Transfer From E*Trade to Robinhood (and Vice Versa) in 2023
How to Transfer a Robinhood Account to E*Trade
Do you have a Robinhood account but need E*Trade’s customer service? With the following guide, you’ll be able to move your assets with minimal hassle. We’ll also show you how to go in the opposite direction. Here are the steps:
First, Open a New Brokerage Account at E*Trade
If you want to move your Robinhood account over to E*Trade, then obviously you’ll need to
open an E*Trade account. Besides this self-evident point, you also need an E*Trade account to start the transfer because the paperwork is handled by the incoming firm, not the outgoing one.
With electronic transfers, the names on the two accounts must match exactly, and the two accounts must also be of the same type. A transfer request could be rejected if there are any discrepancies. Because Robinhood currently offers only individual accounts, the new E*Trade account should be an individual account.
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Second, Submit a Transfer Request
With your new E*Trade account open, it’s time to start the transfer. To do this, hover over the Transfer link at the top of E*Trade’s site (after you have logged in). You’ll see a drop-down menu with several options: click on the one that says Transfer Account.
The website will generate a new page with a list of brokers and their logos. Robinhood’s is displayed in this list. After clicking on the Robinhood logo, you’ll get a new page where you’ll need to select the account type you’re transferring. Apparently, no one has told E*Trade that Robinhood only offers individual taxable accounts because there’s a long list of available accounts. Be sure to select individual from this list.
Next, you will need to choose the E*Trade account where the assets from Robinhood should be deposited if you have multiple E*Trade accounts. You will need to supply your Robinhood account number and other details in the next few pages.
Fractional shares of stocks and ETFs won’t transfer through the electronic network. Robinhood will convert these into a cash amount and move the money along with the equity positions. Options will move, but cryptocurrencies will not. Like fractional shares of securities, digital currencies will be liquidated.
Once the transfer initiates, it should take about a week to two weeks to complete. You will see your assets from Robinhood appear in your new E*Trade account. Technically, it’s just the investments that move, not the actual account. If you do a partial transfer, your Robinhood account will remain open. A full account transfer will close it.
If you choose a full account transfer, you shouldn’t do any trading in your old account while your assets are being moved over. Also, you should close any open orders in the old account and be sure that all trades have settled before requesting a transfer.
You can easily monitor the progress of the transfer inside your E*Trade account by going back to the Transfer link at the top of the site and clicking on Transfer Activity. Transfer requests display here for 90 days.
Transfer from E*Trade to Robinhood
Going in the other direction will be a very different experience for the sheer fact that Robinhood doesn’t accept incoming transfers of assets other than cash from a bank. This means you have to sell everything you want to move from E*Trade, wait until the trades settle (one or two business days, depending on the security), transfer this cash to a linked bank account, wait until the funds become available for withdrawal (this will vary from bank to bank) and then from there transfer the cash to Robinhood.
Obviously, you’ll want to open a Robinhood account. Because this won’t be a trustee-to-trustee transfer, the account types and names can be different this time. To reduce the number of steps involved, it’s best to link the same bank account to your new Robinhood account; although it is possible to transfer the cash from one bank to a second, and then from there move the money to Robinhood.
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Cost of Account Transfers
Outgoing transfers (whether full or partial) from Robinhood are $75 each. E*Trade charges nothing to accept a transfer and complete the digital paperwork.
Going in the other direction does not involve the movement of securities, so there is no account transfer fee. Most banks don’t charge anything for ACH transfers.
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