Transfer Fidelity to Interactive Brokers Or Vice Versa (2024)
Transfer Fidelity to Interactive Brokers or Vice Versa
Moving a brokerage account from Interactive Brokers to Fidelity or from Fidelity to Interactive Brokers is easier than you think. Here are the details:
Transfer From Fidelity to Interactive Brokers
Both firms participate in the ACATS transfer system, making it easy to send assets electronically. Follow these steps:
Step #1: If you want to transfer your Fidelity account to Interactive Brokers, the first thing to do is open an account at Interactive Brokers. The account type and name must match the one you have at Fidelity. If you already have an account at Interactive Brokers, it will work as long as these conditions are met.
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Step #2: Once your Interactive Brokers account is open, you may need to prepare it. If you have options or a margin balance coming over, make sure to add the correct options level and margin approval to the IB account. Also, check if the mutual funds you hold can be moved. Although IB offers mutual funds, it may not offer all the ones Fidelity does.
Step #3: Prepare the Fidelity account as well. Options expiring in less than 5 business days should be closed out, moved to another Fidelity account, or left behind in a partial transfer.
Cryptocurrencies cannot be transferred through the ACATS system, so you will need to sell them and move the cash to Interactive Brokers if you wish to repurchase them there. Keep in mind, selling assets in a taxable account may have tax implications, so it’s wise to consult a CPA before proceeding.
Micro-cap stocks may also not be accepted at Interactive Brokers, so you’ll need to handle these similarly to options. Foreign stocks can be transferred, but for any unique positions, it's best to check with IB to confirm.
If you have short positions in your Fidelity account, Interactive Brokers will net them out upon transfer.
If you're transferring a robo account from Fidelity to a self-directed account at Interactive Brokers, the assets must be liquidated as Fidelity will only transfer cash.
Step #4: With both accounts ready, request the ACATS transfer. Log into the IB website, click on the Transfer & Pay tab, and select the option to transfer positions. Choose the United States as the region and ACATS as the transfer type.
On the next page, select Fidelity as the outgoing broker and provide the required details such as account type and number. You’ll also have the option to choose a full or partial transfer. Use the pop-up tool to check if a micro-cap stock can be transferred. Once all information is entered, submit the transfer, and IB will notify Fidelity.
Interactive Brokers places a hold of up to 30 days on cash and securities from an ACATS transfer. You can trade during this period, but withdrawals and further transfers are not allowed.
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Transfer From Interactive Brokers to Fidelity
Transferring in the other direction follows the same basic process. Fidelity will accept micro-cap stocks, but if you're transferring to a robo account at Fidelity, it must be all cash.
To start the transfer, go to Fidelity's website, click on the transfer link under the Accounts & Trade tab, and follow the instructions. Select “Interactive Brokers LLC” as the outgoing firm, fill in the details, and let the brokerages handle the rest.
Price of Transferring
Neither brokerage charges an ACATS fee for incoming or outgoing transfers, making the process straightforward.
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ACATS Timeframe
An ACATS transfer can take up to 2 weeks to complete, but it usually takes at least a week.
Updated on 10/16/2024.
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