Consolidate Your Savings: Move Your Funds to Quartal
Gathering your fund portfolio in one place provides a better overview and simplifies your financial management. Quartal assists you with the entire transfer process from other banks or custody accounts.
How to Transfer Funds
The process is straightforward and can be completed digitally:
- Log in: Access the online bank or mobile app.
- Select Funds: Choose the source bank and the specific funds you wish to transfer.
- Approve: Confirm your selection. You will receive an SMS notification when the transfer agreement is ready for digital signature.
Once approved, the transfer typically takes 6 to 8 weeks to complete.
Advantages of Consolidation
- Better Overview: Monitor all your holdings, including both Quartal funds and external funds, in a single interface.
- No Immediate Tax Effect: Since you are moving existing units rather than selling and buying, the transfer does not trigger capital gains tax.
- Simplified Reporting: Receive a consolidated annual statement for your entire portfolio, making tax season easier.
- Ease of Trading: Once moved, you can buy and sell these funds directly through the Quartal platform.
Common Questions
Is there a fee for moving funds?
Quartal does not charge a fee for incoming transfers. However, your current bank or fund company may charge a fee for the outgoing transfer. We recommend checking their price list beforehand.
Which accounts can I move?
You can move funds held in a traditional custody account, a fund account, or an Investment Savings Account (ISK). Note: Funds held in capital insurance or pension plans generally cannot be moved through this automated process.
Does the move affect my taxes?
No. Because the units are moved rather than sold, no profit or loss is realized during the transfer. Tax on any gains is only paid when you eventually decide to sell the units.
How long does it take?
The standard processing time is 6 to 8 weeks, depending on the response time of the surrendering bank.
