares > Rates and fees for more information.

We're here to help

For further information on international settlements, please contact our International Desk on 1300 361 170 or +61 2 9115 1531 if calling from outside Australia (open 24 hours, U.S. trading days).


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