Transfer Your Portfolio: How to Switch Brokers Without Selling

If you want to transfer your portfolio, you move your securities from one bank or broker to another provider without selling anything. Stocks, ETFs and funds switch directly between deposit banks. Within Germany, this transfer is free according to a 2004 Federal Court of Justice ruling and must be completed within three weeks according to BaFin requirements.

What is a portfolio transfer?

A portfolio transfer refers to the transfer of securities from one securities depot to another. Your stocks, ETFs, funds or bonds remain untouched; they are simply assigned to a new depot provider. No sale and subsequent repurchase is necessary, which means no order fees are incurred and no unwanted taxes are triggered.

At the end of 2024, according to the German Bundesbank, there were approximately 34.4 million securities depots in Germany. Almost 12 million of these were opened in the last ten years. With so many accounts, it's worth checking whether your own portfolio still offers the best conditions.

Complete transfer or partial transfer?

When transferring a portfolio, you have a choice between two options. A complete transfer moves all positions at once. A partial transfer moves only individual securities and leaves the rest in the old depot. Both paths are available to you, and your old account does not need to be terminated immediately.

When a partial transfer makes sense

You can move individual securities specifically, such as when a new broker offers certain positions more cheaply. However, tax loss carryover buckets only remain when doing a complete transfer without a change of creditor. With partial transfers, the loss buckets do not move along.

Switching brokers: How does the portfolio transfer work?

The process is standardized. You typically start the process with the new provider, who provides an appropriate form, either online or as a PDF. On this form, you enter your portfolio number with the old broker, your tax ID and the positions to be transferred. The new depot provider then forwards the order to the transferring bank.

The transferring bank is legally required in Germany to release your securities to another provider. They cannot block the move. The technical processing of tax acquisition data runs via the TaxBox procedure of Clearstream, a subsidiary of the Deutsche Börse.

How do you transfer your portfolio? Steps at a glance

This portfolio transfer guide will take you through the move of your securities in a structured way:

1. Compare providers: Use a portfolio comparison to check fees, savings plan offerings and tradability of your securities.
2. Check tradability: Not every broker carries every security. Use the search field via security identification number.
3. Document acquisition prices: Note the purchase price, number of units and purchase date for each position, ideally by taking a screenshot.
4. Complete the form: Carefully enter your name, portfolio number and tax data.
5. Submit the request: Submit the order to the new provider, usually digitally via online banking or by mail.
6. Check: After the transfer, verify that all shares and acquisition data have been credited correctly.

Incorrect entries for name, portfolio number or tax ID are among the most common causes of delays. A careful look at the form saves weeks.

Why a portfolio switch can be worthwhile

The most common reason to move a portfolio is high fees from your current provider. Particularly branch banks often charge depot fees and high order costs. Direct banks and online brokers typically work much more cheaply.

A calculation example illustrates the effect: With assets of 10,000 euros, savings add up over ten years to several hundred euros. This difference would otherwise be missing from your return. Those who invest regularly via savings plans benefit doubly from a low-cost broker, as each execution saves costs.

Reasons for a portfolio transfer

• Lower securities depot fees with the new provider
• Better conditions for purchases and savings plans
• A wider range of ETFs and funds
• Free depot management instead of annual fees
• Consolidation of multiple accounts in one place

Is a portfolio switch associated with costs?

Within Germany, there are no fees for portfolio transfers. The Federal Court of Justice decided in 2004 that banks may not charge for the transfer of securities. This ruling was enshrined in law and remains valid today.

Portfolio transfer costs in detail

There is one exception to portfolio transfer costs: third-party costs may be passed on. This applies, for example, to a change of custodial location for foreign securities. Some providers charge a small third-party cost fee per position for securities with foreign custody, such as ETFs from Luxembourg or Ireland. Most banks exclude even this pass-through.

The situation is different for transfers to or from abroad. Such cases are not regulated as free, and tax acquisition data is not automatically transmitted. Special care is required here.

BaFin deadline: How long does a portfolio transfer take?

The Federal Financial Supervisory Authority (BaFin) has stipulated that a portfolio transfer within Germany must be completed within three weeks. If there are delays, the customer must be informed.

In practice, the duration varies depending on the type of security:

• German securities: often within one to two weeks
• Typical portfolio transfer: two to four weeks
• International securities: three to six weeks
• Same processor: sometimes only a few days

If the move is via the same custodian, it goes particularly quickly. Transfers between brokers using the same processor are often completed within days.

