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How to Transfer Stocks from Robinhood to Fidelity?

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Robinhood is an American financial service provider that offers commission-free investing. Fidelity, on the other hand, is one of the largest American asset managing companies. Fidelity is a brokerage firm that manages family funds and provides investment and fund distribution advice. You may use Automated Customer Account Move Service (ACATS), to transfer equity and cash from one brokerage to another.

Steps Involved in Transfer of Stocks from Robinhood to Fidelity

ACATS may be used to transfer funds from Robinhood to Fidelity. You may conduct a partial or full transfer of funds and stocks. However, if you wish to transfer from Robinhood fully, they will terminate the account once the transfer is over. Also, the transfer of funds from Robinhood, partially or fully, costs $75.

Below are the steps required to make the transfer:

  • Step 1: Login or create a Fidelity Account.
  • Step 2: Once logged in, select “Transfer” 
  • Step 3: From the drop-down menu, select “Transfer account to Fidelity.”
  • Step 4: Choose the brokerage account you wish to transfer to Fidelity. In this case, enter Robinhood into the search bar.
  • Step 5: Enter your account number associated with the Robinhood account.
  • Step 6: Next, you need to confirm the process of transferring Robinhood assets into your new or existing Fidelity account.
  • Step 6: You must now mention the mode of account transfer.
  • Step 7: Finally, to speed up the transfer process, you must provide an updated Robinhood Statement.

How Long Does the Transfer from Robinhood to Fidelity take?

When you decide to transfer the funds and stocks from Robinhood to Fidelity, you must know that transfer and receiving of funds happen between 4 pm- 6 pm by both companies. This means the transfer can be done on the same day. However, if you purchase equity with a cash account on Robinhood and then transfer them to Fidelity, it may take 3-5 working days for the funds to be transferred.

What happens when you transfer from Robinhood to Fidelity?

When you transfer funds from Robinhood to Fidelity, you must wait a couple of days for the funds to reflect in your account. This is because Robinhood and Fidelity ideally “lend” each other money and search for the desired amount of cash available in your account.

All the trades stay free when you transfer from one app to another. If you have a commission-free ETF on Robinhood, you can trade commission-free on Fidelity without paying any fee.

Bottom Line

Ultimately, it is inconsequential whether you decide to stay on Robinhood or Fidelity, as they are both equally good brokerages. The decision to stay on either one is personal and depends on your preference and the money in your account. In general opinion, Robinhood is great for stock trading and Fidelity for options trading. However, if you are determined to make the transfer, the above blog can be a great guide.

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