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Written by Cari Scribner on May 19, 2022
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How To Transfer From Fidelity To Charles Schwab 2022

With so many online investing apps available to you today, you can pick and choose from among the crowded field.

If you are just starting out, you should be able to find a platform designed for beginners with plenty of tips and educational content along the way. You may be looking for a glossary or a library of articles explaining financial assets and how to build a portfolio.

Conversely, if you’ve been investing for quite some time, you will want an app that gives a wide array of tools, indicators and higher levels of analysis. You may want to be kept up-to-date on the worldwide market, have access to margin trading, or diversify with assets ranging from international stocks to cryptocurrency.

It’s worth the investment of your time to shop around and compare what various platforms offer, until you find one that suits you right now.

Transferring assets from one investing app to another isn’t as complicated as it may sound.

In this article, we will be reviewing the process to transfer from Fidelity to Charles Schwab. Let's jump in!

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Transfer From Fidelity To Charles Schwab

Transferring assets from Fidelity to Charles Schwab is actually pretty simple. This is because both platforms support ACATS (Automated Customer Account Transfer Service).

This transfer takes 5 steps:

  1. Open an Account with Charles Schwab
  2. Gather Fidelity account information
  3. Initiate Transfer
  4. Decide what to transfer
  5. Authorize the transfer

Let's review each of these steps in more detail.

1. Open A New Account With Schwab

Charles Schwab logo

In order to kick off the transfer to Charles Schwab, you will need to open an account. If you already have an account, you can skip to the next step.

When opening an account, determine whether you want a self-directed brokerage account or one that is managed for you, allowing you to buy and sell stocks, mutual funds, ETFs, and other investments and trade or invest for long-term goals like retirement, college, or major purchases.

There are no hidden costs of opening a Schwab brokerage account, $0 monthly service fees and $0 account minimum.

All you need to open a Schwab brokerage account are the following:

  • Your Social Security or Tax Identification Number
  • Your employer’s name and mailing address (if applicable)
  • Both your email address and mobile phone number

You can sign up for a new Charles Schwab account in just a few minutes!

2. Gather Your Fidelity Account Details

Fidelity

All you need to transfer an account is your name and your Fidelity account number. You can find your Fidelity account number by logging into your account in the Fidelity App.

After logging in and navigating to the "Accounts" page using the bottom navigation menu, you will see all accounts you have with Fidelity. The account number will be beneath the name of the account.

3. Initiate Transfer From Fidelity To Charles Schwab

Transferring a brokerage account to Schwab is as simple as opening the type of account that you plan to transfer. Most assets, such as publicly traded stocks and ETFs, mutual funds, and bonds can be transferred to your Schwab account.

Once you have a Schwab account that is verified and approved, you can initiate the transfer by following the steps below:

  1. Navigate to "Accounts"
  2. Click or tap on "Transfers and Payments"
  3. Choose "Transfer Account"
  4. Search for "Fidelity" in the search bar
  5. Select the type of account you have
  6. Type in your Fidelity Account Number

When making a transfer of this kind, it is important that the name of the account matches. This will ensure smooth delivery of your assets.

4. Decide What To Transfer

Choose whether you wish to transfer the entire account or just specific assets from your Fidelity account.

You do have the option to transfer only certain assets from Fidelity into a Schwab account, which is known as a partial transfer.

Or you may decide to liquidate some assets and transfer cash to Schwab. However, there may be capital gains tax implications if you make a profit from the sale.

Schwab does not charge for a full or partial Automated Customer Account Transfer Service (ACAT) transfer. However, Fidelity does charge a $75 charge for ACATS transfers.

5. Authorize The Transfer

After finishing the prompts, you will need to consent to the terms and conditions and authorize the transfer.

This transfer can take 5-16 business days.

Transfer From Fidelity To Charles Schwab: Final Thoughts

Moving assets from Fidelity to Charles Schwab is actually fairly straightforward.

Before you do so, you ought to be aware of potential capital gains taxes. You will also have to pay Fidelity's ACATS transfer fee.

In order to execute this transfer, you will need your Fidelity account number. From there, it is a simple process to initiate the transfer.

Article written by Cari Scribner

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