Investing Simple Logo
Menu
Webull free stock promotionWebull is a free stock trading app that can allow you to earn compound interest by investing in the stock market.
Get Up To 12 Free Stocks Worth Up To $30,600!
Webull is a commission free stock and crypto trading platform. Right now, Investing Simple readers can get up to 12 free stocks with their current promotion. Open an account to receive 2 free fractional shares worth $3 to $300. Deposit any amount of money to receive 4 to 10 more free fractional shares worth $7 to $3,000. Promotion expires 10/31/2022.
Webull free stock promotion
Get Up To 5 Free Stocks From Webull
Open a new Webull brokerage account today and deposit any amount of money to receive 5 free stocks. Webull offers commission free stock, ETF, option and crypto trading.
Written by Cari Scribner on December 28, 2021
Category: 
FTC Disclosure

How To Transfer From Robinhood To SoFi 2022

There comes a time when many of us decide to make the switch from one brokerage account to another. The good news is, the process is relatively straightforward.

Robinhood is one of the most beginner friendly investing apps out there today. However, it lacks many of the features and account types some investors are looking for.

SoFi, on the other hand, offers users a wider array of financial products. For example, SoFi offers IRA accounts while Robinhood does not.

Whatever your reason behind transferring is, we will be showing you how to do it.

If you are still on the fence, check out our comparison article on Robinhood vs SoFi!

How To Transfer From Robinhood To SoFi

SoFi makes the transfer process very easy. You will initiate the transfer right within the app after collecting some information from Robinhood.

In addition, SoFi will cover the costs associated with transferring out of your old brokerage account. The only stipulation is that the account value has to be over $5,000 in order to receive the reimbursement.

Robinhood charges a $75 ACATS transfer fee. If you transfer an account with a value of over $5,000 to SoFi, they will reimburse that fee and it won't end up costing you anything.

Best Free Stock Promotion

BrokeragePromotionLink
Robinhood Logo1 Free Fractional Share Worth $5 To $200, 18 Companies To Choose FromDownload
Webull LogoWin Up To 12 Free Stocks Worth Up To $3,000 EachDownload
M1 Finance Robo Advisor$10 Bonus (When You Deposit $100+)Download
Moomoo LogoWin Up To 5 Free Stocks Worth $3 To $2,000 EachDownload
Acorns LogoFree $10 Bonus When You Invest $5+Download

1. Gather Information From Robinhood

In order to transfer out of Robinhood, you will need to gather some information from them. The most important is your Robinhood account number. This is also visible on your Robinhood statement, and it is likely that SoFi will ask you for a copy of this.

How to find your Robinhood account number:

  1. Tap the Account icon in the bottom right corner
  2. Tap Investing
  3. Your account number will be at the top of your screen

You may need to reference a DTC number for your transfer. Robinhood’s DTC number is 6769.

2. Open A SoFi Invest Account

SoFi Robo Advisor

SoFi offers numerous financial products ranging from investments to student loans. However, if you are looking to transfer your Robinhood assets, you will need to open a SoFi Invest account.

Use the button above to get a free stock when you open an account with SoFi!

The account opening process is very straightforward and handled within the app. You can also do this on desktop. They will ask you for information such as your name, address, social and employer information.

Since this is a taxable investment account, they are required to collect this information.

3. Initiate The Transfer

Once you have opened your brokerage account with SoFi, the next step is to transfer your assets over from Robinhood.

  • To do this, you will look for the "Transfer Account" button in the SoFi app.
  • Once you have started the transfer, it will prompt you to link to your Robinhood brokerage account via Plaid.
  • You will need to enter your login information for Robinhood.
  • After Plaid connects, it will show you a list of the transferrable and non-transferrable assets within your Robinhood account.

For example, you are not able to transfer crypto from Robinhood to SoFi. You would need to instead sell the crypto, then the cash balance would transfer over. Keep in mind, this could result in capital gains you will need to pay taxes on.

After you review the assets you are going to transfer, the last step is to review the rest of the information. This includes your name, transfer account and Robinhood account number.

Assuming all of this looks good, you will confirm the transfer. It will take a few days for the transfer to process.

Conclusion

The transfer process from Robinhood to SoFi is very straightforward. All you will need is your Robinhood account number and a bit of time.

If you are transferring an account value of over $5,000 the transfer fee of $75 is reimbursed by SoFi. If not, the transfer is going to end up costing you $75 paid to Robinhood. They will deduct it from your brokerage account balance.

 

Article written by Cari Scribner

Platform Reviews

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood
Robinhood provides an easy-to-use free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
Fundrise
Passively invest in private real estate deals with as little as $10. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
Try Fundrise
Copyright © 2018 – 2022 Investing Simple LLC. All Rights Reserved.
Investing Simple is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Investing Simple has advertising relationships with some of the offers listed on this website. The information on Investing Simple could be different from what you find when visiting a third-party website. All products are presented without warranty. For more information, please read our full disclaimer.
Website managed by Stallion Cognitive™
magnifiermenuchevron-downcross-circlechevron-down-circle
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram