How to change your online broker


#1

Hi there

Does anybody know how to change ones online broker?

There are e.g. Interactive Broker, DeGiro with a low cost advantage over e.g. Swissquote.
But how to move the portfolio?
Selling - Buying?
Or is there something like a service with lower cost?

Does anybody has a hint on or experience in that topic?

Greetings
Cutter


#2

Normally there are ways to transfer between brokers without selling and re-buying. You can ask your broker


#3

Usually there are costs involved with the security transfer which vary between 50 and 100 CHF per security.
So it also depends on how many securities you own and how much you pay for administration.
With Swissquote you have 0.1%/year custody fees (with 60 CHF/year minimum and 200 CHF/year maximum) and security transfer is 50 CHF each (http://www.moneyland.ch/en/swissquote-bank/online-trading/online-trading)


#4

that is actually one of the advantage of having a portfolio with as few ETFs as possible, ideally one. You can transfer your whole portfolio to a better broker if they are really cheap.


#5

@thurston @weirded

Thanks for your helpful information.

Now I have to decide between IB, De Giro and Corner Trade. :smirk:
Low cost vs. swiss based broker … kinda hard.

And when I moved my portfolio every thing will change … for sure :smile:


#6

I am currently in the process of transferring VWRL:xswx from CornerTrader to IB, and my contact at CT told me the only costs would be 25.- if I chose to close the account. Will update here if anything unexpected happens.


#7

So it was only 25.- after all?


#8

I never closed the account, so still haven’t paid anything.


#9

What were your cons and pros when deciding between IB, Corner Trader (and I’d add Saxo into that group)? IB have no custody after 100k, so that’s kinda fine. But IB are UK based, the others Swiss…


#10

As if that’s a disadvantage?

At a swiss you’ll be asked to cough up 0.15% in stamp duty (less for CH equities but they’re expensive in other ways). At yearly turnover of say 100k you’re looking at 150 Fr, double for eventually selling and it’s 300 Fr. And that’s on top of normal brokerage fees which are outrageously expensive at most


split this topic #11

18 posts were split to a new topic: How to make info in the forum easier to find


#12

If you switch to a UK bank/brokerage bringing your money outside Switzerland to avoid stamp duty, aren’t the swiss tax authorities going to be pissed at you and squeeze you like a lemon even more than usual? (I spent the last year fighting with their ‘taxation decision’).


#13

Moving stock to a different broker is not a taxable event