Before You Start
- Make sure your current and new brokers both operate in your country of residence and support the assets you hold (stocks, ETFs, etc.).
- Check that your personal information (name, address, tax ID) matches exactly on both broker accounts to avoid transfer rejection.
- Understand the types of transfers: “in-kind” (positions move as-is) vs. “cash” (assets are sold, cash is transferred).
- Have an up-to-date list of your holdings (ISINs, quantities, purchase prices—your tax cost basis).
- Be aware of potential transfer fees—these can vary widely between brokers.
Time needed: 1–4 weeks (depends on brokers and asset types)
What you'll need: Access to both broker accounts, your portfolio statement, ID for verification, and time to complete paperwork.
Switching brokers in Europe can be intimidating, but it doesn’t have to mean lost money, paperwork nightmares, or endless waiting. Whether you’re moving from DEGIRO to Interactive Brokers, or from Trade Republic to another EU platform, this step-by-step guide will show you how to transfer your portfolio to a new broker in Europe—with your sanity (and investments) intact.
Step 1: Decide on the Type of Transfer (In-Kind vs. Cash)
What to do: Choose between an “in-kind” (also called “position” or “securities”) transfer, where your assets (e.g. your iShares Core MSCI World UCITS ETF, ISIN IE00B4L5Y983) move as-is, or a “cash” transfer, where everything is sold and the proceeds are sent to the new broker for reinvestment.
- In-kind transfer: Keeps your positions, preserves tax lots, and avoids selling (and possible taxes).
- Cash transfer: Sells everything at the old broker, sends cash to the new one. You’ll need to repurchase assets (possibly at different prices), and may realize capital gains or losses.
Why it matters: In-kind is usually best for minimizing tax events and maintaining your investment strategy. But not all brokers (especially neobrokers) support it for all asset types or markets.
What can go wrong: If your new broker doesn’t support a security (common with US-listed ETFs or very niche stocks), it may be rejected or sold automatically. Some brokers only allow cash transfers for certain products.
Pro Tip
Check the broker’s supported asset list before initiating a transfer. For example, Interactive Brokers supports a wide range, while Trade Republic is more limited.
Step 2: Open and Verify Your New Broker Account
What to do: Complete registration at your chosen new broker. For example, at Interactive Brokers, you’ll need to:
- Sign up and select your country of residence (e.g., Germany, France, Spain, etc.).
- Provide identification (passport or national ID), tax identification number, and proof of address.
- Wait for account approval (typically 1–3 business days).
Why it matters: You can’t start the transfer until your new account is fully verified. If your personal details (especially name and address) don’t match your old broker’s records, your transfer request may be rejected.
What can go wrong: Address or name mismatches, missing tax IDs, or incomplete KYC documents can delay the process by days or weeks.
Pro Tip
Use the same email and phone number as your old broker to speed up compliance checks. Save a PDF of your new account confirmation for later steps.
Step 3: Check Fees and Prepare Your Portfolio
What to do:
- Ask your current broker (e.g., DEGIRO, Trade Republic, or Flatex) for their transfer-out fee schedule. For example, DEGIRO charges €10–€50 per ISIN for outbound transfers to another broker.
- Confirm your new broker’s transfer-in process. Interactive Brokers receives transfers for free, but some platforms (e.g., Flatex) may charge a small incoming fee.
- Make a list of all your holdings, including ISINs, quantities, and purchase dates/prices. Download a recent statement from your old broker.
Why it matters: Transfer fees can add up quickly. For a portfolio with 5 ETFs, DEGIRO could charge up to €250 for outbound transfers. Some brokers waive incoming fees to attract new clients.
What can go wrong: If you don’t have enough cash in your old broker account to pay the transfer fees, the process may stall. Also, missing ISINs or mismatched quantities can cause rejections.
Pro Tip
If you have small, illiquid, or unsupported positions, consider selling them before the transfer to avoid partial rejections or extra fees.
