Upvest offers an API solution to facilitate the transfer of securities across custodians. This guide explains the processes, highlights the related benefits, and details the required API requests and responses for all security transfers.
In general, Upvest provide two types of securities transfers:
- Incoming security transfers: when moving securities into your account.
- Outgoing security transfers: when moving securities to an external custodian.
A transfer of securities is the process of moving securities from one custodian to another, generally for the same beneficial owner.
Change of ownership transfers (e.g., gifts, inheritance, charitable donations) are not supported at this time.
Our API solution supports the transfer of a position within a single ISIN. Transfers can also be initiated for an entire account or portfolio, and involves the transfer of multiple individual instrument positions. For this purpose, Upvest offers a separate Account Transfers API, which is covered in a dedicated user guide, depending on the client setup.
Only full units of securities can be transferred. Fractional shares are not supported due to technical limitations within the SWIFT network messaging system.
In Germany, specific regulations govern securities transfers:
- Timeline for Outgoing Transfers: There is a legal obligation to facilitate outgoing securities transfers to any other German investment services company within three (3) weeks of receiving notification from the end user.
- Tax Data Transmission: A critical part of any transfer is the obligation to transmit the securities' acquisition data and associated tax information to the receiving institution, as long as it is a German institute. This data, mostly sent via Taxbox, is essential for the new custodian to correctly calculate any future tax liabilities.