The online comparison service Moneyland.ch examined the transfer fees of 36 Swiss banks. Based on a sample portfolio, they calculated how expensive a switch to another bank would be.

As early as 2016, the SECO Price Supervisor looked into transfer fees. Since then, some banks have reduced their fees. While the average fee for transferring a Swiss security was 100 francs in 2017, today it is 84 francs, a 16 percent decrease, according to the survey. For foreign securities, the cost has dropped from 120 francs to 95 francs over the same period.

Significant differences

The sample portfolio used for the calculations includes a Swiss ETF as well as five stocks each from Switzerland, the USA, and the EU. A transfer to another bank would incur an average fee of  1'454 francs. However, the differences are substantial. The most expensive bank charges 2'400 francs for such a transfer, the report states. Additional costs such as VAT and occasionally third-party fees may also apply.

For the transfer of domestic securities, VZ Depotbank is the cheapest, charging no fees. Cornèrtrader follows with 30 francs per position, while Aargauische Kantonalbank, Online-Trading 1816 (Geneva Cantonal Bank), Saxo Bank, and Swissquote charge 50 francs each.

(Graph: Moneyland.ch)

Customers do have an alternative to a transfer: they can sell their positions at the old bank and then rebuild their portfolio by purchasing securities at the new bank. Although this process incurs fees such as transfer costs or stamp duties, in some cases, these might be significantly lower than the transfer fees. «Still, buying and selling is often cheaper than a transfer,» says Felix Oeschger from Moneyland.

Customers should also ask the new bank if they will fully or partially cover the transfer fees.