Sometimes, you get started with a brokerage and realize that a different platform may be a better fit for you. Robinhood is great for beginner investors to get their feet wet with buying stocks.
However, many people find that SoFi offers them more benefits and they would like to make the switch. They need to know how to move stocks from Robinhood to SoFi.
Both brokers are ACAT eligible which makes the transfer easy. All you need to do is sign into your SoFi account and select “Transfer an Account.” They will walk you through the rest of the form to get your stocks transferred over. Be prepared to be charged $75 for the process by Robinhood.
If you are ready to learn how to transfer stocks to SoFi, the process couldn’t be easier. Take a look at this breakdown to get a better idea.
How to Move Stocks from Robinhood to SoFi
The good news is that moving your stocks is relatively easy, even if it does take a little while to take effect. Robinhood Financial is a registered broker that allows you to move securities from your account through Automated Customer Account Transfers Service (ACATS). You can choose to perform a full ACAT transfer or a partial.
Before you can transfer your account, you need to take care of any account restrictions or negative balances on Robinhood. This will help to speed up the process, though it will still take some time for the transfer to be complete.
Here are the steps you need to follow to learn how to move stocks from Robinhood to SoFi:
- Set up your new SoFi account. If you have already done this, simply log into the platform to get started with the ACAT form.
- From the account dashboard, select “Add Cash.” Because you want to transfer your account, you are going to then select “Additional Transfer Options.”
- Select “Transfer an Account” and select “Next.”
- They will prompt you to fill out the rest of the information to get your account transferred from Robinhood to SoFi.
There is another alternative if you want to access the ACAT form. First, you may need Robinhood’s DTC number which is 6769. This information will be necessary to complete the forms.
You can get your Robinhood Securities account number by clicking the account icon in the bottom right of the app and then select “Investing.” It should be the number at the top of the screen.
From here, you can find the ACAT form on the Deposits page of your SoFi Invest portfolio.
No matter which way you go about it, the ACAT transfer takes one to two weeks to finalize.
How to Move Stocks from Robinhood to SoFi: Fees for Transferring Stocks
Unfortunately, deciding to move your stocks from Robinhood to SoFi might cost you. Robinhood charges a $75 fee for both partial and full ACAT transfers.
There is no fee for moving your stocks over to SoFi Invest.
We also recommend you checking out our article about SoFi credit card limits.
Depending on how much money you are transferring from Robinhood to SoFi, you might get your ACAT outgoing fee reimbursed. Individuals who plan to transfer more than $5,000 from another brokerage account using the SoFi ACAT system will be reimbursed a $75 fee.
If you perform a full ACAT transfer, your Robinhood account will then be closed.
What Happens After Initiating a Transfer?
You should be aware that there will be some restrictions on your Robinhood account once you initiate the transfer. These restrictions are put in place to help your account move smoothly over to another broker.
During the exchange, you will not be able to buy or sell new positions on Robinhood. You also will not be able to deposit or withdraw cash. While this is happening, you cannot make any trades on the assets being requested even though you will still own them.
While this can be inconvenient at the time, it does help your account transfer to happen faster. It prevents things from constantly changing while they are attempting to move your account over to SoFi.
How to Transfer Stocks to SoFi
Learning how to move stocks from Robinhood to SoFi can be quite easy though time-consuming. SoFi tries to make the process as seamless as possible by guiding you through all of the information they need to make your transfer happen. It should take you no time at all to fill out the paperwork, but the transfer itself can take up to two weeks.