How To Transfer Stocks From Robinhood: Complete Explanation From An Expert
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Are you looking for ways that can teach you how to transfer stocks from Robinhood to other platforms? If yes, then you are on the right page, because in this article, we are going to tell you everything you will ever need to know about how to transfer stocks from Robinhood account to your own account on some other trading platform. But what makes this article better than other articles on the internet?
The answer is simple: this article takes into account the knowledge of Ezekiel Chew, one of the most trusted names in the trading industry. Ezekiel has years of expertise in the investment market, and his strategies have helped thousands of aspiring traders around the globe.
There can be a lot of reasons why people might be looking forward to changing their trading platform. You might want to try something new, or you had some issues with your current platform. However, a lot of people often face difficulties when they want to transfer stocks from one platform to another. Read on as we discuss how can you transfer stocks from one platform to other.
How to Transfer Stocks from Robinhood – Outbound Transfer
Is there a way in which you can transfer stocks from RobinHood? A lot of Reddit users have answered and showed how you can do it using the Fidelity platform. Fidelity is a free and really simple & easy to use platform, and many Reddit users are already shifting their operations to the Fidelity platform.
You open an account with Fidelity and have them request a transfer of all your assets stored on the RobinHood platform. Once you have done that, approve the process you have initiated with your Robinhood account, and pay the required transfer fee of $75 transfer fee from RobinHood. And that’s all.
Another user suggested that you also have an option where you can sell your shares on Robinhood without having to pay the $ 75 fee. However, this solution gives rise to another problem. If you in fact sell the shares you currently own, you might face a scenario where you will be applicable to the trigger capital gains tax. If you are required to pay this tax, you might end up paying more than the transfer fee associated with the Robinhood share transfers.
If you have a look at the official website of the RobinHood Securities, LLC trading platform, you will get a better understanding of how everything works. However, in order to help you better, we will try to summarize all the information and everything here. If you are planning to make such a transfer, you have the option to do so by transferring your shares or stocks to the Automatic Customer Account Transfer (or ACATS) Service.
Users still have the option of choosing a partial or full transfer. Your decision ultimately will lead to a RobinHood account closure later. If you want to shield or hide your account, it would be ideal for you to opt for a partial transfer path. However, there is a catch: the $ 75 transfer fee.
Before you can even initiate a transfer, it is vital for you to ensure that your Robinhood account must not have any restrictions of any kind or, pending payments, or negative balances. If there is an issue, the transfer might be delayed until you are able to resolve everything. To initiate a transfer related to your account, you can contact an independent broker or another brokerage company, and you can request them to initiate the transfer for you.
In simple terms, it means that you need to have another brokerage account with a different broker so that you can initiate any transfer. At your demand, the broker or the brokerage company you opted for will contact RobinHood, and if everything goes fine, they will kickstart the process.
However, Robinhood, the company itself suggests that users should only opt for ACATS when it comes to transferring the funds. You may find other options that help you transfer funds, such as DTC, or even the transfer agent transfer method, but ACATS is possibly the safest option for transferring your funds.
However, if you still want to proceed with other methods, you might need the Robinhood Securities (RHS) account number because your new broker might ask for it. In case he asks for the same, you can find your RHS number easily by going to your account and clicking on the “Invest” section. If the brokers also request Robinhood’s DTC, it is 6769.
Can You Transfer Stocks from One Robinhood Account to another on the same Platform
As of now, there does not seem to be a way using which you can transfer stocks from one Robinhood account transfer to another on the same platform, and there is a good reason behind the same. The process of transferring stocks from one account to another is often considered to be a complex task primarily because you need to follow several tax obligations when it comes to transferring stocks.
In case, you really need to transfer stocks from one Robinhood account to another, it is recommended that you should get in touch with customer support. You can try and explain your problem to them, and it might be the only way out. However, this does not mean that the Robinhood platform does not allow you to transfer stocks on its platform at all. There are two primary stock transfer options Robinhood provides to its users: Inbound Transfers, and Outbound Transfers.
You can also make use of the ACAT transfer or Automated customer account transfer service in order to move your stocks and case from Robinhood to other brokerage accounts. If you want to close your Robinhood account, you can transfer all your stocks completely. Else, if you still want your Robinhood account to remain active, you need to leave some stocks or cash in your account at all times.
It is worth noting that the Robinhood brokerage account charges a 75-dollar fee every time you make a transfer, whether it is a partial or full transfer. It is also important to make sure that all your dues and negative balances are cleared so that you do not experience any delays in the transaction.
How to Transfer Stocks from Robinhood to Sofi and other Brokerages
The process involving the transfer of shares from your brokerage account to TD Ameritrade is quite similar when compared to other brokers. However, before we can get to that part, it is vital for you to understand what separates a partial transfer from a full transfer.
As soon as you initiate a full transfer, your account with Robinhood will lock by the company. Robinhood claims that they do this to ensure that the transfer process is completed smoothly. It also means that after you click on the transfer button, you can no longer use your Robinhood LLC account to buy or even sell additional shares. Furthermore, you cannot withdraw funds, add funds or even process multiple transactions.
However, despite the account closure, you still have complete ownership of all your securities and various positions. Once the transfer process of shares is complete, you can follow up or get it updated with your broker so that your account can reflect the current value as per the market.
After your Robinhood account is shut, you might go for other assets. However, it only is a residual whip. A residual whip is a process that involves transferring securities that may stay in your account even after the transfer process is completed using the ACATSs. It is to ensure that you don’t suffer from any loss after closing your Robinhood/brokerage account.
