Transfer from SoFi to Charles Schwab in 2024
Transferring Brokerage Accounts Between SoFi and Charles Schwab
If you have a brokerage account at SoFi Invest but want better trading tools, you can easily move your assets to Charles Schwab. This guide will show you how. We’ll also explain how to move a Charles Schwab account to SoFi Invest.
Transfer from SoFi to Charles Schwab
If you’ve tried SoFi Invest but want to trade bonds, forex, futures, or mutual funds, or if you’re interested in using Charles Schwab’s thinkorswim platform, it’s simple to transfer an account from SoFi Invest to Schwab using the ACATS (Automated Customer Account Transfer Service) system.
During an ACATS transfer, the cash and securities in one account are moved to another account. The accounts themselves do not move. To receive the assets, you need a receiving account. So, the first step is to open a Charles Schwab account. If you already have one, it might work...or it might not. For the transfer to go through, both accounts must be of the same type.
Charles Schwab offers several account types that SoFi Invest does not. For example, if you have a 529 plan or business account at Schwab, you won’t be able to transfer anything from SoFi because SoFi does not have these account types.
Open Charles Schwab Account
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Open Schwab Account
After you open the necessary account type at Charles Schwab (with the same name on it), get your SoFi Invest account ready for the transfer. This won’t be difficult because everything in a SoFi securities account can be moved to a Charles Schwab account.
While SoFi Invest offers cryptocurrency trading (and crypto cannot be moved in an ACATS transfer), digital currencies at SoFi are held in a separate account. Be sure to use the account that has stocks and funds in it, not the crypto account, when specifying the outgoing account.
You can do a full or partial transfer into Schwab. For a full transfer, make sure all trades are settled and that there are no open orders. Like cryptocurrencies, fractional shares can’t be moved in an ACATS transfer. You can either move only whole shares in a partial transfer or let SoFi convert fractional shares into cash during a full transfer.
Now you’re ready for the transfer. To start, submit a request to the receiving broker, which is
Charles Schwab. On the website, follow these prompts: Move Money -> Account Transfer.
The ACATS form is not available on Schwab’s desktop platform.
When filling out the digital form, make sure to select SOFI SECURITIES as the outgoing brokerage
firm. The form takes just a few minutes to complete.
Open Charles Schwab Account
Get $0 commissions + satisfaction guarantee at Charles Schwab.
Open Schwab Account
Transfer from Charles Schwab to SoFi
Moving an account the other way follows a similar process, but there are some differences.
First, many assets in a Schwab account cannot be held in a SoFi Invest account. These include mutual funds, fixed-income securities, OTC stocks, traditional currencies, options, and futures. You cannot transfer these, so you need to either sell them or move them to a second Schwab account. You could also request a partial transfer and leave these assets in your current Schwab account.
Before starting, you need to open a SoFi Invest account if you haven’t already. Click on the Invest Now button. The new account must match the type you plan to transfer and have the same name on it.
Once you open your SoFi Invest account, prepare your Schwab account for the transfer. This means removing any investments that can’t be moved to SoFi for a full transfer. You also need to close open orders, margin balances, and unsettled trades.
When your Schwab account is ready, make a transfer request with SoFi Invest. In your SoFi account, click on Transfer account (from the top menu on the website or on the Invest tab on the mobile app). A pop-up will appear where you need to select Transfer existing brokerage account.
On either platform, connect your Charles Schwab account using login credentials or the account number. Then, complete the requested information and submit the transfer.
Cost of Transfers
Charles Schwab charges $25 for partial transfers and $50 for full transfers. SoFi Invest will
reimburse this fee if your transfer is valued at $5,000 or more.
The same pricing applies when transferring to SoFi, but Schwab has a $7,500 minimum account value
for refunds.
How Long Does a Transfer Take?
SoFi Invest estimates a transfer time of one to two weeks. Charles Schwab has a 4-8 days estimate.
Updated on 9/18/2024.
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