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?
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)
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.
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.
What were your cons and pros when deciding between IB, Corner Trader (and Iâd add Saxo into that group)? IB have no custody after 100k, so thatâs kinda fine. But IB are UK based, the others SwissâŠ
At a swiss youâll be asked to cough up 0.15% in stamp duty (less for CH equities but theyâre expensive in other ways). At yearly turnover of say 100k youâre looking at 150 Fr, double for eventually selling and itâs 300 Fr. And thatâs on top of normal brokerage fees which are outrageously expensive at most
If you switch to a UK bank/brokerage bringing your money outside Switzerland to avoid stamp duty, arenât 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 âtaxation decisionâ).
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