Residual checks are fairly common, and if you have out-of-the-box trades or outstanding dividends on your shares, and you have initiated the transfer process. You might go through a residual check every week, especially after the first transfer and once the process is automated for better efficiency.
However, what if you do not wish to shut down your Robinhood brokerage account? What if you are only required to transfer a few shares to a new brokerage platform? If you are in a similar situation, you should consider transferring your shares with a partial transfer. Just like in a full transfer, your account will remain frozen until the transfer process is completed.
The major difference in this process is that your brokerage account will not be closed completely and only selected assets that you wish to transfer will be transferred. Everything will be maintained as it is and your information would also be updated automatically to show the new market values.
Other Fees Associated with Robinhood
Robinhood LLC has explained that they are trying to get rid of the brokerage and transfer fees as much as possible. Their claimed motto is the democratization of finance for all. In simple terms, it means to lower the entry limit.
Robinhood tries to stand by its statement as they do not charge you anything for opening, closing and maintaining a brokerage account with their platform. Robinhood doesn’t charge any of the following fees or charges either: transfer fees, inactivity fees, card exchange fees, and even network of the ATM fees. An account with Robinhood simply means that there are no bank transfer fees.
They will not ask you for anything when it comes to transferring money between your own bank account, and to the broker’s bank/brokerage account. The only fee you need to pay on the platform is when you are planning to transfer shares, which is an ACATS transfer charge of $ 75.
Special Offerings from Ameritrade and Sofi
One of the major reasons why a lot of people prefer the TD Ameritrade trading platform over the Robinhood platform is because of the former’s ability to transfer a user’s assets from one brokerage account to a different account. It may seem like a small difference but it is highly useful in case you need to donate/transfer a part to someone or another account so that they no longer need to spend money additionally on the part.
To transfer shares from the TD Ameritrade account to the Robinhood account, you must first complete an online application in order to open an Ameritrade brokerage account. Once your account is opened, log in to your account. Then, click on the account settings option, and spot the “Account Transfer” option.
You may be asked by the platform to provide some specific and detailed information such as your RHS number and if you have DTC listed. Then the employees at Ameritrade will manage everything for you. It’s going to be a simple and hassle-free experience.
As far as SoFi Investment is concerned, they are throwing a special offer for all the users who have a much higher potential for transmission capabilities. As we have already mentioned, when you are using the Robinhood platform, you need to pay $ 75 as the ACATS fee. However, the case is a bit different with SoFi Investment.
The SoFi company will cover you, or charge nothing if you are in dealing with assets not worth more than 5,000 dollars. However, if the amount exceeds $5,000, you might need to pay a transaction fee.
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Conclusion: How to Transfer Stocks from Robinhood
Robinhood is one of the most popular brokerage platforms, and thousands of users make use of the services offered by the platform on a regular basis. Now, a lot of people are often confused when it comes to transferring assets from the Robinhood securities platform, and there is a good reason behind the same.
Robinhood does not allow you to transfer stocks or assets from one account to another on the same platform. However, Robinhood does not stop you from transferring funds or assets to a different brokerage account on a different platform. Before you can even initiate a transfer, it is vital for you to ensure that your Robinhood account must not have any restrictions of any kind, pending payments, or negative balances.
If there is an issue, the transfer might be delayed until you are able to resolve everything. To initiate a transfer related to your account, you can contact an independent broker or another brokerage company, and you can request them to initiate the transfer for you. In simple terms, it means that you need to have another brokerage account with a different broker so that you can initiate any transfer.
How to Transfer Stocks from Robinhood FAQs
Can you transfer stocks from Robinhood?
As of now, there does not seem to be a way using which you can transfer stocks from one Robinhood account transfer to another on the same platform, and there is a good reason behind the same. The process of transferring stocks from one account to another is often considered to be a complex task primarily because you need to follow several tax obligations when it comes to transferring stocks.
In case, you really need to transfer stocks from one Robinhood account to another, it is recommended that you should get in touch with customer support. You can try and explain your problem to them, and it might be the only way out. However, this does not mean that the Robinhood platform does not allow you to transfer stocks on its platform at all.
There are two primary stock transfer options Robinhood provides to its users: Inbound Transfers and Outbound Transfers. You can also make use of the ACAT transfer or Automated customer account transfer service in order to move your stocks and case from Robinhood to other brokerage accounts. If you want to close your Robinhood account, you can transfer all your stocks completely.
Else, if you still want your Robinhood account to remain active, you need to leave some stocks or cash in your account at all times. It is worth noting that the Robinhood brokerage account charges a 75-dollar fee every time you make a transfer, whether it is a partial or full transfer. It is also important to make sure that all your dues and negative balances are cleared so that you do not experience any delays in the transaction.
How long does it take to transfer stocks from Robinhood?
Transferring assets from Robinhood platform to another platform is a rigorous process, and there are several steps involved in the process itself. In case, you really need to transfer stocks from one Robinhood account to another, it is recommended that you should get in touch with customer support. You can try and explain your problem to them, and it might be the only way out.
However, this does not mean that the Robinhood platform does not allow you to transfer stocks on its platform at all. There are two primary stock transfer options Robinhood provides to its users: Inbound Transfers and Outbound Transfers. The Inbound and Outbound transfer have their own set of benefits and requirements, and you should gain knowledge of them before you can jump into investments.
The process takes a long time, and we cannot be sure how long will it take. It is recommended that you stay in regular touch with the customer executives in order to remain aware of the status of your transfers.
