Transferring Share Portfolios to Another Investing Platform
Our guide explains the share portfolio transfer process of Stake, Hatch, Sharesies, Tiger Brokers (NZ) and Interactive Brokers and covers must-know facts and frequently asked questions.
Updated 14 July 2024
Summary
This guide outlines everything you need to know about each service and important must-know facts. We cover:
Know This First: Have you been asked to supply a 'CSN' by a share broker or investment platform? Our Common Shareholder Numbers (CSN) guide explains what this means, how to find yours or how to get one.
Important: The information on this page regarding the transfer of share portfolios, including fractional shares, is based on current available resources and user experiences. While we strive to provide accurate and up-to-date information, policies and procedures may vary between brokerage platforms and can change without notice. Please be aware that:
Because things are not clear, we strongly recommend verifying the current policies with your brokerage platform directly before initiating any share transfer. If you encounter any discrepancies or have further questions, please consult with a qualified financial advisor or the customer support of your respective brokerage firm. By using the information on this page, you agree that MoneyHub is not responsible for any errors, omissions, or any outcomes resulting from using this information.
Summary
- It's not common to outgrow your investing platform, but there may be cases when you want to switch providers. For example, you don't like the fees, the fees have increased, your investing habits have changed, you want a different user experience, or you want to try a new platform altogether.
- Whatever the reason, Stake, Hatch, Sharesies, Tiger Brokers and Interactive Brokers all offer portfolio transfers.
- In some cases, given the fees involved and the size of your investment(s), it can be more cost-effective to sell your shares rather than transfer them and buy them back using another platform (subject to fees and price changes). Of course, this is the last-resort option should you not want to stay with your current investing platform.
This guide outlines everything you need to know about each service and important must-know facts. We cover:
- Share Portfolio Transfer Options - Hatch, Stake, Sharesies, Tiger Brokers (NZ) and Interactive Brokers
- Frequently Asked Questions
Know This First: Have you been asked to supply a 'CSN' by a share broker or investment platform? Our Common Shareholder Numbers (CSN) guide explains what this means, how to find yours or how to get one.
Important: The information on this page regarding the transfer of share portfolios, including fractional shares, is based on current available resources and user experiences. While we strive to provide accurate and up-to-date information, policies and procedures may vary between brokerage platforms and can change without notice. Please be aware that:
- Not all brokerage platforms support the transfer of fractional shares.
- Specific policies of brokerage firms, such as DriveWealth, may impact the ability to transfer fractional shares even if it appears technically possible.
- The information provided on this page does not constitute financial or investment advice and should not be relied upon as such.
Because things are not clear, we strongly recommend verifying the current policies with your brokerage platform directly before initiating any share transfer. If you encounter any discrepancies or have further questions, please consult with a qualified financial advisor or the customer support of your respective brokerage firm. By using the information on this page, you agree that MoneyHub is not responsible for any errors, omissions, or any outcomes resulting from using this information.
Know This First: Understanding the Difference Between "Internal" and "External" Transfers
Internal Transfers:
External Transfers:
- This is when shares are transferred between two accounts with the same broker (e.g., DriveWealth).
- Since Stake and Hatch use the same broker, shares can be transferred either way (e.g., Hatch to Stake, Stake to Hatch) within 24 hours. However, to transfer your portfolio between Hatch and Stake there will be a $65 USD fee charged by DriveWealth.
- Internal share transfers can be initiated by the platform you want to transfer to. E.g., if you want to transfer from Stake to Hatch, you can organise this with Hatch and vice versa.
- As outlined below, Sharesies also use the same broker (DriveWealth) but do not offer US share transfers - only NZX listed investment transfers.
External Transfers:
- This is when shares are transferred between two accounts with different brokers.
- There are fees for external transfers charged by the sending broker. For example, transferring from Hatch or Stake to Interactive brokers would incur a fee. This applies to most (if not all) platforms and brokers given the paperwork and time involved.
