I have a small portfolio (about 30k) in DEGIRO. I want to transfer everything to Viac Invest. DEGIRO wants to charge me almost 300CHF for the transfer. Would I be better off selling everything and transferring the money myself to Viac? Viac then invests the money in other positions.
Or would I spend even more when doing the transfer by selling everything and sending money to Viac? The e-mail I received from DEGIRO confuses me. They write this.
To assist you with the transfer of securities, we would like to inform you of the applicable market regulations should you decide to transfer your positions via the financial markets. Please note that our regulators consider some methods of transferring positions through the financial markets to be undesirable/illegal. More specifically: the transfer of positions across the market by (attempted to) match positions between your connected accounts, i.e. h. by selling and purchasing the same financial instruments at the same time without changing the ownership structure and/or market risk, which is commonly known as a “wash trade” and is considered a violation of market abuse regulations.
Does this mean selling the positions of my portfolio and sending the money to VIAC is illegal?
I mostly gambled my money on few positions like Apple and Amazon. And other than that I put around 20k into VWRL. I want to take the money invested in DEGIRO and let “VIAC Invest” (their new product, NOT 3a) put it in their Global 100 strategy.
I am of the opinion that they will make me more money with their Global 100 strategy, which they use in my 3a portfolios as well, than I can ever make myself by my stupid decisions.
About VIAC being a broker, see FAQ at Invest – VIAC about investing and transfer.
Just so you are aware. VIAC invest global 100 use few funds to implement this strategy. You could also simply buy those funds (or equivalent ETFs) yourself at Degiro.
But anyways -: I think you would need to liquidate the portfolio first and move cash. Maybe call ViAc and understand.
Can I transfer an existing custody account from a third-party bank?
Yes, you can easily create a transfer order in the VIAC app. However, the transfer from your previous provider is always made in cash. We do not accept the transfer of securities.
Such trades are sometimes executed when big junks of share change hands outside of regulated markets and at agreed terms. It’s also called over-the-counter (OTC) trades. A typical use case would be Warren Buffet buying 1% of a large company. Such trades will usually not move the market even though better-than-market prices. OTC trade will have to be reported to a regulator.
What is your source or where did you read that? Does it cost that much to sell at Degiro? Perhaps you have a misunderstanding (I don’t know). The fees for share transfers do not apply because you are not transferring shares, you are selling the shares and transferring the money.
I think Degiro most likely don’t even know who is VIAC or don’t care. So they just quoted you a price for security transfer based on #of positions you have. They must have assumed Viac is a broker or bank that can store ETFs.
Having said that, since you can only transfer cash. You can just sell and move cash. Might cost you 5-10 CHF to sell.
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