Need convincing to switch from Postfinace to IB or CT


#1

Hi,

I am with PF since 2016, I invest regularly in irish/CHF based ETFs like(https://www.six-group.com/exchanges/funds/security_info_de.html?id=IE00B3RBWM25CHF4)

Lately I had to consolidate some of my investments that were a bit all over the place in different currency and realised that I easily paid like 300CHF just trade fees by selling and rebuying a similar fund in CHF (banque fees + federal stamp)…

Is the fees the only reason to switch to another broker? Is is easy and safe to do? Is there hidden fees when you transfer securities? Is there other tax advantages that I am missing?

What would be the best course of action for me?


#2

If cost was not a factor, I would easily go for PostFinance for convenience and feeling of “security”. So I would say, yes, cost is the main reason why you would choose a different broker. If I were you, I would not switch from PF to CT, too much of a hassle. Keep your PF and just open IB and from now on, send new savings there. Having two brokers won’t hurt you. On a second thought, PF charges you 90 CHF annually just for having an account…

You know, if you decide to close, you can try to search for the info how much it will cost to transfer, etc. But the easiest solution is just to sell it all, take the cash and send it to IB. You can instantly tell how much it will cost. Just be careful not to trigger the “professional investor” clause.


#3

I decided to close my PostFinance e-trading account. I am waiting for them to transfer one position, the cost should be 107.70 CHF per position. It’s a lot but sometimes you would pay more in commissions when selling and buying again. I just chose the cheaper option.
I decided 90 CHF per year plus the high brokerage fees were just too much. And so it will be easier if I decide to close the private account since they will charge fees from January on.


#4

I am with PF for longer already too.
I made an account at IB a year ago, and use that for most new “acquistions”.
The fees (currency exchange fees, stamp tax, depot fees) in CH / at Pf are the reason for me.
I keep PF for the old stuff and because I feel better/safer with 2 brokers, also for the occasional CHF “acquistions”. I use the CHF 90 yearly fee to cover the limited trades that I do at Pf, so it does not hurt that much, even if it’s theoretically a mustachian “waste”.
There are no tax advantages.
With time I will reduce my amount at Pf, and maybe close it one day, but not by transferring anything out, but by selling gradually, when I would sell a position anyway.


#5

Thanks for the feedback. You decided me to open an account with them.