Trade Republic offers current accounts in France

The German neo-broker Trade Republic obtained a bank licence issued by the European Central Bank to operate its services in Europe in December 2023. Its ambitions to deploy daily banking services were already Realized in Germany, but it is now also in France that Trade Republic can offer its current accounts to its local customers.

FACTS

• Trade Republic's French customers will now be able to open a paid current account (3% without ceiling) with a French IBAN at the neo-broker.

• This announcement is made earlier this year by Trade Republic. Matthias Baccino, Head of Europe Trade Republic, explains that this launch is overseen by the ACPR, the Banque de France and the AMF for the investment part.

• Like any current account, Trade Republic states that the one it now offers allows its customers to house their wages, make transfers (including instant transfers), or pay bills or make daily purchases by card.

• Card purchases also benefit from 1% cashback and are free abroad.

• French customers who used a German security account so far will be able to migrate to a French security account by February.

• Trade Republic also takes advantage of this announcement to formalise the launch of its French PEA free of charge, allowing up to 150 000 euros to be invested and benefit from a capital gains tax exemption after five years.

ISSUES

• Surf on a local success : If Trade Republic chose to target the French territory just after its national territory to launch its second local current account offer, it is because France represents its second market today. Launched in 2021 in France, Trade Republic now claims more than 1 million customers.

• Diversify its offer : Trade Republic in January 2024 celebrated its fifth anniversary with a first profit and the launch of a payment card associated with cashback. More than an online brokerage application, the service moves into a more complete banking offer today.

PERSPECTIVE

• Trade Republic takes advantage of the announcement of this new launch, and the beginning of the year, to take stock of its activities. The new dealer now has 8 million users for its services and over 100 billion euros of assets under management.

• He also announced that he had made profits on his 2024 fiscal year.

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