How To Move Stocks From Robinhood To SoFi 2023? [Easy Steps]
Are you considering switching your investments and wondering how to move stocks from Robinhood to SoFi? Perhaps you're enticed by the user-friendly interface, low fees, or unique features offered by SoFi.
Moving stocks from one brokerage to another can seem huge regardless of your reasons. However, it doesn't have to be if you know the right steps and procedures.
This article will offer a comprehensive guide that breaks down the process into simple, easy-to-follow steps. With this guide in hand, you'll be sure to navigate the complexity of stock transfer confidently and easily.
How To Move Stocks From Robinhood To SoFi?
To move your stocks from Robinhood to SoFi, you must utilize the Automated Customer Account Transfer (ACAT) system inside SoFi Invest. Start by asking for your current broker's clearing or Depository Trust Company (DTC) number.
It's important to note that while SoFi won't charge you any fees for this service, other firms involved may do so. Furthermore, make sure to allow 1-2 weeks for this process to be fully completed.
- Open your SoFi Invest account: You need an active account with SoFi to initiate a transfer. You can sign up here if you don't have an account yet.
- Initiate the ACAT transfer: ACAT stands for Automated Customer Account Transfer, the standard method for transferring securities from one brokerage to another.
- Click the "Add Cash" option: Here's a tiny twist - instead of adding cash, we will go for a different route that leads to the “Additional Transfer Options."
- Click on "Transfer an Account": You are on the right track toward accomplishing your task.
- The last step is filling out the required field: Ensure you have sufficient information regarding your Robinhood account handy for this step.
Once you've submitted all necessary information, you wait; it usually takes 5-7 business days to complete the assets transfer process.
What Is ACAT?
ACAT, short for Automated Customer Account Transfer, is a system that facilitates the transfer of securities from one brokerage firm to another. Think of it as a courier service for your stocks and investments. Rather than cashing out and re-investing, an ACAT fine-tunes the process, making it more time-efficient and less complicated.
This transfer system allows you to move various investments, including mutual funds, bonds, and stocks like those from Robinhood to SoFi. Most brokerages in the U.S., including Robinhood and SoFi, support ACAT transfers, which is why we'll use this method for our stock transfer process.
How do I transfer assets to SoFi Invest account as an ACAT?
To shift your assets from Robinhood to SoFi, you'll use ACAT (Automated Customer Account Transfer). This term might sound big, but it's nothing more than the system enabling brokers like SoFi to securely and efficiently handle investment transfers for you securely and efficiently.
Here are the step-by-step instructions for conducting an ACAT transfer on SoFi's platform:
Via the SoFi App:
- Open the SoFi app on your mobile device.
- On your screen, tap on 'Invest'.
- Scroll until you find 'Transfer Assets' and tap it.
- Follow the prompts to initiate and complete an ACAT transfer.
Through the SoFi Website:
- Log into your account on the SoFi website.
- Locate 'Invest' on the top bar of choices and click it, which should unfold a dropdown menu.
- Find and click 'Transfer Investments'.
- Select the account from which you'd like to transfer assets.
- Finally, click 'Transfer Investments' again to begin moving your investments.
Does SoFi reimburse Any fees To Move Stocks From Robinhood To SoFi?
SoFi is dedicated to making the transition as smooth as possible for you, and part of that commitment includes helping with potential transfer fees. While most companies often charge for the administrative effort of moving assets (an 'ACAT Outgoing Fee'), SoFi covers you. Here's how it works:
If your current brokerage firm charges a fee for transferring your stocks to SoFi, don't worry. SoFi will generously cover up to $75 of any ACAT Outgoing Fees you may incur, provided the stock transfer you're making is worth $5,000 or more.
This policy goes a long way toward minimizing the financial burden of making stock moves. It's one less thing to worry about so that you can focus more on strategizing your next investment moves on SoFi's platform after the successful transfer.
How To Know The Status of ACAT?
You can stay updated with your ACAT transfer status by contacting a licensed Investment Specialist at SoFi. You can reach them either by phoning 855-525-7634 or chatting online.
They are ready and fully equipped to provide clarifications and offer assistance during any stage of the transfer process. In this way, you're assured that someone reliably tracks your assets' movement and ensures a smooth transition from Robinhood to SoFi.
FAQs About Move Stocks From Robinhood To SoFi
Can one freely transfer stocks from Robinhood to SoFi?
Yes, you can transfer stocks from Robinhood to SoFi, but ensure that your account is in good standing and you must have a sufficient balance to cover the transfer fee.
How does one initiate a stock transfer from Robinhood to Sofi?
On your SoFi app, navigate to the 'Invest' page, select 'Transfer an account' and follow the prompts.
Who covers the stock transfer cost when moving stocks from Robinhood to SoFi?
Robinhood charges the $75 stock transfer fee. However, SoFi may reimburse this charge if certain criteria are met.
How long does it take to complete a stock transfer from Robinhood to SoFi?
Typically, full or partial stock transfers can take 5-7 business days.
Can I sell my stocks on Robinhood before transferring them to SoFi?
While you can sell your stocks anytime, any open trades when initiating the transfer will cause the process to be rejected.
Can I choose which individual stocks I want to be transferred from my Robinhood account to my SoFi account?
Yes. By selecting partial stock transfers, you can select which securities you want to be transferred.
Making the switch from Robinhood to SoFi can seem like a daunting task. However, armed with the right knowledge and guidance, you'll find the process relatively straightforward and hassle-free. By understanding how ACAT works and being aware of potential fees, you set the groundwork for a successful transfer.
From there, it's merely a matter of initiating the transaction through your SoFi account. Remember to stay patient, as this process can sometimes take a few weeks to complete. With these tips in hand, you're all set for a smooth and successful transition of your stocks from Robinhood to SoFi.