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Written by Jenna Doege on May 2, 2023
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How To Transfer From Charles Schwab To Robinhood 2023

Charles Schwab is one of the most well-known and respected brokerage platforms in the investment industry. However, since Schwab offers so many features, it might be a bit overwhelming to a beginner investors. 

Robinhood, on the other hand, is designed to be the most beginner friendly investing app out there. You won't find all of the features, account types and order types offered on Schwab. However, Robinhood has a very sleek app designed to be as easy to use as possible.

Whatever your reason may be, we will be walking you through step by step how to transfer from Charles Schwab over to Robinhood.

If you are still on the fence, check out our review articles on Charles Schwab and Robinhood!

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How To Transfer From Charles Schwab To Robinhood

Charles Schwab offers account transfers through the ACATS service. This type of transfer is also supported by Robinhood.

Charles Schwab charges a one time $25 fee for a partial account transfer or $50 for a full account transfer. 

The good news, however, is that Robinhood offers a transfer fee reimbursement. Robinhood will reimburse you up to $75 when you transfer into their brokerage from another competitor.

So, the transfer fee will be reimbursed and it won't end up costing you anything except for your time. However, in order to receive the reimbursement, you must reach out to the Robinhood customer support team through the customer support center in the app.

Keep in mind, the only account types supported by Robinhood are cash, margin, and retirement accounts.

To make the transfer, there are just three easy steps:

  1. Gather information from Charles Schwab
  2. Open a Robinhood account
  3. Initiate transfer

Let's review these steps in more detail below.

1. Gather Information From Charles Schwab

Charles Schwab logo

In order to transfer over, there are a few pieces of information you need from your current Schwab account.

The first is your Charles Schwab account number.

This is visible on your statement sent monthly. You should also download a copy of your most recent statement as Robinhoood may ask you for a copy of this during the transfer process.

2. Open A Robinhood Account

The next step you need to take is setting up your new brokerage account with Robinhood. If you already have an account with Robinhood, you can move on to the next step.

Use the button above to get a completely free stock when you sign up!

Once you download the app on your phone or begin creating an account on their website, you will be prompted to provide basic information.

Since this is a taxable investment account, they will need to collect information such as your name, address, employer and social security number. Once you fill out all of the information, Robinhood will review it and get back to you if they need any additional info.

3. Initiate The Transfer

Once you have opened a brokerage account with Robinhood, the next step is to initiate the transfer within Robinhood. This is only possible via the Robinhood app, so you will want to download this onto your phone.

How to transfer your brokerage to Robinhood

One of the options for funding your new Robinhood account will be to transfer in an existing brokerage account. That is the option you will want to select.

At that point, you will need to provide Robinhood with the information you gathered from Charles Schwab earlier on. You may need to email them a copy or upload a copy of the most recent statement.

For those that already had a Robinhood account, you can execute the transfer with the steps below:

  1. Tap the person icon along the bottom navigation menu in the Robinhood app
  2. Tap the three lines icon in the top left corner
  3. Select "Transfers"
  4. Choose "Transfer accounts into Robinhood"
  5. Select Charles Schwab by typing it in the search bar
  6. Enter in your Schwab account number
  7. Confirm your account name
  8. Answer whether or not your Schwab account has mutual funds or bonds
  9. Choose full or partial transfer
  10. Review the transfer and submit

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Conclusion

Transferring from Charles Schwab is a relatively easy and straightforward process. The only account types you are able to transfer over currently are cash and margin accounts.

Keep in mind, Schwab offers trading of stocks in the OTC markets which are not supported by Robinhood. If you own any of these stocks, you will need to sell them if you are looking to do a full account transfer.

The $25 or $50 fee charged by Schwab for an outgoing transfer will be reimbursed by Robinhood, so it won't end up costing you anything to transfer.

Article written by Jenna Doege

Read more

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