Broker position transfer (Moving shares to Freetrade)

Has anyone done a position transfer from another broker to a Freetrade basic account?
Are there any fees involved and does it matter where the broker is located (e.g. US for Employee stock grants, brokers from other EU countries,…)
Most brokers seem to provide this and it looks like the process differs for US/non-US, but wasn’t sure if possible via Freetrade?

Not sure about Freetrade’s charges but a lot of the old gang charge per position to move. So I’d check the existing broker if you think it’s worth it.

Also you might have to sell some positions if they aren’t on Freetrade but I’m sure you already knew that

Hi :wave:

ISA transfers to Freetrade are live and proving very popular - we’ve been inundated with these recently! Basic Account transfers to Freetrade are due to arrive later this year as we get a lot of requests for these too. :relaxed:

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Not since the Investment Market Platform Study they don’t

Any that still do won’t be able to from (currently) July 2020

I think the original question remains valid and unanswered though.

I too have ISA holdings I’d like to move to Freetrade.

I will go ahead and “assume” that Crest-able stocks in my current ISA that are also within the Freetrade universe will be fine to transfer in specie,

So the questions remain

What about Crestable stocks in my ISA that are not in the current Freetrade universe? Sell and transfer as cash?

Foreign Stocks (mostly US) that are actually held in Custody with a US custodian? Would you take them in certificated form with a medallion guarantee? Would you transfer directly to your own US custodian? Would you insist I sell and transfer as cash?

I think that’s what @gmullebr was asking too

My question was focussed on moving shares that are already tradable on Freetrade and that are not in an ISA or other tax wrapper.
E.g. for the US: https://www.investopedia.com/ask/answers/021015/how-do-you-transfer-common-stock-one-broker-another.asp

Probably depends on how and where the shares are registered, unless the process is to sell and re-buy, which I would doubt. An added complication is that the broker to move from could be outside UK.

Employee stock grants can also contain fractional shares because of taxation, but that shouldn’t be an issue with Freetrade after the rollout of fractional shares.

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@finki in a similar vein I was trying to transfer some shares from a matured Sharesave scheme into an HL ISA. However this could not be completed as the shares could only be received by them via UK CREST ( they are shares traded on the Spanish market ). Would this be common across all brokers in your experience so in effect I’m stuck with them on their current platform?

Just because the stock is on the Spanish market doesn’t definitively mean yes it can or no it can’t.

If, say, it was held in Euroclear then it could be cross bordered easily to HL

We’re it, say, in custody in Clearstream in should be able to be cross bordered

We’re it, say, a listing with a dual listing in London it should/could/might be entirely fungible and the registrars would works some magic on your behalf

I guess the question
What scheme! Where? What stock? Held in custody in what system?

I’ve transferred many a stock via the dreaded XDL messages in crest to get them from (foreign depository) to the UK. It’s not rocket science and generally HL should know what they’re doing. So there must be a real quirk some where.

If you tell me the stock is Santander I’ll be surprised… so what it is?

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I admire your optimism. But let me dampen it! Sorry!
It will almost certainly be harder than you think
Fractions, for instance. Unless the registrar is registering fractions - which I will go ahead and assume they are not as the actual purchase will be made in whole units with A N Other taking the residual fractions - you won’t be able to transfer fractions. Unless (too complex to imagine) the A N Other transfers their portion of the share too in order to make the whole.
Confused?
Yeah, me too!
But the thought is interesting.
Would love to get the official word on this

Iberdrola ( from a Computershare VSA ).

Iberdrola is dual listed.
Same ISIN. Perfectly fungible.
Registrar is Computershare.
Computer Bristol/Ireland will talk to Computershare in Spain and sort this for you.
Racking my brain but pretty sure I’ve done this many moons ago.
You’ll have a customer identification code - often in the corner of your dividend payments. Give me that…wait a while…cross fingers… should turn up.
I think HL might have been a bit lazy here.
Try them again.
This is perfectly do-able unless there is some mad fact I’m missing

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Some man, thanks :+1:
Annoyingly I confirmed with HL twice before initiating the transfer and they were adamant there woulf be no problem.

Of course!

The Scottish Power takeover… I should have realised before!

Pop in to Computershare’s shiny new office in St Andrew Square, Edinburgh and give them a kick.

Or give them a call. Quote them your SRN in the top corner of all correspondence.

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Great stuff, I’ll phone them and name-drop that finki is advising me - should get their attention :wink:

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