Moving securities can be expensive
Published: Friday, Sep 13th 2024, 08:40
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When investors want to move their securities such as shares or ETFs from one provider to another, they sometimes incur high costs. The differences between the providers are sometimes considerable.
In an analysis of 36 Swiss providers published on Friday, the comparison portal Moneyland found that banks and online brokers generally charge their transfer fees per security and not for the entire custody account to be moved.
On average, the costs for the electronic transfer of domestic securities amounted to CHF 84 per security. For foreign securities, the average fee was as high as CHF 95.
For example, if an investor wants to transfer one Swiss ETF, five Swiss, five European and five US securities, the average fee is CHF 1454, Moneyland calculates. The most expensive provider even charges CHF 2400. Added to this would be VAT and, in some cases, third-party fees.
Significant differences in fees
The differences between the providers are therefore very large. VZ Depotbank, for example, states that it does not charge any transfer fees. Cornèrtrader only charges 30 francs per security.
At CHF 50, Aargauische Kantonalbank, Online-Trading 1816, Saxo Bank and Swissquote are also among the cheapest providers. Four online brokers are among the six cheapest providers.
In contrast, many cantonal banks would charge between 80 and 100 francs per Swiss security and between 100 and 150 francs for foreign securities. Physical delivery over the counter is particularly expensive, although only a few banks use it. Here, banks charge up to 500 francs.
Alternatives to the transfer
In order to avoid the high fees, customers often only have the option of selling the securities with the old provider and buying them again from the new one. Even if transaction costs and stamp duty are incurred, "buying and selling is often cheaper than a transfer", said Moneyland expert Felix Oeschger.
This applies in particular if there are many different securities in the custody account for reasons of diversification. In some cases, banks will also cover the transfer costs for new customers. In this case, it may be worth asking the new provider.
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