Last updated: 29 March 2023
1. Welcome to Sharesies
Hi, we’re Sharesies and we’re excited to help you invest.
Sharesies is an online investing platform that offers an easy way to regularly invest small or large amounts of money. Through our Service, you can invest in a range of Investments.
You choose the Investments that best suit your goals and financial circumstances. We act as your agent to process your buy or sell Orders and hold Investments for you.
What you’ll find in this document
Welcome to Sharesies
How you can use Sharesies to invest
Investing isn’t always straightforward
How we keep your money, Investments, and information secure
What you need to do
Your responsibilities and our responsibilities to you
How we make money and how to pay us
Closing your Account
General information about our terms
Take the time to read our legal terms
By accessing or using our Service, you agree to these terms and conditions with us. If you are an Australian resident, you also agree to the additional Australian terms and conditions that apply to you which can be found below at Part 1A.
We’re authorised by NZX to provide the Service as a Trading and Advising Participant, Clearing and Settlement Participant, and Depository Participant. You’ll need to get to know the relevant NZX Rules that will apply when you use the Service. We provide more information on the NZX Rules through the Service, including on our help centre.
In Australia, Sharesies AU Pty Limited – a corporate authorised representative of Sanlam Private Wealth Pty Limited (Australia Financial Services Licence No. 337927) (Sanlam) may introduce Australian resident investors to us to access and use the Sharesies platform.
You agree to comply with the relevant Exchange rules (including the NZX Rules) and that you won’t cause us to breach the relevant Exchange rules (including the NZX Rules) by doing something you shouldn’t do or by not doing something you should do. Third parties may also impose additional rules which we need to comply with. You agree to comply with these additional rules which we may communicate to you through the Service.
In our terms when we say ‘we’, ‘us’, ‘our’, or ‘Sharesies’ we mean Sharesies Limited (FSP550746), which provides the Service to you. We also refer to ‘Sharesies Nominee’, which means Sharesies Nominee Limited that holds your Wallet and Portfolio for you and may transact on your behalf. When we say ‘you’ or ‘your’, we mean you—the person using the Service.
We also refer to ‘Sharesies AU’, which means Sharesies AU Pty Limited (a corporate authorised representative of Sanlam Private Wealth Pty Limited) that introduces Australian resident investors to us.
1A. Australian Resident Investor Specific Terms
This part applies only for investors residing in Australia.
The Service is provided to Australian resident investors from New Zealand. This means that the Service is regulated under New Zealand law. You will not have the same protections as if the Service was provided under Australian law and you may not have the same rights as New Zealand investors with respect to the Service.
If you have a complaint about the platform Service, your rights of recourse will be against Sharesies and will follow its complaints process.
Eligibility to open an account
You must be 18 years or older to hold an Account.
The money in your Wallet and Investments in your Account will be held on bare trust for you as the ultimate beneficial owner by Sharesies Nominee Limited, a New Zealand-based entity, or another approved third-party at our discretion.
Drive Wealth LLC, a US-based company, may be used to hold US-listed investments.
Sharesies Australia Nominee Pty Limited, an Australian-based company, may be used to hold ASX-listed investments and AUD money.
National Guarantee Fund
The Australian National Guarantee Fund does not apply to New Zealand or US-based investments acquired through the Platform.
You’re responsible for your own tax obligations. Sharesies may make things easy by deducting withholding tax from Investment income made through the Service and pay to the relevant government tax authority.
You do not have to provide us with your tax file number (“TFN”) and declining to do so is not an offence. If you fail to provide us with your correct TFN or notify us that you are eligible for an exemption from providing a TFN, we may not be able to provide all our Services to you.
We may not be able to offer all Investments through the Service to Australian resident investors. The Service may also operate differently for Australian resident investors, or parts of the Service may not be accessible.
Transfer of Service
We may change how we provide this Service to Australian resident investors, including assigning rights under these terms and conditions to another Sharesies Group entity, third party or an approved custodian. We will notify you of any transfer of Service.
To the extent anything in this Part 1A differs from the rest of the terms and conditions, the terms of Part 1A will prevail to the extent of the inconsistency.
2. How you can use Sharesies to invest
Here are the steps you need to take to invest using our Service:
Open an Account
Top up your Wallet
Place an Order to buy or sell Investments
Wait while your Order or FX Order is processed
Check your Trade confirmations
Continue to build your Portfolio
Open an Account
You can open an Account by following the instructions on the Service.
You must meet our criteria to open and keep your Account. You must complete all parts of the application. You confirm that any information you give us is true and complete.
We may need to get more information from you. Until we have all of the information we need, we may suspend your access to or use of our Service—for example, you may not be able to access your Account, place an Order, or get money out from your Account.
We don’t have to open your Account or provide any reasons for not doing so.
If your information changes at any time, you need to tell us straight away.
Top up your Wallet
To make an Investment, you’ll need to have funds in your Wallet. We may place requirements around what currency you need to top up your Wallet and we may impose minimum top up amounts.
We may accept top-ups by bank transfer or by credit or debit card payment. We may charge a card processing fee and limit the amount you can top up by card.
We can delay acting on your Orders until your money has arrived in your Wallet as cleared funds.
To exchange currency, log into your Account and follow the instructions to place an FX Order.
When you place an FX Order, you’ll select the amount of currency you want to obtain (the ‘Buy Currency’) and the currency you will sell (the ‘Sell Currency’). FX Orders can incur a Fee (sometimes referred to as a currency exchange fee, exchange fee or FX fee) which will be displayed before you submit an FX Order. The Fee will be deducted from the Sell Currency amount before the amount is exchanged.
The exchange rate we display is sourced from third parties and is not final until you confirm your exchange order and receive confirmation of your order. If the exchange rate moves materially, you may receive an error screen and need to re-submit your FX Order.
You will not be able to cancel your FX Order once submitted.
FX Orders can be placed at any time. An FX Order placed on the weekend or a public holiday will process the following Business Day.
Your Wallet balance may be updated to make the Buy Currency available to you before we have settled our obligations with Third-party Providers.
We provide the foreign currency service available through our Service. We separately transact with third parties in order to provide foreign currency to you.
We do not guarantee that we are able to provide you with currency or accept an FX Order, and we may cancel an FX Order or any resulting transaction for any reason (including where there are errors displayed in the Service). We may change, add or remove currencies that can be exchanged through our Service at any time without notice.
