How to Transfer Your PEA to a New Broker in France
Your PEA is at a traditional bank with high fees? The good news: you can move it to an online broker without losing a single day of tax seniority. The 5-year clock keeps running during and after the transfer.
Why Transfer Your PEA?
The main reason is fees. A PEA at a traditional French bank typically costs €5–15 per trade order, plus annual custody fees of 0.2–0.5% of your portfolio. At an online broker, fees are around €1 per order with no custody fees.
Over 20 years of monthly DCA at €200/month, the difference in fees between a traditional bank and an online broker can represent €10,000 to €25,000 less capital at the end.
Other common reasons: better ETF selection, cleaner interface, no commercial pressure from your bank advisor.
A PEA transfer does not reset the clock. If your PEA is 3 years old, it will still be 3 years old after the transfer. The new broker inherits the exact opening date of your plan. This is legally required.
The 4-Step Transfer Process
Step 1 — Open a PEA at the new broker
First, open a PEA at your new broker (Trade Republic, Bourse Direct, BoursoBank, Fortuneo…). Account opening typically takes 1–5 business days. You can only hold one active PEA per person — but having two temporarily open during the transfer process is allowed.
Step 2 — Request the transfer at the new broker
It's the new broker that initiates and manages the transfer, not the old one. In your new account's client area, find "Incoming transfer" or "Account transfer" and fill in your old PEA details (institution name, account number). Sign the transfer mandate.
Step 3 — Old broker liquidates or transfers the securities
Two scenarios:
- In-kind transfer: securities are transferred as-is if both brokers support the same instruments. Faster, no forced sale.
- Cash transfer: old broker sells all your holdings, transfers the cash, and you repurchase at the new broker. May leave you out of the market for a few days.
If you hold common PEA-eligible ETFs (CW8, EWLD, Amundi MSCI World), in-kind transfer is often possible.
Step 4 — Confirmation
Once complete, your new broker confirms receipt with the balance and your PEA's original opening date. Verify this date matches your original account opening — it should appear in your account dashboard.
Timeline and Fees
| Step | Typical Duration |
|---|---|
| Open new broker PEA | 1–5 business days |
| Transfer mandate processing | 1–2 weeks |
| Securities or cash transfer | 1–3 weeks |
| Total average duration | 3 to 6 weeks |
Transfer fees (outgoing broker)
Your old broker is legally allowed to charge transfer fees, typically €15–25 per line of securities. A portfolio with 3 ETFs: €45–75. Some cap at €150 total.
Reimbursement by the new broker
Most online brokers reimburse transfer fees up to a certain amount (usually €100–200) on presentation of your old broker's fee statement. Check the current conditions when you apply — this is standard commercial practice.
During the Transfer: What Happens?
During the 3–6 weeks of the transfer, you cannot place orders on that PEA. The securities are "in transit." The PEA continues to exist for tax purposes and your seniority continues accumulating — you simply cannot trade during this period.
If you have a scheduled DCA at your old broker, suspend it before initiating the transfer to avoid pending orders blocking the process.
Best Brokers to Transfer To
| Broker | ETF order fee | Custody fees | Transfer reimbursement |
|---|---|---|---|
| Trade Republic | €1 | €0 | Check current terms |
| Bourse Direct | €0.99 | €0 | Often yes (up to €100) |
| BoursoBank | €1.99 | €0 | Often yes |
| Fortuneo | €2.95–€6.95 | €0 | Sometimes |
Track your PEA after the transfer
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Create account →Frequently Asked Questions
Does the transfer reset the 5-year tax clock?
Never. Tax seniority is fully preserved in a PEA transfer. If your plan was opened 4 years ago, it will still be 4 years old after the transfer. This is a legal requirement the new broker must respect.
Do I need to close my old PEA before opening a new one?
No. Open the new PEA first, then request the transfer through your new broker. The new broker initiates the process with the old one. During the transfer, having two PEAs open simultaneously is legal in this specific context.
Can I transfer a PEA that's currently at a loss?
Yes. Whether your PEA is in profit or loss doesn't affect the transfer process. However, if the transfer is done in cash (forced sale), the loss is crystallised within the PEA — it can't be used to offset gains elsewhere.
How soon after the transfer can I place orders?
As soon as your new broker confirms receipt and credits the securities or cash, you can start trading. Typically within a few days of the transfer completing.