Transfer share between broker

@Jeffrey_C Have you checked that your bank offer share dealing services and facilitate transfers / what their costs may be first?

Then you need to wait and see if/when 212 support transfers out.

Cheers Dougal, I had a call with my bank and I am waiting for them to call me back

I believe IBKR charges at least 100$, and it depends of different brokers. Some charge between 50 to 100$ per company to transfer out. Usually transfer in are cheaper or free, but not always.

Just no. Not at all. Potential tax excluded, you are buying back the same amount of shares.

I dont know how you get that from ?
assuming you buy 20 shares of a stock at 20dollars and the stock goes to 200 dollars.
Then it means I will have 18 shares at 200 dollars. This is just if there is no tax on capital gain.

Please explain how it does not affect anything ?

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Sure thing.

You buy 20 shares, at 20$ (for 400$), and they grow to 200$. You sell them at that price (for 4000$), and then buy again 20 shares at 200$ (for 4000$).

Without fees and taxes, you get the same 20 shares.

Edit: could you explain your finding of 18 shares thought?

I think Jeffries wants to keep any gains as unrealised, as in keeping the original book cost / average entry price. Possibly as not to crystallise any capital gains.

Both arguments are correct bar the 18 shares unless they have to pay 10% CGT. My question would be what has changed in services since you signed up(0.15% fx fee perhaps), to want to move? Ideally you would want to take the path of least resistance or greatest benefit to yourself in terms of broker choice / where to hold any positions.

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18 shares if you dont consider the 400 total entry cost and kept only realised gain of 3600.

And no government would allow to not pay taxes on realised gain. Unless you play dirty and say nothing about it on tax return.

I would move to another broker or bank if I have to change country for work. I am being considered to work in New York or Miami in the near future and I believe T212 is not an acceptable broker over there.

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Nice - good luck with the move!

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Well, that’s a weird calculation; your total position is 4000$, if you choose to only reopen 3600$ you can’t really complain that you get less shares :joy:

And yes, some do; I have no capital gain taxes where I am 🤷
No dividend taxes either, and dividend tax withheld in other countries are offset against my income tax as well :yum:

Edit: maybe this is where the confusion is; you do recoup your initial investment (of 400$) on top of the net profit of 3600$ (for a total of 4000$); that allows you to buy back a full 20 shares for 4000$.

Say the price move from 20 to 21$; your position is 20 shares, or, if you sell, 420$ in your pocket (netting you a gain of 20$), not just the 20$ of gain. That allows you to buy 20 new shares for a price of 21$.

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It’s investor’s heaven. Where is the paradise?

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Netherlands.
It really is, our tax system is actually so great, even more so for investors.
Instead of the capital gain tax and dividend tax, we have a wealth tax, that apply on your net worth except main residence value, with a free tier up to ~40k-ish, or ~80k with a tax partner.

The idea is they estimate you would yield about 4% return on your existing wealth, and tax that at 30%, so about 1.2% of your wealth taxed per year; but there are lower tiers where most of your wealth is considered “savings” and taxed at a much much lower rate, and only upper tiers are considered “invested”. That 1.2% per year would only really be in place after 1M of net wealth in reality.

And it also means any returns in excess of 4% a year is actually tax free :man_shrugging:

Edit: and rent income is also tax free btw.

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OK, I’m convinced. When can I go there? :smiley:

Psst, don’t say this on Portuguese social networks, the Socialists/Comunists/Left Wing Extremists (a coalition that support the Portuguese Socialist Party Government on the last 6 years) will call it capitalist fake information. :smiley:

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Well, anytime you’d want!
But to warn you, our housing market is prettyyyy hot. Like, the hotest of EU. We have a housing shortage of 300.000 unit and growing, so both house prices and (very rare to find) renting prices have gone through the roof, with little hope of changes. Lots of immigrants from everywhere in Europe, and ability to finance a house purchase at more than 100% (no down payments).

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The housing market is hot in almost everyplace (especially the capital and major cities in the developed world) due to the low interest rates environment from Central Banks and to TINA.

Not this TINA:

But this one:

Btw, do you ever hear about David Ricardo?

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Especially for @Dougal1984, do you know who is called the ‘‘The Father of Economics’’? :wink:

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So actually my bank does not make me pay anything for transferring in my assets but only pay for transferring out. Which I asume is normal. Hence T212 needs to let people go if they need and make them pay a fee. Simple as that.

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Hey! I’m super interested to hear from you @Jeffrey_C how the attempt at transferring went! Did T212 get back to you?

Anyways, for anyone interested on this thread @JustLookingThx @FreakStorm @lamprosg @Dividendenfreunde @Zrtz, there is now a poll for most wanted features over on this thread Most Wanted Features Poll 2022!

I’m assuming a lot of you would want to head over and give in-specie transfers an upvote, so we can get T212 to provide us with a committed timeline for this feature.

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They are not willing to do it… quoting: “I will forward your request as a suggestion for the feature to be added, however, at this moment, we do not offer such a service. We are not able to make an exception, as the option of asset transfer does not exist.”

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Thank you for your reply @Jeffrey_C ! I will still make an attempt. The more people that do, the more pressure it puts on the to actually prioritize it, I suppose. Will update you here once I hear back for sure!

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