I recently opened a Davy account as I had two different stocks in share certificates only and wanted to sell some. All went smoothly with the dematerialising of the shares certs and Davy were very easy to deal with. However, I am not keen on paying a 50 euro per month fee as I just want to hold the rest of the shares for now, for the rest of this year at least. Could someone briefly outline the process for moving shares from Davy to Degiro or point me in the direction of that information? If I hold the shares with Degiro there is no fee is that correct?
Holding stock - moving from Davy to Degiro
- Thread starter CiaraWC
- Start date
I would say Davy have fees for moving stock out and I presume degiro have fees for moving stock into them. However degiro have very low dealing fees , a few euros per trade, not sure the fees for trading with Davy.
Maybe the cheapest way is to sell your stocks on Davy, there shouldn't be very much capital appreciation if at all to worry about. Move the cash out of Davy and then to degiro and then re purchase those stocks with degiro
Maybe the cheapest way is to sell your stocks on Davy, there shouldn't be very much capital appreciation if at all to worry about. Move the cash out of Davy and then to degiro and then re purchase those stocks with degiro
Any use?
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Transfer from Davy to DeGiro
Hi, is there any difficulty with transferring shares from Davy to Degiro? Can I just instruct Davy to do so? Thanks in advance.
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Brendan Burgess
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Hi Ciara
Davy's charge a small fee for transferring out.
DeGiro don't charge for moving stock in.
I tried to move some shares to DeGiro but it took ages.
I needed to sell them and when I emailed DeGiro they told me that I had not filled in the forms correctly and that they had emailed me about it but I had not responded. So I gave up.
Brendan
Davy's charge a small fee for transferring out.
DeGiro don't charge for moving stock in.
I tried to move some shares to DeGiro but it took ages.
I needed to sell them and when I emailed DeGiro they told me that I had not filled in the forms correctly and that they had emailed me about it but I had not responded. So I gave up.
Brendan
These sound like certs moved into Davys so there probably would be CGT to consider.
Are you sure?
Simply transferring shareholdings from one broker to another doesn't trigger any CGT event as far as I know.
Brendan Burgess
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Correct.
Thanks Clubman, Brendan and all for your responses. Even reading the degiro fees schedule it is not 100% clear to me (not my area of expertise) but to transfer portfolio in seems to be free. Can't see mention of quarterly fees and I don't think there are any. I don't like the idea of selling and re-buying but it might be the most straightforward thing to do as long as no CGT implications. Will need to look at the davy's fee to transfer out. Pity their quarterly fee is so high, wonder if you tell them you are thinking of moving would they do a deal like VMAny use?
Transfer from Davy to DeGiro
Hi, is there any difficulty with transferring shares from Davy to Degiro? Can I just instruct Davy to do so? Thanks in advance.www.askaboutmoney.comReddit - Dive into anything
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Learn all about our low charges and compare the benefits of trading with DEGIRO. Our fees are completely transparent with no hidden costs.
Yes, however I was responding to the suggestion to sell the shares in Davys and buy them in DeGiro, the suggestion the OP is now considering. That will trigger CGT on gains.
What happened here, unless I've misread it, is the OP had share certs perhaps for some years - they were moved into Davys - some sold, now the OP wants to move the remainder to DeGiro.
If people could just sell and rebuy shares in a different broker without tax implications - there'd be little need for the transfer mechanism in the first place.
That isn't obvious to me from @CiaraWC's posts.
Brendan Burgess
Founder
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Ah, I see. You were not responding to Ciara, but to Joe Sod's suggestion. Selling the shares and buying them again would trigger a CGT liability.
Simply moving them from paper share certs to Davys and then onto Degiro would not trigger a CGT liability.
It was suggested elsewhere, that you can get the Registrar to dematerialise your shares without any broker being involved.
Brendan
Exactly, I was responding directly to Joe's suggestion.
If someone had bought shares via Davys but shortly afterwards decided they'd prefer to use Degiro then sell and rebuy probably would be the easiest option. It's not that CGT wouldn't be involved it's just that the amount would be small. Which I think was the point Joe was making.
But that's not what's happened here. Share certs tend to be uncommon now which makes it more more likely these have a bit of history, so CGT may be a bigger consideration.
Just wanted to update to confirm that I successfully converted (dematerialised) my paper share certs with Davy and then transferred to Degiro. It took a good while and cost me obviously, but it was successful. Davy were very good and efficient to deal with but I wasn’t prepared to pay a large quarterly fee just to hold stock. Degiro’s form was a bit complex Brendan I agree, but once they got it and Davy’s were informed of my intentions to transfer, it went smoothly. Thanks for the advice here.