Can I trade during the transfer?

No. During the transfer, you have no access to the affected securities for several weeks. You cannot sell or buy them during this time. Therefore, do not plan the transfer during volatile market phases where you might want to react quickly. A calm period without urgent action is ideal.

What happens to fractional shares and fragments?

Only whole number shares can be transferred. Fractional shares, such as those from savings plans, are excluded. You must sell these with your old broker before the transfer starts. The sale can trigger small taxable gains. A company savings plan with employee savings allowance can also only be moved after the seven-year lock-in period.

Can I transfer my portfolio to other people?

Yes, a transfer with a change of creditor is possible, such as to your spouse, children or as a gift. This changes the owner of the securities. Important: The acquisition price is retained; the securities are not considered sold. If it is a gift, the tax office may become involved depending on the amount and exemption limit. However, tax loss carryover buckets do not move along with a change of creditor.

Special case Trade Republic and similar providers

With some neobrokers, the process works differently. Trade Republic accepts outgoing transfers only if you create the order in their own transfer tool. So you start the move in the app of the transferring broker, not with the recipient. A few other providers with digital tools operate similarly.

Do I need to terminate my old portfolio?

You do not need to keep an empty portfolio. After a complete move, you should terminate the old securities depot to avoid ongoing costs. Many brokers offer simultaneous termination directly in the transfer form. With a partial transfer, the old account deliberately remains in place.

Switch bonuses and their taxes

Many providers entice with bonuses for switching portfolios. These range from free ETF shares to percentage credits on the transferred volume to time-limited interest rates on balances. Such bonuses count tax-wise as miscellaneous income under § 22 No. 3 EStG. The exemption limit is 256 euros per year. If it is exceeded, tax applies to the entire amount. Switching solely for a bonus rarely makes sense; price and performance weigh more heavily.

Common pitfalls when moving securities

To ensure your portfolio transfer runs smoothly, you should be aware of these points:

• Missing acquisition prices: Acquisition data is transferred via Clearstream, but errors occur regularly. Document your purchase receipts in advance.
• Non-tradable securities: If the new broker does not carry a security, the transfer of that position will fail.
• Custodial location issues: Domestically held securities can be rebooked to a foreign custodial location.
• Signature verification: If the digital signature differs from the one on file, inquiries will be made.
• Flat-rate taxation: If you sell a position before tax data has been received, you pay too much initially.

Wait with your first sale until the acquisition price is correctly credited. Not every provider optimizes taxes retroactively.

Switching brokers: What to look for when choosing

Before you switch brokers, a sober comparison is worthwhile. Check order fees, the cost of a fund savings plan, the range of stocks and ETFs, and the quality of online banking. A good depot provider shows you transparently in the system which securities are tradable. Also pay attention to the mailbox: purchase confirmations and important documents should be cleanly archived.

Moving your portfolio with a plan

If you want to move your portfolio, you should follow the sequence. First compare, then check tradability, then document purchase price and quantity, finally submit the application. This rule protects you from unpleasant surprises and keeps your finances clean.

Is a portfolio transfer worthwhile?

For most private investors, the advantages are clear: lower costs, more choice and cheaper savings plans. Since 14.1 million people in Germany held stocks, ETFs or stock funds in 2025, according to the German Stock Institute, two million more than the previous year, the willingness to switch is also growing. If your current provider is expensive or doesn't offer your desired product, the move is a sensible step. If you remain neutral in your comparison and check tradability, the portfolio transfer will go smoothly.

Frequently asked questions about portfolio transfers

Can I transfer individual securities or only the entire portfolio?

Both are possible. A partial transfer moves individual positions, a complete transfer moves all. Loss buckets remain only with a complete transfer without a change of creditor.

Are there fees for a portfolio switch within Germany?

No. Since the 2004 Federal Court of Justice ruling, the transfer is free of charge. Only third-party costs for foreign custody may rarely be passed on.

How long does the transfer of my securities take?

The BaFin deadline is three weeks. German securities often go faster, international ones can take up to six weeks.

Do I lose my tax data during the transfer?

Usually not. The acquisition data moves along via Clearstream. However, check each acquisition price after the transfer.

Further guides and next steps

A well-planned portfolio switch saves real money and improves your long-term return. Use our guide and a current portfolio comparison to find the right conditions. Anyone who follows the steps mentioned, documents their purchase receipts and checks tradability in advance will bring their securities safely to their new destination. This way you maintain control over your assets and start the next investment phase with better interest rates and lower fees.