Public is an investing app that's becoming more and more popular due to its twitter-esque social media style. More and more mobile investors are joining, following other investors, and sparking valuable conversations about building wealth.
With an interface and features that rival most of Robinhood's selling points, many Robinhood users are looking to see what Public can offer them!
Maybe the Gamestop debacle left a bad taste in your mouth, or you're just one of the many excited users who want to learn about investing through chatting with seasoned stockholders.
When it comes to transferring portfolios between apps like these, it can get pretty stressful if you're unfamiliar with the process - but don't worry, we got you! Today, we're going to show you exactly how to transfer from Robinhood to Public, step-by-step.
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Thankfully, transferring to Public is pretty simple. All you'll have to do is locate your Robinhood account number, make a Public account, and initiate a transfer.
This is called an Automated Customer Account Transfer Service, or ACATs for short.
With any ACATs, the brokerage you're transferring out of usually has a fee for leaving their service - with Robinhood, you face a $75 ACATs fee for both partial and full transfers.
If you ever find yourself doing a transfer like this again, you can find out your current broker's fees involved by searching for their ACATs fees. Luckily with Public, they will cover any transfer fees for you if your portfolio is worth over $150. Really convenient!
How To Transfer From Robinhood To Public:
Now that we've laid everything out, let's break each step down.
Before we can move your portfolio into Public, you'll have to copy down your Robinhood account number.
Here's how to find your account number from the app:
If you have multiple accounts with Robinhood, you'll have to perform a transfer for each. Make sure you copy down the information for each account you want to transfer over.
The next step after copying your Robinhood info is opening a new Public account.
To transfer stocks from Robinhood into Public, make sure the account you open is a "Personal / Taxable" account.
At this time, Robinhood only offers taxable/individual accounts. If these account types don't match, you won't be able to transfer your stocks.
Already have a taxable Public account set up? Skip to step 3!
Use this link when signing up for a free stock slice, on us!
With Public, it can take up to 10 business days for accounts to be approved. If you haven't been accepted yet, just sit tight.
Okay, your Public account is good to go, and you've got all your Robinhood info ready.
Let's transfer some assets.
Inside your Public app:
Again, moving out of Robinhood will incur a $75 ACATs fee, but as long as your account's value is worth over $150, Public will pay the fee for you.
If your account isn't worth $150+ yet, consider purchasing more stock inside Robinhood, or adding more into your account's cash value holdings before transferring.
Doing an ACATs transfer with Public also won't incur any taxes.
With mobile brokerage transfers, there are some small details you might want to be aware of - we're going to list them here:
Luckily, both platforms accept ACATS transfers, which makes this process fairly simple.