Place an Order to buy or sell Investments
Log into your Account to place an Order to buy or sell Investments. The types of Orders you can place on each Exchange or between types of Investments may differ.
Generally, when you place an Order to buy an Investment, you can choose to place a ‘market buy’ by entering the amount of money you want to invest, or a ‘limit order’ by entering the highest price you’re willing to pay per Share and the number of Shares you want to purchase. You’ll need to have at least the amount of money to buy the Investment in your Wallet before placing the Order.
Generally Investments are purchased in the currency applicable to the jurisdiction where the Investment is based/listed. You do not need to hold the same currency of the Investment before you place an Order. You can place the Order in the currency you already hold in your Wallet and we will exchange your currency at the same time (for example if you only hold NZD in your Wallet when placing an Order for US-listed Shares we will exchange your NZD before placing the Order). Where an Order to buy an Investment is placed and the currency exchange rate moves such that you no longer have enough currency to exchange to fulfil the purchase, the transaction may not proceed and you may receive an error screen.
Generally, when you place an Order to sell an Investment, you can choose to place a ‘market sell’ by entering the dollar amount of shares you want to sell, or a ‘limit order’ by entering the lowest price you’re willing to receive per share and the number of shares you want to sell. You’ll need to have at least that number of relevant Shares or Units in your Portfolio to place the Order. The proceeds of a sold Investment will display in your Wallet in the currency applicable to the jurisdiction where the Investment is based/listed e.g. if you sell US-listed Shares, you will receive US dollars into your Wallet.
We may change, add, or remove the Investments that are available to buy, sell, or hold through our Service, and the Exchanges available, at any time, without notice.
You can set auto-invest Orders
An auto-invest Order is a standing instruction to regularly repeat an Order to buy a particular Investment or group of Investments. You need to have enough money in your Wallet to buy the Investments, including to cover any applicable Fee, so it’s a good idea to set up a recurring payment from your bank account to your Wallet. Auto-invest may not be available for all Investments or customers.
You may cancel your auto-invest Order at any time, unless your auto-invest Order is being processed at that time.
We may restrict the type of Investments you can auto-invest in, or the terms of auto-investment, at any time.
What happens when you place an Order to buy or sell Shares
If you place an Order to buy Shares, we’ll try to buy you either as many Shares (or fractions of a Share) as we can for the dollar value of your Order or the number of Shares (or fraction) you enter to buy (less Fees). If you place an Order to sell Shares, we’ll try to sell the number of Shares (or fractions) you enter to sell.
A Share ‘Trade’ occurs where an Order to buy or sell Shares is filled by a corresponding Order to sell or buy. For NZ-listed Shares or ETFs, we place trades on the NZX in our capacity as a trading participant on your behalf. For US-listed Shares and ETFs, we have partnered with a US-based broker-dealer who places trades on the relevant Exchange on our behalf. We place Orders for ASX-listed Shares and ETFs onto the relevant Exchange via an Australian-based broker-dealer. Some Australian Investments are traded on more than one Exchange within Australia and your Order may be filled on either Exchange.
Your Order to buy or sell Shares may be completed in whole or part almost immediately, or it may take hours, days, or weeks before your entire Order is completed.
If your Order will require buying or selling a fraction of a Share, we may:
buy or sell a whole Share to allocate you a fraction of the Share or the money for selling your fraction of the Share. To do this, we can act as principal to make the trade, which means we’re buying or selling (in part) in our own name. If we’re acting as principal for a fraction of a Share, your Order has priority.
for US Shares, we may buy or sell the fraction of a Share where possible with a third party broker-dealer. Another person (including us) may own the remaining fraction of the same Share.
We may trade with you ourselves in accordance with our best price policy.
What happens when you place an Order to buy or sell Units of a Managed fund
If you place an Order to buy Units of a Managed fund, we’ll try to buy you as many Units (or fractions of a Unit) as we can for the dollar value of your Order at the time your Order is completed. If you place an Order to sell Units, we’ll try to sell the number of Units (or fractions of a Unit) you enter to sell.
If you place an Order to buy or sell Units, we can pool your money or Units with other investors.
A Managed fund ‘Trade’ occurs when your Order to buy or sell Units is completed by the Managed fund Provider.
Exchange trading hours
Where you place an Order for NZ Investments or Australia Investments, we may hold the Order until the relevant Exchange opens for trading. We may also participate in auction phases.
Where you place an Order of US Investments, we place the trade with our US-based broker-dealer. The US-based broker-dealer will place Orders on the relevant Exchange when the market opens.
Sometimes you can cancel your Order or FX Order
We don’t guarantee that you’ll be able to cancel an Order or FX Order. You may be able to cancel an Order that is shown as “pending” in your Account. You typically can’t cancel a Managed funds Order once it is shown as “processing” in your Account.
You may be able to cancel a Share Order (or any part of a Share Order) that hasn’t become a Trade.
You can’t cancel any part of an Order that has become a Trade.
Wait while your Order or FX Order is processed
Orders for different Investments process in different ways. The processing date and time for each Order and FX Order will depend on our requirements, and the requirements of third parties (including our third party broker-dealers and relevant Managed fund Providers).
The price we show in the Service when you place an Order may not be the final price you pay. We show pricing data provided by third parties, and this data can be delayed.
You agree that we may:
complete a buy or sell Order or FX Order with ourselves or with others
act for you as both a buyer or seller
act for the corresponding seller or buyer
be the buyer or seller for our own account in any Trade
We will give your Managed fund Order to the Managed fund Provider
We usually process your Orders for Managed funds each Trading Day at around 12.30pm NZT. Daily cut-off times may vary. If we receive your Order after the relevant cut-off time, we’ll usually process it on the next Trading Day.
Your Order may be delayed for reasons beyond our control for example, the Managed fund Provider’s systems may be down or Investments unavailable. The actual price is set by the Managed fund Provider at the time they complete your Order.
We will bring your Share Order to the market
You authorise us to put your Share Order for NZ-listed Shares and ETFs into the NZX. You may either put your Share Order into the NZX with a price limit that you set or with a price limit that we determine in our discretion.
For US-listed Shares and ASX-listed Shares and ETFs, you authorise us to place your Share Order with our third party broker-dealers. Where your Share Order is below a specific threshold, we may transact with you ourselves in accordance with our best price policy.
