Using DeGiro

1wizards sleeve wrote: »

Hi there. New to this kinda stuff so reading as much as I can. Just a quick question. Is there much difference in using revolut as the account to transfer into my degiro account. Or would I be better going straight from my AIb account. Thanks

They tell you not to use revolut

Anyone experiencing delays in degiro processing withdrawals? Made a request 8 days ago, not in my back account yet...

Is DEGIRO still closed for new account applications??

Anyone have any issues with BOI and Degiro, I deposited money on Friday and no sign but someone I know deposited on Friday and Monday with ptsb and both were in his degiro account Monday morning.

denisob wrote: »

Is DEGIRO still closed for new account applications??

I tried to open an account yesterday but I got an "Internal Server Error". I checked Twitter and a few other people were complaining of the same thing. I've emailed their customer service team but the only thing I got back was a general email which contained:

If you are currently opening a new DEGIRO account, your registration may take longer than usual to be treated, notably for the verification of Identification Documents.

Edit: For other people who are complaining about delays with bank transfers, this was also in their automated email:

Bank transfers
Furthermore, we are experiencing a surge in the volume of incoming bank transfers, leading to a potential delay in the processing of any recent bank transfers you may have made.
If you are contacting us regarding a recent bank transfer, please allow for 2 to 4 working days for this to be treated. We will e-mail you as soon as your payment has been booked to your account. If we have requested further information following a recent payment, please allow for approximately 2 to 3 working days to tend to your reply.

sector_000 wrote: »

Question re Brexit & DeGiro...

I hold shares in Flutter, Irish Continental Group, Ryanair.... all bought in LSE
After 31-Dec-2020, will I still be able to trade these shares next year?

Ah yeah, shure USA isn't in the Eurozone either, doens't stop ya owning Tesla.

TP_CM wrote: »

I can't see why not. Doesn't the trading platform allow you to buy /sell shares on the American/Asian market?

I'm asking purely about the concern raised many months ago about shares that are dual-listed - i.e. listed on LSE, and on some/any other exchange within the EU.

There was a notice from DeGiro (& presumably all other brokers within the EU) that from the end of UK Brexit transition period you wouldn't be able to trade any such shares on the LSE (unless there was some sort of further securities trading agreement).

Does anyone know if this got resolved?

It'd affect you if you have holdings on LSE for which there is an equivalent listing elsewhere in the EU.

See the DeGiro notice from back in February:

sector_000 wrote: »

OK.... this is getting a bit messy.
I just got off the phone with Customer Service in DeGiro (in Denmark) and asked about dual-listed shares on LSE.
They don't know what's happening after the end of Brexit transition period.... but they say they have a contract with the LSE, so "it should be ok".
The cust serv guy will check with some internal expert and email me back tomorrow.

Frankly, that's a bit woolly.

I really don't want to be forced to sell out of my holding on the LSE and re-purchase them away from the LSE.
There tends to be much more liquidity on LSE than e.g. ISE.

There are a lot of potentially affected dual-listed shares: https://www.degiro.co.uk/data/pdf/uk/Brexit_ESMA_DEGIRO_Affected_Products_EU.pdf

I got an email from Trading 212 confirming that I can continue trading with them post Brexit, on the understanding that it is on my initiative and that it is a continuing arrangement and that I understand that the UK is no longer part of the EU. Sorted😀

sector_000 wrote: »

I'm asking purely about the concern raised many months ago about shares that are dual-listed - i.e. listed on LSE, and on some/any other exchange within the EU.

There was a notice from DeGiro (& presumably all other brokers within the EU) that from the end of UK Brexit transition period you wouldn't be able to trade any such shares on the LSE (unless there was some sort of further securities trading agreement).

Does anyone know if this got resolved?

It'd affect you if you have holdings on LSE for which there is an equivalent listing elsewhere in the EU.

See the DeGiro notice from back in February:

During the transitional period, the European Commission will revisit the current equivalence status granted to the London Stock Exchange. Due to EU regulations, specifically the Markets in Financial Instruments Regulation (MiFIR), some products (e.g. shares) listed on an EU/EEA trading venue cannot be traded on a non-European (“third-country”) trading venue. Therefore, in the event that the equivalence status is not renewed by the European Commission, the UK could potentially be considered a third-country.

The European Securities and Markets Authority (ESMA) has published a statement in relation to the trading obligation and its implications, in the event that this situation applies.

In short, there are dual-listed shares which will no longer be tradeable on the LSE if the trading obligation takes effect. DEGIRO has taken the information regarding the affected shares directly from ESMA and has taken every effort to ensure this document has been compiled accurately, however, DEGIRO assumes no liability regarding this document.

Cheers for keeping us updated on this one.

I'd imagine the fact that there's more than likely going to be a deal between eu and Britain todays means things should be fine regardless?

Curious Geroge wrote: »

Question(s) on degiro end of year report.

The report is from 31/12/2019 to 30/11/2020, is the end of the tax year 30th Nov ?

The report shows a profit and a loss. I loss of 1k+ which appears to be Morgan Stanley EUR Liquidity Fund is more than expected for a low risk fund, anyone else using degiro experienced this? I added funds to have them available to buy but didn't expect this, should I leave the money there or move it back to my bank ?