Step 4: Initiate the Transfer (Paperwork & Platform Steps)
What to do:
- Download the transfer form from your new broker’s website. For Interactive Brokers, log in and go to Transfer & Pay → Transfer Positions.
- Fill out the form with your old broker’s details, account number, and list of securities (ISINs, quantities).
- Attach your latest portfolio statement from your old broker.
- Submit the form online (or by email/post, depending on broker instructions).
Why it matters: The transfer request must be 100% accurate. Any typo or mismatch (ISIN, quantity, account number) can cause delays or partial transfers.
What can go wrong: Some brokers require a “wet signature” (handwritten), while others accept digital forms. Not following instructions exactly can result in your request being ignored or delayed for weeks.
Pro Tip
Always keep copies of all submitted forms and emails. If possible, get written confirmation from both brokers that your request was received and is being processed.
Step 5: Monitor the Transfer and Confirm Completion
What to do:
- Check your old and new broker accounts daily for updates. In Interactive Brokers, go to Portfolio → Activity → Transfers to track incoming positions.
- Expect a timeline of 5–15 business days for EU-listed ETFs and stocks. Some positions (e.g., US-listed ETFs, niche bonds) may take longer or be rejected.
- Once the transfer is complete, verify that all positions (correct ISINs and quantities) have arrived.
Why it matters: Missing or incomplete transfers are not uncommon. Catching errors early makes resolution much easier.
What can go wrong: If a position is rejected (e.g., unsupported ETF), it will remain at your old broker. If cost basis information is missing, your new broker may show a zero or incorrect purchase price, affecting future tax calculations.
Pro Tip
Save a screenshot or PDF of your new broker’s portfolio view after the transfer. This will help if you need to dispute cost basis or dividend issues later.
Step 6: Update Your Records and Tax Reporting
What to do:
- Download statements from both brokers showing the transfer and matched positions.
- Update your personal investment tracker or spreadsheet with any new account numbers, cost basis, and transfer dates.
- Keep all transfer documentation for your next tax return. Some countries require you to declare broker changes or transferred assets.
Why it matters: Accurate records prevent tax headaches and make future rebalancing easier. If your cost basis is not transferred, you may pay more tax than necessary on future sales.
What can go wrong: Some brokers (especially those outside your home country) do not report cost basis to local tax authorities. You may need to provide supporting documents yourself.
Pro Tip
Review your new broker’s cost basis entries carefully. If you see “unknown” or “zero” as the purchase price, contact support and provide your original statements as proof.
Migration Checklist: Don’t Miss These Steps
- ✅ Confirm both brokers operate in your country and support your assets
- ✅ Verify personal data matches on both accounts
- ✅ List all holdings with ISINs and quantities
- ✅ Check and fund for transfer fees (e.g., €50 per ISIN at DEGIRO)
- ✅ Download and fill out transfer forms exactly as instructed
- ✅ Submit all paperwork and keep confirmation emails
- ✅ Monitor both accounts daily until transfer is complete
- ✅ Download final statements and update your investment tracker
Common Mistakes When Transferring a Portfolio in Europe
- Not checking asset support: US-listed ETFs (like VOO or QQQ) are often not transferable to EU brokers due to PRIIPs regulations. Stick to UCITS ETFs (e.g., IWDA).
- Underestimating fees: Outbound transfer fees can be much higher than expected—always confirm in advance.
- Incorrect paperwork: Small errors (e.g., wrong ISIN, old address) can delay or void your transfer.
- Ignoring tax implications: Cash transfers can trigger capital gains taxes. “In-kind” is usually tax-neutral, but check your country’s rules.
- Not updating cost basis: Missing purchase price info can increase your future tax bill.
Next Steps
- If you’re new to a platform, see our Interactive Brokers tutorial for Europeans for a walkthrough of the interface and settings.
- After transfer, consider reviewing your asset allocation and rebalancing. See how portfolio rebalancing works for European investors.
- For a detailed comparison of brokers and how to choose the right one for your needs, check out our guide to choosing the right broker in 2026.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Always do your own research and consider consulting a qualified financial advisor before making investment decisions.