How to Transfer Accounts between Schwab and Moomoo
You can move brokerage assets between Schwab and moomoo. However, moomoo only accepts and sends DTC transfers, which is a bit different from the more common ACATS transfers. Here’s what you need to know.
Transfer from Schwab to Moomoo
Moomoo only accepts a DTC transfer free of payment, which means that only stocks and ETFs can be transferred. Futures, options, bonds, and mutual funds must stay in the Schwab account. Fractional shares also cannot be moved through the DTC system, so they need to be converted to cash.
Before starting the transfer, you need to open a moomoo account. This is easy to do
on the brokerage firm’s website (just look for the orange sign-up button). Moomoo only offers individual margin accounts, so this is the type you must open. Make sure to use the same name as the one on your Schwab account.
Normally, a Schwab Intelligent Portfolios account (robo account) can be moved into a self-directed account at another brokerage. However, with a DTC transfer, only securities can be moved, and Schwab only allows cash to be transferred out of an automated account.
Once both accounts are set up, you can request the transfer. For a DTC transfer, the request is made with the outgoing firm, which is Schwab in this case. Schwab does not have an online DTC transfer form, so you will need to send a request to the brokerage through one of several methods.
Schwab’s fax number is 888-526-7252. The broker also has many branch locations across the United States, where you can get help in person. You can also use the messaging tool on Schwab’s website (find the messaging link at the top of the site).
Your written request must include the details of the moomoo account that will receive the transfer, such as the account number and DTC number. Moomoo’s DTC number is 4272 (moomoo uses Futu as its clearing firm).
One final tip: it’s a good idea to notify moomoo that a DTC transfer is on its way.
Transfer from Moomoo to Schwab
A DTC transfer in the other direction follows a similar process. First, open a Schwab account to receive the transfer. Make sure it has the same name and account type as the moomoo account (which will be an individual account). An existing Schwab account will work if it meets both conditions.
Once the Schwab account is ready to accept the transfer, make the request. This request should be sent to moomoo and must include the Schwab account number, its DTC number (0164), the name on the Schwab account, and the moomoo login ID. As mentioned earlier, you may also want to let Schwab know that a transfer is coming.
The request should be emailed to moomoo’s customer service at cs@us.moomoo.com.
Make sure to list the exact positions you want to move from your moomoo account, including their ticker symbols. The number of shares to be transferred should also be clearly stated.
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An Alternative Transfer Method
If a DTC transfer doesn’t suit your needs, another option is to sell the positions you want to move, transfer the resulting cash to a linked bank account, and then move the cash to the second brokerage account. However, selling securities can trigger taxes, so it’s best to consult with a CPA before taking this route.
How Long Does a DTC Transfer Take?
A DTC transfer usually takes 2 to 3 weeks to complete.
Transfer Costs
Neither brokerage charges a fee for an incoming transfer. Schwab has a $50 fee for an outgoing
transfer, while moomoo imposes $75 fee. However, Moomoo’s fee is per position, so a move of 3
stocks will cost $225.
Updated on 9/18/2024.
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