Transfer from SoFi to Charles Schwab in 2024
Transferring Brokerage Accounts Between SoFi and Charles Schwab
If you have a brokerage account at SoFi Invest but need more trading power, you could move your assets to Charles Schwab quickly and easily. This article will show you how. We’ll also show you how to move a Charles Schwab account to SoFi Invest.
Transfer from SoFi to Charles Schwab
So you’ve tried SoFi Invest but want to trade bonds, forex, futures, or mutual funds? Or maybe you want to try Charles Schwab’s excellent desktop platform thinkorswim. Whatever the reason, it’s pretty simple to move an account from SoFi Invest to Charles Schwab, thanks to the ACATS (Automated Customer Account Transfer Service) electronic system.
What happens in an ACATS transfer is that cash and securities inside one account are moved to
another account. The accounts themselves don’t actually move. To receive the assets, you will need
a receiving account. So the first thing you need to do is to open a Charles Schwab account. If you
already have one open, it may work...or it may not. In an ACATS transfer, the two accounts must be of the same type.
Charles Schwab has several account types that SoFi Invest doesn’t offer. For example, if you have
a 529 plan or business account at Charles Schwab, you won’t be able to transfer anything from SoFi
into the account because SoFi doesn’t offer these account types.
Open Charles Schwab Account
Get $0 commissions + satisfaction guarantee at Charles Schwab.
Open Schwab Account
Once you get the necessary account type open at Charles Schwab (with the same name on it, no less), it’s time to get your SoFi Invest account ready for the upcoming transfer. This won’t be too difficult in this case because everything in a SoFi securities account can be moved into a Charles Schwab account.
Although SoFi Invest does offer cryptocurrency trading (and crypto positions can never be moved in an ACATS transfer), digital currencies at SoFi are held in a discrete account. Be sure not to use this account number when specifying your outgoing account. Instead, use the account that has stocks and funds in it.
You can perform either a full or partial transfer into Charles Schwab. If you perform a full transfer, make sure that all trades have settled. Also, you need to close out any open orders. Like cryptocurrencies, fractional shares can’t be moved in an ACATS transfer. If you have any of these, you could move only whole shares in a partial transfer. Alternatively, SoFi will convert fractional shares into cash in the case of a full transfer.
Okay, now you’re ready for the actual transfer. To get this going, you’ll want to submit a request to the receiving broker-dealer, which in this case is Charles Schwab. The appropriate web-based form is available on three platforms: the classic website, the new website, and the mobile app.
On the classic website, follow these prompts: My Account -> Account transfer
On the new website, follow these prompts: Transfers -> From another brokerage
On the mobile app, follow these prompts: More -> Transfer funds -> Account transfer
Charles Schwab’s ACATS form isn’t available on its desktop platform.
With the digital transfer form pulled up, just fill in the requested details, making sure to select Apex Clearing as the outgoing brokerage firm. SoFi Invest’s name won’t be in the list, but its clearing firm (which is Apex) is in there. The form should take just a few minutes to fill out, and you’re all set.
Open Charles Schwab Account
Get $0 commissions + satisfaction guarantee at Charles Schwab.
Open Schwab Account
Transfer from Charles Schwab to SoFi
Moving an account in the other direction follows the same outline, although there will be some
unique caveats.
First and foremost, many assets classes available inside a Charles Schwab account are totally unavailable inside a SoFi Invest account. These instruments include mutual funds, fixed-income securities, OTC equities, traditional currencies, options, and futures. You can’t transfer them, so you can either sell them or move them to a second Charles Schwab account. You could also request a partial transfer into SoFi and leave the assets in your old account.
Before proceeding with any of these, though, you need to
open a SoFi Invest account
if you haven’t done so already. Just click on the Invest Now button. As with the instructions above, the account will need to be the same type you plan to transfer over and have the same name on it.
Once you get your SoFi Invest account open, it’s time to prepare your Charles Schwab account for the transfer you’re hoping to do. This will include removing any investments that can’t be transferred into SoFi in the case of a full transfer. This type of transfer also necessitates eliminating open orders, margin balances, and unsettled trades.
Once you have organized your Charles Schwab account, it’s time to make a transfer request with SoFi Invest. Inside your account, click on Transfer account (in the top menu on the website or on the Invest tab on the mobile app). The website will create a pop-up window where you’ll need to select Transfer existing brokerage account from a list of available choices.
On either platform, you’ll need to connect your Charles Schwab account using login credentials or account number. After that, just fill in the requested information and submit the transfer request.
Cost of Transfers
Charles Schwab charges $0 for outgoing partial transfers and $75 for full transfers. SoFi Invest will reimburse this fee if your account transfer is valued at $5,000 or more.
The same pricing exists in the opposite direction with the exception that Charles Schwab does not have an account minimum in its refund policy.
How Long Does a Transfer Take?
SoFi Invest promises a transfer time of one to two weeks. Charles Schwab has the same estimate.
|