Looking for advice on DEGIRO

Hi I wanted to move my portfolio that is currently with my bank to DEGIRO but they are not accepting portfolio transfers at the moment and they are unable to say when they will start again. Anyone else had this experience or know of another similar platform that I could consider instead?
thanks
Karen

What are your requirements for “similar”?

Good question, somewhere I can transfer my portfolio that is low in fees and user friendly for someone not experienced with trading.

I recommend you go with Interactive Brokers.
Just open a paper account and try their mobile app. Is much more easy that Degiro.
I have lot of references about problems with Degiro. They are cheap and bad.

With the web portal and the mobile app you don’t need any trading experience.
You change the money with the app with a “I have 1000 CHF” and “I want USD”
The buy and sell really easy.

Regards.

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If you’re talking about transferring your portfolio as in transferring every stocks, I’d be careful with that.
Often times it’s cheaper to sell every individual stock through your bank and then transfer the money to your new broker.

Calculate the 2 possibilities and take the cheaper one.

I have accounts with both IB and Degiro. Based on my experience I can recommend both. IB is the go to long-term solution for me, though. More professional, much cheaper for USD assets and from my feeling more secure for investments >20k (unless you take a more expensive Degiro account, Degiro allows trading with your assets. In the unlikely event that both the trader and Degiro go bankrupt, only assets up to 20k are insured by the Dutch asset protection scheme).

And I agree with @preparations, transfers from Swiss brokers can be very expensive. You could also use the opportunity to streamline your investments, if you wanted to. Since there is no capital gain tax in Switzerland, any gains would be tax-free (unless they classify you as a professional trader).

thanks for feedback, will open an IB account.
the bank wanted to charge me 4’600 to sell shares so a no brainer as the others are peanuts compared to this.

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:exploding_head: :flushed: :scream: :scream:
My God! Which bank is taking 4600 in commisions???!!!
Except if you are selling… 10 millions in assets :smirk: :smirk:

Credit Suisse can easily charge that for a few 100’000 worth of shares. On top of their cheeky rates they add 50% extra on for foreign shares like it is 1960.

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yep, that pretty much sums it up!

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Degiro own nothing.
Your money is directly invested to fund share and after invested directly in shares at “your name”.

You are the owner on all money invested to fund or shares.
Degiro own your money may be during transfer degiro<=>bank else all is yours and all of that isn’t in their assets.

That‘s so, but I was referring to their securities lending programme. Unless you have a more expensive account, they have the right to lend your securities to others.

If the trade goes wrong, the securities loose value, they can‘t reimburse Degiro and Degiro can‘t reimburse you, you loose money. Up to 20k the Dutch investor protection will kick in, hopefully, beyond that your are on your own.

It‘s a very unlikely scenario, but especially in a financial crisis not an impossible one.

Unless you have a more expensive account, they have the right to lend your securities to others.

All accounts are free on Degiro

It‘s a very unlikely scenario, but especially in a financial crisis not an impossible one.
That’s true but you have two type of accounts one is basic who can lend to other but you have custody account who can’t lend to other. You are more limited to available tools and pay a little more for receive dividend.

I have two accounts one for stock with dividend and another stock without dividend.

You reduce the risk of lending issue :slight_smile:
Else you use only a custody account and pay a little more for dividend but no worry about lending.

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