Sometimes your Order for Shares may process almost immediately and become a Trade, but it can take longer for several reasons. For example, you might have placed your Order outside of the Trading Day, your Order may be waiting on a corresponding buyer or seller in the market, the Exchange may have suspended trading, or third-party systems may be unavailable or experiencing delays.
If we receive your Share Orders (and they are to be placed on an Exchange):
during the Trading Day, we’ll usually put your Share Order into the market as soon as we reasonably can
outside of the Trading Day, we’ll usually put your Share Order into the market at the start of the next Trading Day
where an Exchange is down or an Exchange has suspended trading, we’ll usually put Share Orders into the market when the Exchange is back up and running, or has started trading again.
With any Share Trade, the Share price when the Trade completes may be different from the Share price shown when you placed your Share Order.
We may not put Share Orders into the market during pre-open or pre-close market sessions or other auction phases. You agree that we may at our discretion:
accumulate or bundle Orders
delay acting on your Orders
delay Orders to allow for ‘crossings’ (as defined in the NZX Rules)
You can override our discretion to accumulate, bundle or delay your Order by cancelling your Order before it is processing.
We may aggregate Orders and allocate Investments and money in accordance with our Allocation Policy. For example, if we receive multiple Orders outside of Exchange trading hours, we may place an aggregated order to market during pre-open. Similarly, if we receive multiple Orders within a few seconds during Exchange trading hours, we may place an aggregated order to market. Where we aggregate Orders, your Order will maintain its priority to Orders that arrive later in time.
We may change the Allocation Policy at any time.
Your Orders, FX Orders or Trades may be delayed or cancelled
We may refuse to act on, delay, or cancel all or part of your Order, FX Order or Trade and we don’t have to give you reasons for doing so. For example, it might make sense for us to refuse to act on, delay, or cancel an Order, FX Order or Trade (or any part of an Order, FX Order or Trade) if:
we’re concerned that the Order, FX Order or Trade could breach our terms or the Law
we believe that the Order, FX Order or Trade contains, or is based on, an obvious error
a Share Order (or any part of the Share Order) remains unfulfilled on the market for some time (we’ll usually cancel the unfulfilled Order or part after 30 days, but we might notify you of a different time frame)
an Exchange has recommended or required cancellation, or the cancellation is otherwise permitted or required under the Exchange Rules
a third party broker-dealer restricts access to trade in an Investment
we, or a third party, are concerned to maintain market stability or system integrity
a change occurs within the app or business that requires you to place your Order again, this may include auto invest Orders
You agree that you will pay us any cancellation fee, levy, or other cost that we need to pay for an Order, FX Order or Trade that was cancelled because of an error in your instruction or an error otherwise caused by you. If you become aware of any error in any instruction, Order, FX Order or Trade, you must immediately let us know and take all reasonable steps to reduce the chance of you or anyone else suffering any loss.
We can set and amend limits for your Orders or FX Orders for example, we may from time to time limit the dollar value, number of Shares or Units, frequency, or type of Orders you can make.
Check your Trade confirmations
We’ll send you confirmation that your Trade has completed. For Share Orders, we send a ‘contract note’. If a Share Order is partially completed on a Trading Day, then you will receive a confirmation for only that part of the Order that has completed. You will receive confirmation when more parts of your Order are completed on following Trading Days. You agree that we can send you contract notes electronically through the Service. You must check that the details of the Trade are correct. If you believe the Trade is incorrect in any way, you need to let us know straight away.
You’ll receive the benefits of holding an Investment from when we receive confirmation that your Order has been completed. At that point, the Investment will form part of the valuation of your Portfolio.
Settlement is when ownership is transferred and we receive the Investments or money to hold for you. We’re not responsible for any delay in settling an Order or FX Order resulting from circumstances beyond our control, or the failure of any other person or party (including you) to perform all the necessary steps to complete your Order or FX Order on the settlement date. We carry out trades for you solely as your agent and may act also as principal to a trade. We may update your Portfolio shortly after the Trade has completed but before settlement to reflect your completed Order. However, we may need to wait until the Exchange or Third-Party Provider has settled the Trade. Trades that occur on an Exchange usually take two business days after the trade date to settle (T+2 settlement). Settlement times for Managed funds can differ depending on the Managed fund but are usually between 2-5 Trading Days.
When you’ll get the money for a completed sell Order
We’ll credit the money you receive for a completed Order to sell Managed funds to your Wallet as soon as we reasonably can. We may credit the money you receive for a completed Order to sell Shares to your Wallet shortly after the Trade has completed. However, we may need to wait until the Exchange or Third-Party Provider has settled the Trade and Sharesies Nominee has received the money from the clearing house or Third-Party Provider. You may not be able to withdraw or invest any unsettled funds in your Wallet until after settlement has occurred.
What happens if you don’t give us what we need to settle a Trade
If we’re unable to deliver Investments for a Trade by the necessary time because you do something you shouldn’t do, or don’t do something you should do, you must immediately meet any direct or indirect charge, cost, or expense that we incur as a result.
If you don’t deliver relevant documents or information by the time needed for any Trade, we may:
cancel the Trade if possible
buy back, sell, or take possession of the relevant Investments that are the subject of the Trade
take possession of any Investments that we don’t already hold that are the subject of the Trade
sell any other Investments in our control or possession
register a financing statement on the Personal Property Securities Register over the Investments in the Trade
How we clear and settle your Share Trades through NZX
When you buy and sell NZ-listed Shares and ETFs through us, we’re authorised by NZX to act as ‘clearing participant’ to clear and settle the Trade under the NZX Rules. We may also use a third-party clearing participant and, if we do, we’ll let you know their details.
Under the NZX Rules, so that we can clear and settle your Trade, you agree that we ‘step into your shoes’ with all of your rights and obligations as a buyer (or seller). This is called a ‘novation’ of the contract.
To do this, you give to us full and exclusive rights, power, and authority as your agent under the NZX Rules (including to bind you to the C&S Rules), and you authorise us to apply money or Shares held for you.
CHO, owned by NZX, stands in the middle of the Trade as a central counterparty. This means we don’t have any direct contact with the actual buyer or seller on the other side of the trade. We only deal with CHO, and CHO only deals with us. Because of this, you don’t have any rights against or obligations to CHO to clear and settle the trade.
Although we do have rights against the NZX Entities involved in a Trade, their liability is limited or excluded by the NZX Rules (in particular, section 8 of the C&S Rules and section 9 of the Depository Rules).
