Transfer a Fidelity Account to Moomoo Or Vice Versa
Do you have a brokerage account at moomoo but would rather trade at Fidelity? Or do you have a Fidelity account but want to be at moomoo instead? Your wish can come true if you follow our user-friendly guide.
Transfer from Fidelity to Moomoo
To make a transfer of securities, each firm must participate in the same transfer system. Moomoo does not send or receive ACAT transfers, so this transfer type is off limits here. Both Fidelity and moomoo participate in DTC transfers, so this transfer type is the one that will need to be used between these two firms.
A DTC transfer is a partial transfer of specific securities. To get started with this type of transfer, obviously it’s important to have both accounts open (one at Fidelity and another at moomoo) and ready to transfer assets.
The outgoing firm is the one that performs a DTC transfer. In this case, it is Fidelity. You’ll need to contact Fidelity and provide them with the following details:
- Fidelity account number
- Moomoo’s DTC number: 0534
- Account number at moomoo
- Name on the moomoo account
- Specific holdings to be moved and their share amounts
This transfer form is the official DTC transfer form that should be used when moving stocks out of Fidelity. Any transfer valued at $17k or more will require a medallion signature guarantee. This step will require more time and bureaucracy. If the hard-copy form is completed at a Fidelity branch location, the medallion signature guarantee is not necessary.
It’s possible to transfer stocks held on margin in a DTC transfer. Cryptocurrencies cannot be transferred, and moomoo does not offer trading in bonds or mutual funds. Although some OTC stocks can be traded at moomoo, many are off limits. It’s advisable to check with moomoo first to see if a particular over-the-counter security can be transferred in.
Because Fidelity uses mutual funds for robo accounts, positions from a robo account can’t be moved into moomoo. These and other assets that aren’t available for trading at moomoo could be liquidated, and the resulting cash balance could be moved into moomoo. This will require the use of an intermediary bank or the Fidelity account itself. Most account types at Fidelity can be used as bank accounts and have routing and account numbers attached to them. Fidelity’s ABA/routing number is 101205681. Different account types have their own unique account numbers. Some account types, such as retirement accounts, cannot be used for these types of transfers.
For a straight DTC transfer, once Fidelity receives the DTC transfer request, it will process it and send the assets to moomoo. Fidelity charges nothing to do this, and moomoo charges nothing to receive the assets. Banks typically don’t charge any fees for ACH transfers, so either transfer method should cost nothing.
Top Transfer Destinations
Transfer from Moomoo to Fidelity
Performing a transfer in the other direction follows a similar outline, although moomoo does not have a DTC transfer form. With both accounts open, a transfer request should be made on the outgoing side. Send a request to cs@us.moomoo.com with the following particulars:
- Login ID at moomoo
- Account number with moomoo
- Name of receiving firm (Fidelity obviously)
- Fidelity’s DTC number (0226)
- Account number with Fidelity
- Name on the Fidelity account
- Stock symbols to be moved and their quantities
- Acknowledgement that you are prepared to pay $75 for each stock moved out of the account (the account must have an available cash balance to cover the total fee)
Although the transfer fee is rather uncomfortable, Fidelity does have a standing policy of refunding other brokers’ transfer fees if the total value of the move is worth at least $25k.
Although Fidelity will accept an incoming transfer of many OTC stocks, there are some exceptions:
- Stock must have a market price of at least $0.25
- Company must have a market cap of at least $25 million
- Cannot be Grey Market, Expert Market, Pink no-information, or Caveat Emptor
Transfer Time Frame
Moomoo reports a time to completion of about 2 to 3 weeks from the time it receives the proper paperwork for a DTC transfer from itself. A DTC transfer from Fidelity may take about as long. Any mistakes in the paperwork will only lengthen the estimated time frame.
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