Custody transfer: How to transfer your securities

Image result for transfer securitiesA custody transfer can take place for many reasons: High fees are associated with the old custody account and you want to save costs in the future. You want a better overview by having all the securities in one deposit together. You are dissatisfied with the current customer service or the performance of your bank. Whatever the reason, a custody transfer is a straightforward affair.
How do you transfer your deposit?

If you want to change your deposit, you first open a new deposit at the bank of your choice. Make an advance deposit fee comparison to find the best conditions for yourself. With the deposit change service you can carry out the deposit transfer online. The securities account can then transfer both your old and your new bank. The rest is actually done automatically: The commissioned bank is now taking care that your securities are transferred electronically to the new depot. Depending on what you arrange, you can switch to a different bank or transfer only individual securities with your entire securities account. Basically, it’s no different than transferring money from one account to another, except that you transfer securities in this case.

What happens to the old depot? You can also initiate the closure of the old depot with the depot exchange service.

Good to know: At which bank you run your portfolio, you decide yourself. From time to time, make a deposit fee comparison to find out if there is a bank that can offer you better conditions if necessary. If you decide to change your custody account, you do so. You do not have to have the custody transfer approved by your current credit institution.

What does the custody transfer cost?

According to a BGH judgment, a bank may not charge for the custody transfer.
The only exception: your securities are stored abroad. In this case, the bank may charge fees when you change your account.

How long does the custody transfer take?

How long the custody account changes exactly varies from bank to bank. Mostly the transfer takes place within a few days. Normally, you will have to wait no more than four weeks for all of the securities to be in your new repository. For special funds, the custody transfer may take longer (approximately up to six weeks). If necessary, ask your bank adviser if you believe that the transfer has already been completed, but the securities are not yet in your new custody account.
Can you trade in securities during the transfer?
While the securities are being transferred, trading is not possible. This will only happen again when the change is completed and the papers are in the new depot.

Can you trade in securities during the transfer?

Can you trade in securities during the transfer?

While the securities are being transferred, trading is not possible. This will only happen again when the change is completed and the papers are in the new depot.