We can use the NZX depository service for your Share Trades
When you buy and sell NZ-listed Shares through us, we may settle the transaction using the depository operated by CDO, and its Depository Nominee, which are both owned by NZX Limited.
When we use the depository, CDO and the Depository Nominee will treat Sharesies Nominee as if it is the sole beneficial owner of money or Shares they are holding. Except as ordered by a court or required under their own Depository Rules, CDO and the Depository Nominee don’t have to recognise your interest in that money or those Shares. This means you don’t have a direct right or claim against them, only through and against us.
CDO and the Depository Nominee must, however, hold that money or those Shares on trust for Sharesies Nominee. This protects the money and Shares against a claim by CDO or any other market participant.
Regardless, Sharesies Nominee holds its interest in the money or Shares with the Depository Nominee on bare trust for you as the ultimate beneficial owner.
How we clear and settle your US-listed Share Trades
We use a third-party broker-dealer to trade, clear and settle US-listed and ASX-listed Shares and ETFs.
We may contract with you ourselves for US-listed Share and ETF Trades below a threshold and these trades may not need to be cleared and settled through the US-based broker-dealer.
Continue to build your Portfolio
You might get income, tax credits, or dividends from your Investments. We will pay any income that we collect for you from your Investments (less tax, Fees, and costs) into your Wallet as distributions.
Our Service doesn’t currently provide an option for money you make from distributions to be automatically reinvested. Instead, we will pay distributions into your Wallet and hold them there until you give us more instructions.
Some Investment providers offer the opportunity to participate in dividend reinvestment plans (DRP), where your dividend is paid to you in Shares or fractions of a Share in the relevant Investment, instead of in cash. We are not responsible for the opportunities provided through DRPs and you may be subject to other terms and conditions set out by the Investment provider. If we make a DRP available to you through the platform, you can opt into the DRP on the Investment page found in your portfolio. We may not facilitate all available DRPs for all Investments available through our Platform. You may be taxed on dividends whether you receive these in Shares or cash. We may deduct tax for DRPs from your Wallet, based on the value of any Shares you receive through the DRP - if you don’t have enough money in your Wallet when we deduct tax, your Wallet will go into a negative balance and we can recover any money you owe us in accordance with these terms and conditions. You might get other rights from your Investments, including rights in ‘corporate actions’ or rights to vote. Corporate actions are things like distributions, dividends, entitlement offers (rights issues), voting rights, re-organisations of capital, and capital returns.
Some corporate actions are passive, meaning you do not need to vote in order to participate. Other corporate actions you may be eligible to vote on or participate in. You acknowledge that we don’t have to forward to you, or take action on any, corporate action communications we receive about Investments in your Portfolio. We may, however, forward such items to you and may take such steps as we consider (at our discretion) to be in the best interests of all affected Sharesies customers.
If your Portfolio includes a fraction of a Share, we can choose whether and how to vote for that Share—typically you won’t get to vote for the fraction of the Share.
We may offer you the ability to participate in alternative forms of investment through our Service. We act as neither the issuer nor the offeror in regards to these investments.
You’ll need to pay tax on your Investments
You’re responsible for your own tax obligations. At Sharesies we make things easy by paying withholding tax on income earned from shares you hold through our Service unless, for example, you come under FIF rules or you trade Investments from time to time. For more information, check out our help centre articles.
Taxes on PIEs are different and we can help with that
If you’re investing in Managed funds that are NZ portfolio investment entities (PIEs), we may act as a PIE investor proxy (sometimes called a PIP) for tax purposes. This means that when you invest in a PIE, we will be holding the Investment on your behalf for tax purposes.
You acknowledge that we will undertake tax compliance for your PIE Investments through the Service. We may be required to collect certain tax information from you and provide it to the PIE for them to meet their tax obligations.
You must provide us with your IRD number and keep us notified of your prescribed investor rate (PIR). If you don’t notify us of your PIR and your IRD number, we may use the default rate of 28%.
If you notify a PIR that is lower than your correct rate, you will need to include your PIE income in your tax return and pay any tax shortfall (including penalties or interest) to Inland Revenue. If the default rate or your notified PIR is higher than your correct rate, you won’t get a refund of any overpaid tax.
We may sell any Investment or part of an Investment in your Account and keep the money we receive from the sale to pay PIE tax for you.
You’ll need to keep up to date with fees charged by your Investment providers
Managed fund Providers and other Investment providers’ (including ETFs) management fees and expenses may be built into the value of the Investments they offer. You are responsible for keeping up to date with these fees and expenses that form part of the Investment. You are typically not charged these separately.
Specific types of Investments may also charge additional periodic or one-off fees as a consequence of continuing to hold an interest in the Investment. You are responsible for keeping up to date with any additional fees and for meeting this cost.
You can ask us to pay money from your Wallet to your Designated Account
If you want to take some of the money out of your Wallet, log into your Account and follow the instructions to ask us to pay the money to your Designated Account.
We will only pay your money to your Designated Account. We may impose restrictions around which bank account can be a Designated Account. We can set a maximum daily amount that you can ask us to pay to your Designated Account and we can change the maximum amount without notice. If your Wallet contains less than $0.01 then you will not be able to withdraw that amount and upon closure of your Account we will retain this small amount.
We apply rounding
We may round values in your Wallet or Portfolio.
Fractional Share trading comes with its own rights and risks.
Shares available for fractional trading and the types of Orders that can be placed may be restricted by third parties. Fractional Shares may have different rights from a whole Share interest. Fractional holdings are only available to be sold, and cannot be transferred outside of the Service.
Fractional holdings may be rounded to the nearest 8 decimal places, which means you may receive $0.00 cents upon sale.
Generally you won’t get to vote for the fraction of the Share and we may choose whether and how to vote for the whole share. Fractional Shares may be entitled to participate in corporate actions (e.g. share splits), and if so, we will endeavour to allocate the portion accruing to you in proportion to your fractional interest. We may not be able to support participation of fractional portions in some corporate actions.
3. Investing isn’t always straightforward
All investments and currency can go down in value as well as up. We’re not responsible if you lose money for example, if the value of your Investments goes down or a currency devalues.
Currency exchange risk is the risk that the exchange rate may detrimentally change between currencies. By holding different currencies and Investments based in other jurisdictions you take on the risk that you may not receive back the same amount of money that you originally invested.
Ultimately, you could get back less than you invest. Any returns will vary over time, so income is variable and not guaranteed. The values of your Investments can be influenced by what’s happening in the market or general economy for example, a property downturn or a new government budget.