Share Portfolio Transfer Options - Hatch, Stake, Sharesies, Tiger Brokers (NZ) and Interactive Brokers
Know This First - Hatch, Stake and Sharesies all have unique selling points and benefits that favour different investor types. Before initiating any transfer, it's a good idea to thoroughly understand the investment platform you plan to migrate to. Our Hatch vs Stake vs Sharesies is a good starting point. We have outlined four platforms below which cover USD shares. We have not covered New Zealand or Australian-listed share transfers as the options to do this are relatively limited.
What you can transfer: US-listed shares and USD cash
Summary: Hatch lets you transfer all or part of your portfolio (and USD) from Stake within 24 hours, and usually within 5-10 days for other brokers. Hatch's transfer process allows you to transfer any shareholding (as long as Hatch offers the shares) and they have a concierge team dedicated to transfers from almost any global broker or employee share scheme. Hatch also helps cover some of the transfer fees from your existing broker.
Summary: Hatch lets you transfer all or part of your portfolio (and USD) from Stake within 24 hours, and usually within 5-10 days for other brokers. Hatch's transfer process allows you to transfer any shareholding (as long as Hatch offers the shares) and they have a concierge team dedicated to transfers from almost any global broker or employee share scheme. Hatch also helps cover some of the transfer fees from your existing broker.
- More details: Transfer your shares to Hatch
- Read our Hatch Review
What you can transfer: US-listed shares and USD cash
Summary: Stake offers portfolio transfers within 24 hours (for Hatch customers) and up to eight working days for other platforms. Stake offers a welcome bonus of one free share, currently Dropbox, for any new customer transferring their portfolio over US$500 to its platform.
Summary: Stake offers portfolio transfers within 24 hours (for Hatch customers) and up to eight working days for other platforms. Stake offers a welcome bonus of one free share, currently Dropbox, for any new customer transferring their portfolio over US$500 to its platform.
- More details: Transfer your shares to Stake
- Read our Stake Review
What you can transfer: NZ-listed shares
Summary: Sharesies offers a transfer service but it's only for NZX-listed shares and it costs $5 fee per investment. The fee is for transfers out - transfers in are free. This means if you have ten holdings (e.g. shares in ten different companies), Sharesies will charge $50 (10 X $5) to transfer out. Importantly, New Zealand-listed shares can't be transferred to Hatch or Stake given neither offer NZ shares. Sharesies also offers ASX transfers. As per the Sharesies guidance, you can only transfer whole shares (in or out). Sharesies aims to take two business days to validate a CSN and then two further business days to transfer in an investment.
Summary: Sharesies offers a transfer service but it's only for NZX-listed shares and it costs $5 fee per investment. The fee is for transfers out - transfers in are free. This means if you have ten holdings (e.g. shares in ten different companies), Sharesies will charge $50 (10 X $5) to transfer out. Importantly, New Zealand-listed shares can't be transferred to Hatch or Stake given neither offer NZ shares. Sharesies also offers ASX transfers. As per the Sharesies guidance, you can only transfer whole shares (in or out). Sharesies aims to take two business days to validate a CSN and then two further business days to transfer in an investment.
- More details: Transfer your shares to Sharesies
- Read our Sharesies Review
What you can transfer: Australian, US, Hong Kong, Singaporean and other global shares
Summary: Tiger Brokers (NZ) lets you transfer shares into or out of its platform via the app or website. There are no fees for transfers in - transfers out have arguably high fees, as outlined here. In all cases, Tiger Brokers (NZ) will arrange the transfer within 1-2 days, although this also depends on the other broker's processing times.
Please note: Tiger Brokers (NZ) accepts transfers from Stake and Hatch - however, Sharesies doesn't allow transfers for US stocks, despite using Drivewealth for their brokerage. We believe this is a restriction Sharesies have created, given they have the technology and capability.
While it's a straightforward process to transfer shares from Hatch and Stake into Tiger Brokers (NZ), another option is for a trader to sell their stocks, cash out their account and then purchase them again with a Tiger Brokers account. There is a risk of price movements during the transaction, but it does allow complete flexibility.
Summary: Tiger Brokers (NZ) lets you transfer shares into or out of its platform via the app or website. There are no fees for transfers in - transfers out have arguably high fees, as outlined here. In all cases, Tiger Brokers (NZ) will arrange the transfer within 1-2 days, although this also depends on the other broker's processing times.
