IMPORTANT UPDATE: TD Ameritrade no longer exists as a standalone platform. Charles Schwab completed its acquisition and full integration of TD Ameritrade in May 2024. All former TD Ameritrade accounts are now managed by Charles Schwab. When transferring to Robinhood, you'll be moving from your Charles Schwab account (which contains your former TD Ameritrade holdings), not directly from TD Ameritrade.
Charles Schwab is one of the largest and most well respected brokerage platforms available to investors today, having absorbed TD Ameritrade's operations and customers.
Enter Robinhood, the original commission free trading app. You won't find all the features and account types that Schwab has.
However, the app is designed to be as user friendly and easy to use as possible.
We will show you how to transfer from Charles Schwab (formerly TD Ameritrade) to Robinhood.
Check out my video on how to transfer your brokerage account below, let's dive in!
The first step you need to take is setting up your new brokerage account with Robinhood.
Use the button above to get a free stock worth up to $200 when you sign up (approximately 99% of users receive $5 in stock value)!
Once you download the app on your phone or begin creating an account on their website, you will be prompted to provide basic information.
Before transferring, make sure you have these Robinhood features enabled:
Robinhood only accepts transfers from certain account types:
If you have an account type that Robinhood does not accept, you cannot transfer via ACATS. You'll need to consult with a financial advisor for alternative options.
In order to transfer your account, you will need your Charles Schwab account number (this is different from your TD Ameritrade number).
You can find your Schwab account number in the Schwab app by navigating to Account → Settings. Note that Schwab account numbers are 8 numeric digits (whereas TD Ameritrade account numbers were 9 digits).
Important: Verify your account type and holdings before proceeding:
Robinhood may also ask you to upload or email a copy of your most recent statement from Schwab, so it is a good idea to have this on hand.
Before initiating your transfer, be aware of the fee structure:
This means if you're transferring at least $7,500 worth of assets, you'll effectively pay $0 in transfer fees. For smaller transfers, you'll pay $50 to Schwab with no reimbursement from Robinhood.
Once you have opened a brokerage account with Robinhood and verified your account type and holdings, the next step is to initiate the transfer within Robinhood.
Follow the steps below to initiate the transfer:
Important: The name on both accounts must match exactly or your transfer will be rejected. If you have a joint account, the joint owners must be identical on both accounts.
Robinhood enables users to track their transfer requests through the app's transfer history section.
Upon initiating a transfer request, it typically takes 5-7 business days for the assets to settle in the Robinhood account. During this transfer period:
For Robinhood Strategies managed accounts, the team will review the positions and rebalance to your intended portfolio once the transfer process is complete.
ACATS transfers are NOT taxable events:
For significant positions with large unrealized gains, an ACATS transfer can save thousands in taxes compared to selling and rebuying. Always keep your final Schwab statements as backup records in case of cost basis discrepancies.
Account transfer requests can face rejection due to various reasons:
If your transfer is rejected, Robinhood will provide details about why. You'll need to resolve the issue and resubmit your transfer request. You can contact Robinhood support directly through the app for assistance with transfer issues.
After your transfer is complete:
If you decide to maintain both accounts, you can continue using Schwab for assets not supported by Robinhood (like mutual funds and bonds) while using Robinhood for stocks, ETFs, crypto, and options trading.
| Feature | Charles Schwab | Robinhood |
|---|---|---|
| Stock/ETF commissions | $0 | $0 |
| Options contract fee | $0.65 | $0.65 |
| Mutual funds | 4,000+ no-transaction-fee options | Not supported |
| Account types | All types (trusts, business, etc.) | Limited (individual, joint, IRA) |
| Research tools | Extensive (StreetResearch, etc.) | Basic |
| Physical branches | 400+ locations | None |
| IRA match | No | Up to 3% with Robinhood Gold |
| Crypto trading | Yes (limited) | Yes (more extensive) |
| Advanced platform | thinkorswim | Robinhood Legend (desktop) |
| Recent innovations | Enhanced mobile app | Robinhood Social, multiple brokerage accounts, futures trading |
Here's what to expect during the transfer process:
Q: How long does the transfer process take?
A: Transferring assets typically takes 5-7 business days for assets to appear in your Robinhood account. Cost basis information may take an additional 15 business days to populate. Residual sweeps for unsettled trades or dividends may continue for up to 30 days after the initial transfer.
Q: Can I trade my assets during the transfer?
A: No, assets being transferred are frozen at both Schwab and Robinhood during the transfer process. You cannot enter orders for the assets being transferred, including options on those assets.
Q: Will I owe taxes on the transfer?
A: No, ACATS transfers are not taxable events. Your cost basis and holding period transfer with your securities. However, if you sell assets to transfer as cash instead of using ACATS, that would create a taxable event.
Q: What happens to my fractional shares?
A: Fractional shares will be automatically sold during a full transfer and transferred as cash. With a partial transfer, you can choose whether to move specific fractional positions.
Q: Can I transfer my mutual funds to Robinhood?
A: No, Robinhood does not support mutual funds at all. You must either keep your mutual funds at Schwab or sell them first (which would trigger a taxable event).
Q: Can I cancel a transfer that's in progress?
A: Yes, but you must contact Robinhood support immediately. Cancellation is not always possible depending on how far along the transfer process has progressed.
Q: What happens if I have a pending dividend payment during transfer?
A: Residual sweeps will typically handle these within a few weeks after your initial transfer. You'll receive these payments in your Robinhood account.
Robinhood and Charles Schwab policies, fees, and features change frequently. Always verify current information on the official websites before making transfer decisions. This article is for informational purposes only and should not be considered financial advice. Consider consulting with a financial advisor for personalized guidance.