Occasionally, the Service won’t be available
We work hard to provide the best Service we can, but we don’t promise it will be perfect all of the time.
We may suspend the operation of our Service in part or in full if we consider it necessary. We may, for example, need to suspend the Service for technical reasons, regulatory reasons, in emergencies, in periods of exceptional trading activity, when we decide it is sensible for our or your protection, to ensure the continued availability of other services, or because Third-Party Provider systems are unavailable.
Occasionally, we may need to suspend the Service to maintain or upgrade our systems. From time to time, we may ask you to install updates and upgrades.
We don’t guarantee that our Service will be 100% secure, uninterrupted, or error-free. To the maximum extent permitted by Law, we provide our Service on an ‘as is’ basis, without any warranty of any kind. That means you use our Service at your own risk. It also means that we exclude and disclaim all implied warranties, to the extent that we legally can.
We don’t provide personalised advice
We don’t provide any personalised advice or recommendations. Any information we make available to you does not take into account your particular investment objectives, financial situation, or investment needs. None of the information we provide can be taken as personalised investment, financial, or tax advice.
Any information that we may give you through the Service is subject to our terms, and this won’t create any warranty that isn’t expressly given in our terms.
If you’re unsure whether or not a particular Investment is right for you, you should get advice from a personal financial adviser.
We don’t offer some investment options
At the moment, our Service doesn’t allow you to:
add some existing Investments that you hold outside of the Service to your Portfolio
transfer some Investments from your Portfolio outside of the Service
buy or sell Shares using your own common shareholder number (CSN) through the Service
transfer currency you hold outside of the Service to your Wallet
transfer some currencies from your Wallet outside of the Service
We hope to be able to provide some of these services in the future — watch this space.
We’re not the issuer or manager of the Investments
We’re not the issuer or manager of any of the Investments available through the Service and we don’t accept any responsibility for the performance of any Investments.
We don’t provide Portfolio management
We don’t provide any discretionary investment management service for your Investments. We act as your agent on your instructions under our terms.
Sometimes you may not be able to buy or sell Investments
Most Shares have buyers and sellers. However, not every Share will have a buyer or seller at the price and time you want to buy or sell. This may mean you need to hold onto Shares longer than you want to, or that you can’t buy Shares when you’re ready to buy.
You may also be suspended or delayed from selling the Units in a Managed fund under the Managed fund’s terms. You can read more about this in the offer documents for the Managed fund, available through the Service.
Sometimes you won’t be able to trade Shares because Exchange trading is suspended
Under certain trading conditions, we or a third party may not be able to enter, clear, or settle a Share Trade. This may occur, for example, when prices move very quickly in a short period of time, or an Exchange or third-party suspends or restricts trading.
What happens if Sharesies or brokers involved in your trade become insolvent or default on their obligations
If we become insolvent or otherwise materially default on our obligations (or the other brokers involved in your transaction do), your Orders, FX Orders or Trades could be cancelled. However, Sharesies Nominee will never use money, Investments, or other property held for you for the benefit of itself, us, or any other person.
If we become insolvent or otherwise materially default on our obligations, your Wallet and Portfolio will be protected from the claims of general creditors, including any bank holding your money and CDO for any money or Shares held in the NZX depository account.
If our third-party currency exchange provider becomes insolvent, or otherwise materially defaults on its obligations, we may cancel your FX Orders.
Our third-party US broker-dealer holds all Investments in a separate account which is not available to the claims of general creditors.
We may provide you with Market Information
We provide Market Information such as pricing information, news, data, calculations, and investor information (including product disclosure statements) through the Service. Some of this Market Information is from third parties; some we create. This Market Information may be delayed.
You need to comply with our rules for use of Market Information
You agree that:
the Market Information is only for your personal use and you won’t provide it to anyone else, copy it, or reproduce it,
the Market Information remains our property or that of our third-party suppliers, and
if we give you notice of additional policies, restrictions, or other terms and conditions for the use of the Market Information, you’ll comply with these too.
We’re not responsible for Market Information
Neither we nor our Third-Party Providers take responsibility for, or guarantee the availability, timeliness, reliability, accuracy, or completeness of, the Market Information, including any information that the Market Information is based on.
Neither we nor the Third-Party Providers of information to us accept responsibility of any kind for any loss or damage in any way related to unavailability, delay, inaccuracy, error, or incompleteness of any Market Information or information that is based on Market Information.
We can change or stop providing all or any part of the Market Information to you at any time, without giving you notice.
We’re not responsible for returns, calculations, performance information, or pre-made Orders
The returns, calculations, performance information, and pre-made Orders shown in the Service may use or include information from third-party sources, including independent market quotations and index information. Any returns or information displayed may be estimates, and calculated based on the most recent Share price or exchange rate.
The pre-made Orders use basic investment strategies that depend on the reliability and accuracy of the analytical investment processes and frameworks. We don’t manage or re-balance the pre-made Orders at any particular time to ensure any particular result or to ensure the strategy remains current or advisable.
We believe the third-party information and frameworks come from reliable sources, but we don’t guarantee the accuracy or appropriateness of the information or frameworks for any purpose.
We are not responsible for any reliance placed on returns, calculations, performance information or pre-made Orders shown through the Service.
4. How we keep your money, Investments, and information secure
We will keep detailed records of all money in your Wallet and Investments in your Account. The money in your Wallet and Investments in your Account will be held on bare trust for your ultimate benefit by Sharesies Nominee Limited, a New Zealand-based entity, or another approved third-party at our discretion.
Drive Wealth LLC, a US-based company, may be used to hold US-listed investments.
Sharesies Australia Nominee Pty Limited, an Australian-based company, may be used to hold ASX-listed investments and AUD money.
Sharesies Nominee is a non-trading company that exists to hold our clients’ money and Investments secure and separate from our own (although we may hold a buffer of our own money in the same account).
Your Investments may be pooled with the Investments of other clients. As a result, your holding may not be individually identifiable on the relevant Investment issuer register for example, your Investment may be pooled with others and held in the name of Sharesies Nominee.
Your money may be held in ‘pooled accounts’, which means your money may be held in bank account(s) in the name of Sharesies Nominee along with the money of other people using the Service.
The banks we use are independent of us, and we don’t accept responsibility for any default or delay in the distribution of money as a result of their failure.
If we’re unable to identify which Account money should be credited to, we reserve the right to return money to the source it came from, subject to normal banking clearance times.
