How to Transfer Your Portfolio
Between Brokers in Europe
Switching brokers doesn’t mean selling everything. This guide covers the two transfer routes available to European investors — in-kind vs sell-and-rebuy — along with costs by broker, timelines, and how to protect your cost basis and tax records along the way.
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TL;DR
- In-kind transfer moves positions intact — no sale, no tax event, cost basis preserved.
- Sell-and-rebuy is faster but realises gains and resets your cost basis.
- The transfer request is always submitted at the receiving broker, not the one you’re leaving.
- Most in-kind transfers take 5–15 business days. Holdings are frozen during that window.
- Open and fully verify your new account first.
- Export your full transaction history and position list from the current broker.
- Check that your ISINs are supported at the receiving broker.
- Fractional shares can’t transfer in-kind — they’ll be paid out as cash.
In-kind vs sell-and-rebuy: which route is right for you?
Your tax situation is the deciding factor. Neither route is universally better — it depends on whether you’re sitting on gains, losses, or a near-zero position.
Your positions — shares, ETFs, bonds — move directly from one custodian to another. Nothing is sold. No capital gains event. Your original acquisition dates and cost basis travel with the positions.
Choose this when:
- You have meaningful unrealised gains to protect
- You plan to keep the same positions at the new broker
- Preserving acquisition dates matters for your tax situation
You sell everything at the current broker, transfer the cash, and repurchase at the new broker. Operationally simpler — no broker-to-broker coordination — but it triggers a tax event on any gains and resets cost basis to today’s price.
Consider this when:
- Positions are at a loss — you can harvest the tax benefit
- Gains are negligible (account opened recently, or markets are flat)
- You want to change funds or rebalance as part of the move
How an in-kind transfer works (step by step)
The sequence is nearly identical across European brokers. The critical point: initiate at the receiving broker, not the one you’re leaving.
Complete KYC, upload ID, and make at least a small initial deposit if required. Some brokers won’t process a transfer into an unfunded or unverified account.
Download your holdings with ISINs, quantities, and average purchase prices. You’ll need this to verify the transfer arrived correctly and to reconstruct cost basis if the new broker doesn’t import it automatically.
Navigate to the transfer or “move assets” section. You’ll need your account number at the sending broker and a list of positions. Some brokers allow transferring everything at once; others require specifying individual lines.
The receiving broker contacts the sending broker through Euroclear, Clearstream, or a national CSD. Your positions are frozen and cannot be traded. Don’t try to cancel or re-submit — this almost always extends the timeline.
Once positions appear at the new broker, compare them against your Step 2 export. Confirm quantities, acquisition dates, and average cost are correctly reflected. If cost basis is missing or wrong, contact support immediately — the longer you wait, the harder it is to reconstruct.
How long does a portfolio transfer take?
Plan for a frozen window. Don’t initiate a transfer shortly before a period when you might need to rebalance or respond to market events.
| Scenario | Typical duration | Notes |
|---|---|---|
| Same custodian (e.g. both on Euroclear) | 3–7 business days | Fastest route; most major EU brokers share Euroclear |
| Different custodian networks (cross-CSD) | 7–15 business days | Common when one broker uses a national CSD |
| International (EU to/from US broker) | 10–20 business days | Involves DTCC/DTC on the US side; more coordination required |
| Sell-and-rebuy (cash transfer) | 2–5 business days | Faster, but realises gains; T+2 settlement applies to the sale |
Timelines are indicative. Actual duration depends on broker workload, public holidays, and whether manual steps are required at either end.
