Effortless Account Transfers
Transferring your assets to froots is easy. Our support team has existing relationships with most financial institutions in Austria and will take care of everything, making the process as seamless as possible.
How it works
1. Initial Consultation
Before speaking about a transfer, a mutual understanding of your situation and objectives needs to be achieved, this includes a look at existing investments.
2. Opening your froots Account
If we both agree that froots would suit your financial journey, we will open an account in your name without incurring any costs.
3. Preparation & Coordination
Our experts will define the most cost and time-effective way to transfer your assets. Once agreed, our team communicates directly with the institutions holding the assets and takes care of everything.
4. Completion
As soon as the transfer is complete, we will adjust the asset allocation according to the previously agreed strategy. We will inform you once it’s done, but you don’t have to do anything.
Why leave froots in charge?
Expertise
Factors like the liquidity, asset allocation and the specific institution define which strategy for transferring your assets is most cost- and time-effective. Our team knows exactly what to look for.
Established Relationships
We have strong ties with most financial institutions. This ensures a smooth transition and helps to keep you out of the bureaucratic loop.
No-Cost
froots will never charge fees for their support on transferring existing assets, or opening an account. If the institution that you leave tries to charge a closing fee, we will negotiate on your behalf.
Minimal Effort
Except for confirming that you agree with the transfer, you will not have to do anything. Our team takes care of all the bureaucratic details, so you can focus on other things.
FAQ about Account Transfers
How long does the transfer process take?
Transfer times vary but typically are complete within a couple of weeks. We provide regular updates to keep you informed.
Do I need to get in touch with my old bank in order to start the account transfer?
We can manage the account transfer for you together with our (new) partner bank.
We will then forward the information to your existing bank.
However, it is an advantage to have a contact person at the old bank for any questions.
Are there any fees for transferring my account?
froots does not charge fees for account transfers. If your current institution does try to charge exit fees, we will negotiate on your behalf.
How do I track the status of my transfer?
Our team provides regular updates on the progress of your transfer. You can also contact us anytime for the latest information.
Can I transfer multiple accounts at once?
Yes, we can handle the transfer of multiple accounts to consolidate your assets effectively, or divide one existing portfolio over multiple froots accounts.
Will transferring my account affect my tax situation?
Our advisors will work with you to understand any potential tax implications and help you plan accordingly to minimize any impact.
Can froots handle international account transfers?
Yes, we have experience with international transfers and can help you navigate the process of moving assets from foreign institutions.
For whom does an account transfer make sense?
There is no one-size-fits-all answer, as various factors and needs must be taken into account. We offer advice on switching to froots for people with existing portfolios worth more than EUR 50,000.