When you or we close your Account, we will make every reasonable effort to pay out any remaining balances that accrue after your Account is closed. If we’re holding any money that becomes unclaimed money, we may account for that money under the Unclaimed Money Act 1971.
When we refer to your money in this section, we mean money we are holding for you that we’ve received either from you or from a third party for you. This may include money you’ve added to your Wallet or money received from your Investment. This excludes any Fees or other charges you have paid or owe to us that is our money.
We know your privacy is important
what information we collect about you
how we can use your information
who we can share your information with
your options for how we use your information
5. What you need to do
When you use the Service, you agree to comply with our requirements. In particular:
you agree that the Service is for people living in New Zealand, or if you’re introduced to us by Sanlam for people living in Australia
you must be 16 or older to hold an Account (see our Website for information on kids accounts)
you must confirm if you’re a tax resident in any other country and provide the relevant tax identification number(s) and withholding tax rate (if applicable)
you must tell us if you are, or you later become, a Prescribed Person (we may decide to not let you open an Account, or to suspend or close your Account)
you must only use the Service for your own personal investments, and not for any business purpose
you will only place FX Orders with the intention of placing an Order for an Investment
You must comply with the Law when using our Service
You agree to comply with the Law when using the Service. In particular, you must not use card payment top-ups as a way to transfer money from one person to another or for a purpose other than purchasing Investments for your Account. We monitor transactions for such activity, including money laundering and financial crime. We can refuse, cancel, or void (as appropriate) any deposit or Investments for your Account if we suspect that a card payment was obtained or used fraudulently or unlawfully.
Orders on Exchanges have additional rules
To access Exchanges through our Service, you must also comply with certain additional rules and requirements of good broking practice, including the NZX Rules.
If an Exchange or Third-Party Provider interacting with an Exchange requires more information about any Order or Trade, you must provide us or the person directly with the information, including information about the identity of any person who accesses your Account.
You are responsible for the use of your Account
We will always assume we’re dealing with you. You may not use an Account on behalf of another person or permit another person to use your Account.
You are responsible for any activity that occurs on your Account. We are entitled to assume and rely on any instruction we receive through your Account as being a valid instruction from you. We are not required to verify your instructions.
You confirm that you’re the beneficial owner of your Account, or you’re the sole trustee on behalf of the beneficial owner, and that no one else has any rights of any kind over the Investments in your Account.
When we receive an instruction from your Account, our record of that instruction is conclusive evidence of the contents of your instruction.
You are responsible for the security of your Account information
You must take all reasonable steps to keep your Account secure and to prevent any fraudulent use of it. This includes for example:
changing your password regularly
ensuring that no one sees you enter your security details when you sign in
keeping the information we hold about you up to date
keeping your electronic devices secure
You must protect your Account details and report any information loss, suspected theft, or misuse of your Account to us straight away. We can introduce new security procedures.
We may suspend or close access to your Account if we suspect any of the following:
your Account security has been compromised
that there has been (or is likely to be) any unauthorised, fraudulent, or unlawful use of your Account (such as, money laundering or committing financial crime), or
we’re required to do so by Law or any regulatory or enforcement authority.
Where we reasonably can, we will notify you before we suspend or close your Account and give you our reasons for doing so. We don’t accept any responsibility for any loss or damage of any kind that you may suffer where we suspend or close access to your Account under this clause, or where you do not meet your obligations under our terms.
You must not infringe our Intellectual Property Rights
You accept that:
we own (or license) the Intellectual Property Rights in our brand, name, software, associated technology, the Service, and all related materials
except as expressly set out in our terms, you have no right, title, or interest in or to these Intellectual Property Rights or in any improvements or variations that may be made to the Service or any related materials
except as expressly provided for your personal use of the Service, nothing in our terms is to be read as giving you any right to use these Intellectual Property Rights without the prior written consent of us or our licensors
you won’t reverse engineer, decompile, disassemble, modify, or create derivative works of the Service or any part of it
if you provide feedback on the Service, you assign ownership to that feedback to us (including any Intellectual Property Rights) without charge.
You agree that you won’t use a robot, spider, scraper, or other unauthorised automated means to access the Service or information on it for any purpose. You also agree that you won’t manually scrape, harvest, or otherwise extract material from our Service without our express permission.
You agree this is a paperless service
You agree that we may make information about your Account, trading, investment, and tax obligations available to you exclusively through the Service and we are not required to send you paper statements.
6. Your responsibilities and our responsibilities to you
You are responsible for your Account and your access to and use of the Service. To the maximum extent permitted by Law, you agree that:
you are fully responsible for your Investment choices, and we’re not responsible for how your Investments perform
you have not relied on any representation by us (other than set out in our terms) and we have no responsibility of any kind to you if you have
any information we provide to you is general only, and we have no responsibility of any kind to you for any investment decisions you make that rely on this information
you assume full responsibility for any cost, loss, damage, expenses, taxes or fines related to your Account or your access to or use of the Service
To the maximum extent permitted by Law, you indemnify us, (for all costs, loss, damage, and fines) and hold us harmless for any claim that you or anyone else makes that is in any way related to your Account or your access to or use of the Service. An indemnity means a promise to pay someone to make up for a loss they have suffered. The indemnity you provide to us does not apply to the extent of any claim for direct loss shown to be the direct result of our fraud, or wilful default on obligations to you under our terms. The indemnity is given to us and our directors, officers, employees, agents, and Third-Party Providers.
You accept that our responsibility to you is limited and that the value of our responsibility is capped
To the maximum extent permitted by Law, you accept that:
we’re only responsible to you for your direct loss to the extent shown to be the direct result of our fraud, or our wilful default on our obligations to you under our terms
we’re otherwise not responsible to you or anyone else for anything in any way related to the Service, whether for breach of contract, tort, misrepresentation, or other cause
we’re not responsible for anything that is outside of our reasonable control or the reasonable control of our directors, officers, employees, agents, or Third-Party Providers
if we are responsible to you, we’re not responsible for any indirect, special, or consequential loss or damage; failure to avoid loss; any loss of profits, business opportunity, or anticipated savings (whether direct or indirect in each of these cases); or incidental loss, and
if we are responsible to you, our total responsibility, whether for breach of contract, tort, misrepresentation, or other cause, is capped for any event or series of related events to an amount equal to the total of any applicable Fees that you have paid to us for your Account in the last 12 months.
