How to Transfer Accounts between Schwab and Moomoo
It’s possible to move brokerage assets between Schwab and moomoo. However, moomoo only sends and receives DTC transfers, and this policy creates a somewhat different environment than the more common ACATS transfers. Read on for the details.
Transfer from Schwab to Moomoo
A DTC transfer free of payment is the only type of transfer moomoo will accept. This means stocks and ETFs can be transferred but nothing else. Any futures, options, bonds, or mutual funds will have to be left behind in the Schwab account. Also, fractional shares cannot be moved through the DTC system, so these will need to be converted to cash.
Before starting the transfer, a moomoo account must of course be opened. This is easy to do
on the brokerage firm’s website (just look for the orange sign up button on the site). moomoo only offers individual margin accounts, so this is what must be opened. The names on the two accounts must be the same, so be sure to use the name that is on the Schwab account.
Usually, an Intelligent Portfolios account at Schwab (a robo account) can be moved into a self-directed account at another brokerage firm. However, in a DTC transfer, only securities can be moved. Schwab only permits cash to be moved out of an automated account.
Once the two accounts are ready to go, it’s time to request the transfer. For a DTC transfer, the request is made with the outgoing firm, which in this case is Schwab. Schwab doesn’t have an online DTC transfer form, so you’ll need to send a request to the brokerage firm via one of several ways.
Schwab’s fax number is 888-526-7252. The broker also has a large network of branch locations throughout the United States. Visiting a physical location is an easy way to obtain in-person help. Finally, Schwab’s website has an internal messaging widget on it (look for the messaging link at the very top of the site).
The written request must include the details of the moomoo account that will be receiving the transfer, such as account number and the DTC number. moomoo’s DTC number is 4272 (moomoo uses Futu as its clearing firm).
One last helpful tip: it may be a good idea to notify the receiving firm (moomoo in this case) that a DTC transfer is on the way.
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Transfer from Moomoo to Schwab
Performing a DTC transfer in the opposite direction entails a story very similar to the one above.
First, you will need to get a Schwab account open to receive the transfer. This includes making sure
it has the same name on it and is of the same account type as the moomoo account (this will be an
individual account). An existing Schwab account will work if it meets both of these conditions.
With the Schwab account open and ready to accept a transfer, it’s time to make the request. This
will need to be sent to moomoo. Details that moomoo will need include the account number at Schwab,
its DTC number (0164), the name on the Schwab account, and the customer’s moomoo website login ID.
As we mentioned in the first section, you may want to notify Schwab that a transfer is imminent.
The request should be sent to moomoo’s customer service email, which is cs@us.moomoo.com
Remember to state the exact positions you want to move out of your moomoo account, including their ticker symbols. The share amounts to be moved should also be clearly stated.
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An Alternative Transfer Method
If the required DTC transfer doesn’t quite work for you, a second transfer method is to liquidate whatever positions you want to move, transfer the resulting cash balance to a linked bank account, and from there, move the cash into the second brokerage account. Keep in mind, however, that selling securities can be a taxable event, so be sure to consult with a qualified CPA before taking this route.
How Long Does a DTC Transfer Take?
A DTC transfer takes 2 to 3 weeks to complete.
Transfer Costs
Neither brokerage firm charges anything for an incoming transfer. Schwab customers pay $25 for an
outgoing transfer, while moomoo charges $75. moomoo’s fee is per position, so a transfer of 3 stocks
will cost $225.
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