Please note: Tiger Brokers (NZ) accepts transfers from Stake and Hatch - however, Sharesies doesn't allow transfers for US stocks, despite using Drivewealth for their brokerage. We believe this is a restriction Sharesies have created, given they have the technology and capability.
While it's a straightforward process to transfer shares from Hatch and Stake into Tiger Brokers (NZ), another option is for a trader to sell their stocks, cash out their account and then purchase them again with a Tiger Brokers account. There is a risk of price movements during the transaction, but it does allow complete flexibility.
- More details: Transfer your shares to Tiger Brokers (NZ)
- Read our Tiger Brokers (NZ) Review
What you can transfer: US-listed shares
Summary: Interactive Brokers, unlike Hatch or Sharesies, isn't New Zealand-owned, nor does it have functional support. Therefore, if you are transferring to Interactive Brokers, we suggest caution unless you're experienced with the platform and prepared to navigate its support service. If you are, the transfer time is indicated as being from four to eight business days, depending on your third-party broker.
Summary: Interactive Brokers, unlike Hatch or Sharesies, isn't New Zealand-owned, nor does it have functional support. Therefore, if you are transferring to Interactive Brokers, we suggest caution unless you're experienced with the platform and prepared to navigate its support service. If you are, the transfer time is indicated as being from four to eight business days, depending on your third-party broker.
- More details: Transfer your shares to Interactive Brokers
- Read our Interactive Brokers (IBKR) Review
Frequently Asked Questions
If you're unsure about anything, please contact your investing platform. There are certain cases where there may be delays, fees may be applied and/or the transfer process will be non-standard. If you have a question, your existing and/or new investing platform's support team are the best people to answer it. We have outlined common queries below with answers to help guide your decision-making process.
Can I see shares during the portfolio transfer?
No - when your portfolio moves from one platform to another (i.e. from Stake to Hatch), you won't be able to sell your shares during the transfer period. Once your portfolio appears in your new platform, you will be able to buy and sell.
Are there any foreign exchange or tax issues I need to deal with after the transfer?
No - US-listed shares are all denominated in USD, so there is no foreign exchange issue. Stake, Hatch and Sharesies handle their customers' tax reporting, so there are no tax implications from such a transfer.
Can I transfer my portfolio to any platform?
It depends, and generally, the answer is no. For example, Stake can't accept Australian and New Zealand-listed portfolio transfers from Sharesies. This is for two reasons - Stake doesn't offer non-US shares, and Sharesies only allows transfers of NZX-listed companies. Interactive Brokers and Hatch are flexible for US-listed share transfers by requiring a brokerage statement to start the process.
Do I have to pay to transfer my portfolio?
In most cases, no, but do check this with your existing platform and new platform. Beyond fees, some platforms offer bonuses for clients (such as a cash payment or similar) transferring in their portfolio.
Can I transfer part of my portfolio, e.g. move some shares but leave others where they are in my current investing platform?
This will depend on the platform you're transferring to. We suggest contacting the platform you want to transfer to first before taking any action.
What happens to shares and ETFs when I request a transfer?
All settled shares and ETFs should be transferred to the new platform.
What happens to fractional shares?
It depends on the platform you're using. If you’re transferring from Stake to Hatch (or visa versa), we are hearing reports you cannot transfer your fractional shares. However, there is some uncertainty so you'll need to ask your investing app/broker's support team. Generally, if you are moving to another broker, you’ll (likely) need to sell your fractional shares and withdraw the proceeds.
What happens to cash balances?
It depends on the broker. As an example, you can transfer your USD balance from any broker to Hatch (or deposit USD directly into Hatch). Hatch transfers to Stake can come with cash by requesting a "Full Portfolio Transfer".
Is there a transfer mininum?
Hatch, Sharesies, Stake and Interactive Brokers do not have a transfer minimum.
How long will the transfer take?
Based on discussions with Hatch, Sharesies and Stake, we believe the time ranges from one business day to up to eight business days. It's essential to understand that you won't be able to sell any of your investments during this transfer period.
