Switching securities accounts: This is how moving securities works - tips from financial experts

Switching securities accounts: This is how moving securities works - tips from financial experts

According to a report by www.n-tv.de,

A recently published study explains how a portfolio change works and what advantages and disadvantages can arise when moving securities to a new provider. According to Roland Aulitzky from Stiftung Warentest, investors who are dissatisfied with their old bank or want to reduce costs should think about transferring their portfolio. It is important that the new bank takes the customer's personal investment behavior into account.

Investors should also consider various offerings when choosing a new bank, such as access to multiple stock exchanges, trading opportunities on foreign exchanges, the range of actively managed funds and free ETF savings plans. The switching process itself is relatively straightforward. After filling out an appropriate application and receiving consent from the customer, the old bank takes care of the transfer of the securities to the new institution.

However, it is important to note that the transfer process may vary depending on the depository and type of securities. In most cases the transfer only lasts a few days, but according to Bafin it may not last longer than three weeks. Furthermore, a portfolio transfer within Germany should not incur any costs, according to a ruling by the Federal Court of Justice.

Changing your portfolio can bring various advantages, including lower costs and an expanded range of investment options. However, it is advisable to carefully examine your individual needs and investment goals before deciding to switch.