The above exclusion, limitation, and cap on responsibility applies to us, our directors, officers, employees, agents, and Third-Party Providers for our acts and omissions and their acts and omissions.
You may have additional rights under consumer law
If you’re a ‘consumer’ under the Fair Trading Act 1986 or Consumer Guarantees Act 1993, nothing in our terms will limit any rights or remedies that you may have under the Fair Trading Act 1986 or the Consumer Guarantees Act 1993 to the extent those rights cannot be limited by Law.
7. How we make money and how to pay us
When you use our Service, you agree to pay us the Fees set out on our Website (as referenced below) or otherwise advised to you when you use the Service. We may change our Fees from time to time by giving you notice.
We make money from Fees
You’ll need to pay a Fee per transaction for FX Orders and Orders.
When you place a buy Order, a Fee may be charged and the actual or estimated Fee will be displayed before your Order is placed. The dollar value we put to market will be the Order amount you set, minus our Fee (except for limit buy orders in shares, where the dollar value put to market will be the order amount you set and our Fee is charged separately).
When you place a sell Order, a Fee may be charged based on the amount you receive for a completed Order. The amount you receive from a completed sell Order will have any Fee deducted before it reaches your Wallet.
FX Orders can incur a Fee which will be displayed before you submit an FX Order. This Fee will be deducted from the Sell Currency amount before the amount is exchanged.
The amount of the Fee may differ depending on the size of the FX Order or Order, and a Fee may not be charged at all.
You may have the option to choose additional services or plan types. We will advise you of the applicable Fees, how it will be paid and terms for that plan or service when you select it.
You may be able to transfer NZX Shares into and out of your Portfolio, if this option is available to you there may be a Fee.
If we close your Account in certain circumstances there may be a Fee.
We may charge a card processing Fee.
We don’t provide refunds or credits for any payments made in advance.
You can find more information about our Fees, including available plans and subscription services, on our Website.
If you’re a New Zealand Resident Investor, the applicable Fees can be found here.
If you’re an Australian Resident Investor, the applicable Fees can be found here.
We make money from interest
Money we receive from you or a third party for your benefit, which includes money in your Wallet before it’s invested or withdrawn, may gain interest from our bank where it is deposited. You agree that we can keep that interest as part of the Fees for using the Service.
You’re not paid any interest on money in your Wallet (or otherwise held by the Service for you).
Sometimes we make money from third parties
Managed fund Providers or other investment providers may pay us for making their Investments available through the Service. This is at no additional cost to you.
Third parties may pay us to provide them with services, such as carrying out research and development, or providing advertising opportunities.
What happens when you owe us money
If you owe us money, you agree that we can take any one, or combination of, the following:
direct Sharesies Nominee to pay us using the money in your Wallet, including converting currency into another currency to meet any obligation
direct Sharesies Nominee to sell or otherwise deal with Investments in your Account, and to pay us using the proceeds
set off any money you owe us against money we owe you
register a security interest over Investments in your Account
immediately cancel or suspend any of your Orders without any responsibility to you
take legal action against you to recover any debt and any costs and expenses we incur in recovering the debt
8. Closing your Account
You can ask to close your Account any time
You can ask to close your Account, at any time, by giving us notice through the Service.
We can close your Account when we have good reason
Without affecting any other right or remedy available to us, and except where our specific terms say otherwise, we can close your Account with immediate effect, at any time, by giving you written notice, if:
you do not pay any amount due under our terms on the due date for payment and remain in default for more than 7 days after being notified in writing to make payment
you breach any of our terms that can’t be remedied, or if such a breach can be remedied, you do not remedy that breach within 7 days of being notified in writing to do so
you’re declared bankrupt or become subject to any liquidation or similar process, or are otherwise unable to pay your debts as they fall due
we have reasonable grounds for believing you have committed or are about to commit a crime
we’re required to close your Account or the Service by any competent regulatory authority or as a matter of Law or on request of a Third-Party Provider
you breach our code of conduct
If we close your Account because of any of the reasons in the first four bullet points above, you will pay us any costs and expenses associated with closing your Account, and we will not be liable to you for any loss you suffer as a result of us closing your Account.
We can close your Account for any reason after giving you 14 days’ notice
In addition to the right to close your Account set out above (and in our specific terms), we may also close your Account or the Service for any other reason by giving you at least 14 days’ written notice.
What happens when your Account is closed
Whether you close your Account or we close your Account, all of the following applies.
Unless specifically prohibited, we will complete pending or processing Orders as soon as practicable, provided that you pay us all outstanding amounts owing to us.
You will pay us all outstanding Fees and other amounts owing to us.
Unless we agree otherwise with you in writing, we may sell, deal with, or withdraw your Investments and pay the net proceeds (after deducting Fees and any other amounts owing to us) to you. We may require you to convert outstanding currency balances into a single currency before transferring the money to your Designated Account.
We may (but are not obliged to) transfer Investments or currency to you, or we may agree to continue to hold Investments for you, subject to agreement on suitable terms.
We won’t refund any part of any Fees or charges already incurred.
If your Wallet contains less than $0.01 then you will not be able to withdraw that amount and upon closure of your Account we will retain this small amount.
You authorise us to give any necessary instruction to Sharesies Nominee on your behalf to do these things.
9. General information about our terms
How you can contact us
You can contact us by emailing firstname.lastname@example.org or by clicking the help icon in the Service.
How to make a complaint
We don’t want anything to go wrong but if it does please let us know straight away.
If we don’t resolve a complaint to your satisfaction or if we don’t resolve your complaint within 40 Trading Days of receiving your complaint, you can also direct your complaint to the Financial Service Complaints Limited Service at FSCL, PO Box 5967, Wellington 6145, or call 0800 347 257 or email email@example.com.
We can make changes to our terms
We can change our terms, from time to time, by giving you notice.
If we make a change to our terms that is likely to have a material negative impact on you, we will generally give you at least 14 days’ notice. However, we may give less notice in special circumstances for example, if we’re required to make a change for regulatory or legal reasons.
As part of our ‘paperless service’, we can give you notice by direct communication (such as email, text message, or a message when you sign in to access the Service), or by showing a general message via the Service.
We don’t need to give notice of changes that benefit you, don’t materially reduce the benefit of the relevant Service to you, or are incidental changes (such as clarity, drafting, and typographical amendments) which may take effect immediately and will be available on the Sharesies Website.