Finally, when it comes to tax, is this correct

taxable = profit - (losses + fees + 1270 tax credit + 1270 tax credit for spouse)

DeGiro charges you if you keep more than €2.5K cash in your account.
Effectively they're passing on to us the negative cost of interest that they are hit with.
Might be better keeping such surplus cash in a bank a/c... and transfer it to DeGiro only when you need it to trade with.

Regarding tax..... you definitely need to get your head around all the tax implications and filing obligations. Once you start buying/selling shares you have a legal obligation to file a tax return in Ireland - it doesn't matter if it's only one share!

You most likely have 2 different exposures to tax from any such a trading account:

1. Dividends - subject to income tax (needs to be declared on Form11 - different sections for Irish dividends, UK dividends, USA dividends, and others [due to the different withholding taxes])

2. Capital Gains -
- applies only to positions/trades you close out during the tax year in question.
- add up all the gains & losses from all such trades closed out during 2020 (any losses can be used to offset gains)
- if the account is in your name only, then Form11 allows you to deduct €1270 from the net gain.
- if your account is in you & your spouse's name, you get to deduct 2 x €1270 (this is all taken care of in Form11)
- calculated gain for any transaction = proceeds minus costs
- cost = share buying price x number of shares, plus commissions (& stamp duty if applicable)
- proceeds = share selling price x number of shares, minus commissions

DeGiro also hits you with a quarterly (?) charge per exchange (for any & all exchanges you transacted on).
I haven't thought about whether to include that in as part of a cost. Hmmm....

sector_000 wrote: »

DeGiro charges you if you keep more than €2.5K cash in your account.
Effectively they're passing on to us the negative cost of interest that they are hit with.
Might be better keeping such surplus cash in a bank a/c... and transfer it to DeGiro only when you need it to trade with.

Regarding tax..... you definitely need to get your head around all the tax implications and filing obligations. Once you start buying/selling shares you have a legal obligation to file a tax return in Ireland - it doesn't matter if it's only one share!

You most likely have 2 different exposures to tax from any such a trading account:

1. Dividends - subject to income tax (needs to be declared on Form11 - different sections for Irish dividends, UK dividends, USA dividends, and others [due to the different withholding taxes])

2. Capital Gains -
- applies only to positions/trades you close out during the tax year in question.
- add up all the gains & losses from all such trades closed out during 2020 (any losses can be used to offset gains)
- if the account is in your name only, then Form11 allows you to deduct €1270 from the net gain.
- if your account is in you & your spouse's name, you get to deduct 2 x €1270 (this is all taken care of in Form11)
- calculated gain for any transaction = proceeds minus costs
- cost = share buying price x number of shares, plus commissions (& stamp duty if applicable)
- proceeds = share selling price x number of shares, minus commissions

DeGiro also hits you with a quarterly (?) charge per exchange (for any & all exchanges you transacted on).
I haven't thought about whether to include that in as part of a cost. Hmmm....

Thanks, originally setup in just my name, anyone know if I can update the account to include my other half.

s8n wrote: »

folks - whats the suggestions on easiest online platform to trade shares ?

I prefer Trading 212 over DeGiro, but use both.

outonawing wrote: »

I prefer Trading 212 over DeGiro, but use both.

Appreciate the heads up.

How does it work from a tax perspective ?

Do Degiro generally have a worse bid/ask spread than other platforms? Probably better to pay higher fees for a better share price for tax purposes.

sector_000 wrote: »

OK.... this is getting a bit messy.
I just got off the phone with Customer Service in DeGiro (in Denmark) and asked about dual-listed shares on LSE.
They don't know what's happening after the end of Brexit transition period.... but they say they have a contract with the LSE, so "it should be ok".
The cust serv guy will check with some internal expert and email me back tomorrow.

Frankly, that's a bit woolly.

I really don't want to be forced to sell out of my holding on the LSE and re-purchase them away from the LSE.
There tends to be much more liquidity on LSE than e.g. ISE.

There are a lot of potentially affected dual-listed shares: https://www.degiro.co.uk/data/pdf/uk/Brexit_ESMA_DEGIRO_Affected_Products_EU.pdf

Did you also get an email from degiro this week that you can transfer a duel-listed share by emailing them on ca@degiro.ie?
I have BIRG and emailed them about it. Haven’t heard yet. The email mentions doing it by Jan 15th 2020, but I assume that’s a typo.

From the email:

“
Options for your dual-listed shares in the scope of the STO

As mentioned, the trading obligation will take effect as of 1 January 2021. Below are your options for your investment(s) that are in the scope of the obligation:

-Sell before 1 January 2021:Sell your shares prior to the trading obligation taking effect. The regular transaction fee as per our Fee Schedule for selling on the LSE would be incurred.

-Transfer:Transfer your shares to the European equivalent exchange. If you choose this option and send an e-mail to ca@degiro.ie before 15 January 2020 requesting to transfer your shares to an EU listing, we will process the transfer free of charge. Please keep in mind that we cannot guarantee that the transfer will be successful. Additionally, a transfer can take a few days to a few weeks to complete. After 15 January 2020, it will still be possible for you to request a transfer of your shares to a European Exchange. In this case, the fees would be around €25. Depending on the product, a stamp duty of 1.5% could be applicable.

-Do nothing:You are able to hold onto your shares. Due to the uncertainty around this matter, it is hard to say what could happen in the future. However, you do have the option to wait and see.
“