The online broker trading republic increasingly wants to compete with classic banks and also offer control of bills in Austria. In addition, the platform must be “tax rate”, the board of Julian Collin announces in the “Krone” interview. Income from shares and the like must be taxed uncomplicated.
“Last year the Austrians lost 9 billion euros in interest because they did not get the ECB interest in their account,” says Handels Republic -Baas Julian Collin. He wants to expand with his bank in Austria and promises to pass on interest from currently 2.25 percent to customers – unlimited, as Collin emphasizes.
The account must be free, so there must be no costs. This also gives the “Neobanken” industry, the most important are the N26 bank that was founded by Austrians and the Bank Revolut from Eastern Europe.
It is executed automatically with taxes
Moreover, the Trade Republic will become “tax rate” in the future. “As a result, customers no longer have to explain their tax at the end of the year. We now do this automatically and optimized,” says Collin. A branch was erected and the supervision checked the bank.
Trade Republic currently has 100,000 customers in Austria. In general, one is represented in all Euro countries, with the exception of the youngest member of Croatia. It is also new that an Austrian IBAN will be available in the future. “With this, all Austrians can also get their salary on this account,” says Collin.
“Self -commission is hardly financed”
According to the boss of the “Krone”, the most important focus of the trade republic. “Pension systems are already massively supported by tax money, self -provision is hardly financed,” says Collin. However, he does not see his platform as a “broker” to speculate about the stock market, but as a savings platform to create a fortune in the long term.
The online bank market is competitive. Many fight for the growing market from investment platforms to smartphone banks. Online offers have the advantage that the costs are low, but personal support is often missing.
Let Börsen-Quake crash app
Trade Republic was recently focused because the app crashed when Trump had the stock market courses crashed with his customs plans. However, this was resolved relatively quickly and other trade providers were also affected by disorders. The reason was countless access to the app because many investors feared their share portfolio and therefore wanted to look into the app.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
