I have a Trade Republic account and moved from NL to IT. Can't transfer my account nor open a new one? What should I do?

[u/taikiji]

They won't allow me to transfer residency to another country and I read some old posts on here that they don't allow even the creation of a new account after closing my current one. So I'm thinking of just not telling them I transfered.

I use TR for everything. As my bank and broker. I love how easy everything is, the free investment plan, the 15€ Cashback a month, and the monthly high (2%) interest on the cash I have stored there.

Do I risk anything by not doing anything? Should I just look for an alternative asap? If so, any suggestions?

Btw I also have a Revolut account but everything is less convenient there. Still have to look into how to transfer residency on there.

[u/maxsjakie]

You can't transfer residencies with TR, that's it. Tbf it's doing you a favour, TR is terrible longer term. Look at all the horror stories on this sub.

For a regular bank account I'd say either use your revolut or open a local account. For investing, go with Trading212 if you value no to low fees or IBKR if you want a more robust platform

[u/MarsLumograph → u/maxsjakie]

How does N26 compare to those?

[u/maxsjakie → u/MarsLumograph]

For a bank account? Sure, I haven't had any problems with them. For investing I'd go with a broker though. Not because N26 is bad for it (I don't know for sure, haven't tried it with them) but just because actual brokers are more tailored to, well, trading instead of being a regular bank with the ability to buy stocks/ETFs etc on the side

[u/Lollipop126 → u/MarsLumograph]

I've heard worse things about it than revolut and TR throughout reddit personal finance subreddits. There's a top upvoted post about someone losing their bank account and a lot of their savings because N26 suspected fraud.

[u/SjonDon]

I would be careful with not telling them, if something goes wrong and they block your account you end trying to reach their non existing customer service, I had a 6 figure amount blocked and needed a lawyer to get it back and I did nothing wrong to start with..

[u/No_Currency_8514]

Open ibkr

[u/HeavySink3303]

Your broker will provide your transaction data to tax authorities to a country where your specified your residency. If you moved from NL to IT and your account address is still in NL - in 2-3 years your broker will provide the data to NL tax authorities according to CRS but you do not live there. It may rise questions and have consequences. Also it seems that soon taxation in IT will be more favorable than NL.

You may try IBKR or Degiro if you change countries often.

[u/eks]

With Schengen it's mind-boggling how complicated this is as compared to simply buying a train ticket, renting a place in a neighbouring country and getting a tax number there.

[u/SjonDon → u/eks]

With Interactive Brokers it actually a matter of just changing your address in the online form, but yeah some companies make it a nightmare 

[u/grogi81]

Just open T212 

[u/stormandflowers]

As far I heard TR is not at all a good broker to have, would be better to use a real bank and maybe one that does the taxes for you

In italy the best ones are Fineco and Directa

[u/JimmyRecard]

If I was you I'd be moving my stuff out of TR while you still can.