Transferring your PEA to another institution: procedure and costs

Transferring an entire PEA (equity savings plan) from one institution to another is not a withdrawal. The BOFiP (French tax authority) explicitly states this, and the plan's tax advantages are preserved. In most cases, the new institution handles the transfer process. Transfer and closing fees are capped. According to the AMF (French Financial Markets Authority), the cap is €15 per listed stock, €50 per unlisted stock, and €150 in total (2020 and 2024 pages). These amounts should be confirmed with both institutions before the transfer.

What this page does not cover

• The PEA insurance. The texts read refer to a "managing body" without describing a transfer specific to this plan.
• The partial transfer. The BOFiP rule aims for the transfer of all securities and cash. The treatment of a partial transfer is not described in the text read.
• The transfer after leaving France. This is the subject of another page, on the fate of the PEA in case of departure.
• The fees actually charged by a given establishment. No source reviewed for this page provides them: it only contains ceilings.

Key figures

Why a transfer is not a withdrawal

The BOFiP sets out the rule: "The transfer of an equity savings plan (PEA) from one managing body to another does not constitute a withdrawal", provided, according to the same paragraph, that the transfer covers all the securities and cash included in the plan.

The difference matters. A withdrawal before five years generally results in the closure of the plan, with the gain being taxed. A complete transfer does not trigger anything of the sort. The AMF and economie.gouv.fr websites state that the tax advantages are preserved.

It is possible to transfer your plan: the BOFiP (French Official Tax Bulletin) indicates that the account opening agreement stipulates the conditions under which the account holder can transfer their plan, including any associated fees. Review this agreement before taking any action.

The process, step by step

1. Contact the new establishment. According to economie.gouv.fr and the AMF, in most cases it is he who takes care of the procedures with the former.
2. Obtain the reception plan identification certificate. It is established by the new body. The holder submits it to the first manager (BOFiP § 1).
3. Allow the transfer to take place in three stages. First the cash, then the securities line by line, finally a tax slip transmitted by the originating institution.
4. Check what the previous manager is passing on. According to the BOFiP (Official Bulletin of Public Finances), the first manager communicates to the new manager:
   • the opening date of the plan; ;
   • the cumulative amount of payments, less payments corresponding to previous withdrawals or redemptions that did not result in closure; ;
   • the information provided for in Article R. 96 D-1 of the Book of Tax Procedures; ;
   • the elements necessary for calculating any subsequent social security contributions.

If the plan contains unlisted securities, the BOFiP also provides for the transmission of their management documents to the new body.

Fees: what is capped

The AMF writes that transferring a PEA from one institution to another generally incurs transfer fees, and that certain fees related to the PEA have been capped since July 1, 2020. The amounts below are those indicated by the AMF.

Three points to clarify:

• These ceilings are maximums, not rates. An establishment may charge less.
• The ceilings are subject to revision. The AMF wrote on July 10, 2020, that these rates may be reviewed every three years to account for inflation. The last official page reviewed for this page, which reiterates them, is dated May 3, 2024. No reviewed page provides the amounts in effect as of October 17, 2026: request this information in writing from both institutions.
• The transfer is not the only cost to compare. Other PEA fees are also capped, including custody fees and transaction fees, according to the AMF. These should be compared between different institutions before making a choice.

The time limit, and the recourse in case of a blockage

According to the AMF (page dated 11/09/2019), no maximum time limit is stipulated by law. Beyond one month, the AMF advises contacting both institutions to verify that the transfer is in progress.

If no progress is made, the same page describes an appeal process. A written complaint to the institution must first remain unanswered for two months, or receive a negative response, in whole or in part. The AMF mediator can then be contacted. However, the mediator cannot be contacted more than one year after the written complaint, nor if the dispute has already been examined, or is currently being examined, by another mediator or by a court. These conditions date from 2019: please review the AMF page before taking action.

Don't confuse: transferring the plan, transferring a title

Transferring a PEA (Equity Savings Plan) changes the institution holding it. Transferring a security from the PEA to a securities account is a separate operation. According to the AMF (French Financial Markets Authority) (page dated September 11, 2019), for a security that has become ineligible for a standard PEA, it can be sold within the plan to retain tax advantages, or transferred to a securities account. Before five years, this transfer of securities will automatically close the PEA. After five years, the plan will remain open.

Numerical example (fictitious profile)

Situation. Mathilde, an executive, opened her PEA (French equity savings plan) in March 2023. She wants to consolidate it with her other accounts and is changing banks. Its exact composition is not specified here: three hypothetical scenarios are compared, each of which could represent Mathilde's plan. Plan A has 5 listed stocks; Plan B, 8 listed stocks and 2 unlisted stocks; Plan C is entirely liquid. All three were opened in March 2023.

Issue. Regardless of the specific circumstances, the plan is less than 5 years old. She is hesitating between a complete transfer and selling everything, followed by a withdrawal and opening a new plan elsewhere.

Strategy. Exclude withdrawals: before 5 years, they generally lead to the closure of the plan. Consider the full transfer, which is not a withdrawal, and calculate the fee cap applicable to each of the three plans.

Result.

In Plan B, the sum of the limits per line (8 × €15 + 2 × €50 = €220) exceeds the total limit: fees cannot exceed €150. This figure is a maximum indicated by the AMF (French Financial Markets Authority) as of the date of its 2020 and 2024 pages. The fees charged may be lower. These typical cases are hypothetical. The figures illustrate the mechanism and do not predict your specific situation.

What changes depending on your situation

• The type of plan PEA (Equity Savings Plan) held with a bank or financial institution: PEA (Equity Savings Plan), insurance PEA, or PEA-PME-ETI (Equity Savings Plan for SMEs and Mid-Sized Companies). This page focuses on PEAs held with a bank or financial institution.
• The number of lines, listed or not, which affects the fee cap.
• The share of liquid assets : a fully liquid plan is in principle exempt from transfer fees.
• The opening contract, which sets out the conditions of the transfer, including the costs incurred.
• Your tax residency situation, if a departure from France is being considered: this case is not addressed here.
• A complete or partial transfer : the rule cited aims at the complete transfer.

No results are promised.