By continuing to access or use the Service after the effective date of any change, you have accepted the change. If you don’t want to accept any proposed change, you should notify us immediately, stop using the Service, and close your Account.
We can assign, delegate, and use third parties
We can appoint any person (whether connected to Sharesies or not) to advise on or perform any of our functions or responsibilities under our terms. We will satisfy ourselves that anyone we delegate any of our functions or responsibilities to is competent to carry out those functions and responsibilities.
We may transfer any of our rights and obligations under these terms in whole or in part to anyone. Any member of the Sharesies Group is entitled to enforce provisions of our terms, which apply to it as if it were a party to the contract.
You can’t assign your rights to your Account (including any money or Investments) or use of the Service to anyone else without our prior written consent.
More about our terms
There might be different or extra terms and conditions that apply for certain customers, accounts, or services that are provided or made available to you at the time, and you agree to be bound by those as well. If specific terms and conditions apply to a particular customer, account, product, or service, and they are inconsistent with these terms and conditions, then the specific terms and conditions will apply. For example, see our ‘Kids Account Terms and Conditions’, ‘Gift Code Terms and Conditions’, and ‘Refer a Friend Terms and Conditions’.
If any of our terms are inconsistent with any Law, then the Law will apply. Other terms may also be implied by Law.
If it turns out that part of these terms can’t be enforced, then that part will be removed or edited as little as possible, and the rest of the terms will continue to apply.
If we don’t insist that you perform your obligations under our terms, it doesn’t mean you don’t have to. Similarly, if we don’t enforce our rights under our terms, or we delay in doing so, it doesn’t mean we’ve given up those rights.
Our rights under this Agreement survive even when your Account is closed, or you’ve stopped using the Service.
Our terms are governed by New Zealand Law, and the Courts of New Zealand have exclusive jurisdiction if there’s a dispute.
How to read our terms
Headings are provided only to make these terms easier to read and understand. The fact that we wrote these headings won’t affect their interpretation.
Where we’ve provided examples in these terms to help explain what we mean, those may not be all possible examples.
Some words in our terms have a special meaning. When we say:
‘Account’ we mean your account with us that permits you to use our Service and includes your Wallet and Portfolio
‘ADR’ we mean an American Depositary Receipt listed on a US Exchange
‘ASX-listed Shares’ we mean shares in a company or an investment vehicle listed on the ASX
‘ASX’ we mean the Australian Securities Exchange
‘ASX Rules’ we mean the rules and regulations, including related procedures and guidance, published by ASX Limited from time to time
‘C&S Rules’ we mean the Clearing and Settlement Rules, including related procedures and guidance, published by NZX Limited from time to time
‘CDO’ we mean New Zealand Depository Limited, the operator of the NZX depository
‘CHO’ we mean New Zealand Clearing Limited, the operator of the NZX clearing house
‘Company’ we mean a company listed on an Exchange
‘Depository Rules’ we mean the Depository Operating Rules, including related procedures and guidance, published by NZX Limited from time to time
‘Designated Account’ means the bank account held with a registered bank which you direct us to pay funds into
‘ETF’ we mean an exchange-traded fund listed on an Exchange
‘Exchange’ we mean regulated marketplaces accessible through our Service where financial products are bought and sold. In New Zealand, the relevant Exchange is the NZX. In US, the relevant Exchanges are NASDAQ, NYSE and CBOE. In Australia, the relevant Exchanges are ASX and Chi-X.
'Fees’ means all costs, charges and fees for services performed by us. This may include, but is not limited to, a transaction fee, brokerage fee, plan fee, subscription fee, FX fee, closure fee, card processing fee or any other fee required to be paid by you to us from time to time.
‘FX Order’ we mean an instruction to us to buy or sell a currency (and includes a part of an FX Order)
‘Intellectual Property Rights’ we mean any and all vested, contingent, and future intellectual property rights, including but not limited to copyrights, patents, trademarks, service marks, design rights (whether registered or not), moral rights, know-how, trade secrets, inventions, set-up, and any applications for the protection or registration of these rights anywhere in the world
‘Investment’ we mean a Share or a Unit
‘Law’ we mean any applicable relevant New Zealand, Australia or US law and/or regulation and the relevant Exchange rules
‘Managed fund’ we mean a Unit trust that is not listed on an Exchange
‘Managed fund Provider’ we mean the provider of a Managed fund or their representative
‘Market Information’ we mean any information we make available to you through the Service (including from our Third-Party Providers)
‘NZ-listed Shares’ we mean shares in a company listed on the NZX
‘NZX’ we mean the New Zealand Stock Exchange
‘NZX Entities’ we mean CDO, CHO, and NZX Limited
‘NZX Participant Rules’ we mean the NZX Participant Rules, including related procedures and guidance, published by NZX Limited from time to time
‘NZX Rules’ we mean the NZX Participant Rules, C&S Rules, and Depository Rules
‘Order’ we mean an instruction to us to buy or sell an Investment (and includes a part of an Order)
‘our terms’ we mean these terms and conditions together with our specific terms and conditions that apply to a particular customer, Account, product, or service
‘PIE’ we mean portfolio investment entity
‘PIR’ we mean the prescribed investor rate, which is the notified tax rate applied to Investments in a PIE
‘Portfolio’ we mean the Investments within your Account
‘Prescribed Person’ we mean a person who has a relationship with Sharesies of a kind defined in the NZX Participant Rules
‘Service’ we mean the overall service we provide to you under our terms, including your access to and use of the Sharesies Website, Market Information, operation of your Account, and any incidental and add-on services we provide to you
‘Share’ we mean a share in a Company, an ETF, a listed investment vehicle or an ADR
‘Sharesies Group’ we mean Sharesies Group Limited and any of its subsidiaries including Sharesies Limited and Sharesies Nominee Limited
‘Sharesies Website’ or ‘Website’ we mean the Sharesies website available at sharesies.nz and any other website operated and maintained by us for the Service and includes any software or application we make available to you to enable you to access the Service using mobile devices
‘Third-Party Providers’ we mean a third party whose Market Information or other data or services are included or form part of the Service
‘Trade’ we mean where an Order or FX Order (as applicable) is filled.
‘Trading Day’ we mean a day when the relevant Exchange is open for trading
‘Unit’ we mean a unit of a Managed fund
‘US-listed Shares’ we mean Shares listed on a US Exchange
‘Wallet’ we mean the cash balance for each currency held in your Account