Portfolio transfer costs by broker
Receiving brokers almost never charge for incoming transfers. The cost lands almost entirely on the sending side — and ranges from free to €10+ per position.
| Broker | Incoming | Outgoing | Notes |
|---|---|---|---|
| IBKR | Free | Free (EU) | US ACATS outgoing may carry a small fee; EU positions generally free |
| DEGIRO | Free | ~€10 per position | Plus potential admin fee; verify current schedule on their site |
| Trading 212 | Free | Free | Manual process via in-app request; fractions paid out in cash |
| Trade Republic | Free | ~€50 flat | Fixed fee regardless of number of positions |
| Scalable Capital | Free | Verify directly | Fee schedule varies by country; check the app or fee PDF |
| Lightyear | Free | Verify directly | Transfer functionality and fees have evolved — confirm before starting |
What to check before submitting the transfer request
Starting a transfer with wrong information — or at the wrong time — is the most common cause of delays and rejected requests.
- Listed UCITS ETFs (whole shares only)
- Stocks listed on supported exchanges
- Bonds held at the same custodian network
- Fractional shares — paid out in cash
- CFDs, options, leveraged products — cannot be transferred
- Proprietary funds — broker-specific products that aren’t listed externally
- Unsettled trades — wait for T+2 settlement first
Protecting your tax records and cost basis
An in-kind transfer doesn’t trigger tax, but it doesn’t automatically ensure your cost basis and acquisition dates are correctly reflected at the new broker. Completeness varies significantly by platform.
Download a full transaction history and a current portfolio snapshot (CSV or PDF statement) from your current broker. Store this securely — it’s your paper trail if the new broker imports wrong figures or if you’re ever audited.
Check that quantities, average purchase prices, and acquisition dates all match your export. If cost basis shows as €0 or is missing entirely, contact support to correct it before your next tax filing. The longer you wait, the harder it is to reconstruct from scratch.
Under Box 3, your portfolio value is assessed at 1 January each year — cost basis matters less than under a CGT system, but acquisition dates can still be relevant in certain situations. Keep records regardless. If you hold a large portfolio, consider timing the transfer well away from year-end to avoid administrative complications.
Opening a new broker? IBKR is worth considering.
IBKR accepts incoming EU transfers free of charge, supports the widest range of UCITS ETFs of any broker on this list, and gives you institutional FX rates once you’re ready to scale. The transfer request is submitted at IBKR — so your account needs to be open and verified first.
Go deeper
Frequently asked questions
Does transferring my portfolio between brokers trigger capital gains tax?
An in-kind transfer does not trigger a capital gains event because you are not selling your positions — ownership simply moves from one custodian to another. Sell-and-rebuy, by contrast, realises any gains on the date of sale, which may create a taxable event depending on your country’s rules and your annual exemption. If in doubt, consult a local tax adviser before choosing your route.
How long does an in-kind portfolio transfer take in Europe?
Most in-kind transfers between European brokers complete in 5–15 business days. Same-custodian transfers (both brokers on Euroclear, for example) can settle in 3–5 days; cross-custodian or international moves may take up to three weeks. Your holdings are frozen and cannot be traded during this window, so plan accordingly.
What happens to fractional shares when I transfer?
Fractional shares almost always cannot be transferred in-kind because they are not registered as whole securities at the custodian level. Most brokers automatically pay out fractional portions in cash at the time of the transfer, or you may need to sell them manually beforehand. Whole-share portions of the same position transfer normally.
Can I transfer UCITS ETFs between any European brokers?
In most cases yes, provided both brokers support the relevant custodian network (Euroclear, Clearstream, or national CSDs) and the receiving broker carries the specific ISIN. Some budget brokers only hold assets through omnibus accounts and cannot send or receive in-kind transfers at all. Always confirm with both brokers before submitting — a quick support query takes five minutes and can save you two weeks of confusion.
Should I transfer in-kind or sell and rebuy?
Transfer in-kind if you have unrealised gains and want to avoid a tax event, or if you plan to keep the same positions at the new broker. Sell-and-rebuy only makes sense if your positions are at a loss (useful for tax-loss harvesting), gains are negligible, or you want to consolidate or change funds as part of the move.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Investments can lose value, and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions. Always review each broker’s current terms, fees, and eligibility on their official website before opening or funding an account.