Transfer from Citi to Robinhood in 2024
How to Transfer from Citi to Robinhood
To start the transfer process, make sure you initiate the transfer request from your Robinhood account.
If you don’t have a Robinhood account yet, you can open one here: Free stock up to $200 and 1% IRA match when you open an account.
Follow these steps to transfer your Citi brokerage account to Robinhood:
Requesting an ACATS Transfer
Log into your Robinhood account (on the app or browser) and go to the 'Transfers' menu under 'Settings.' Select 'Transfer accounts in' to begin the ACATS transfer process.
Robinhood offers two types of transfers: full and partial. Full transfers move all assets and close the original account, while partial transfers only move specific assets.
Inform Robinhood about the type of account you’re transferring. They support standard brokerage accounts and two types of IRAs (Traditional and Roth IRA).
Connect your Citi and Robinhood accounts by providing your Citi account number and other necessary details. This information is needed to validate the transfer request.
Make sure that the securities in your Citi account are eligible for transfer. Unsupported securities like bonds, CDs, or mutual funds will require a partial transfer, while supported assets can be transferred fully.
Choose the transfer type (full or partial), review the details, and submit your request.
Account Transfer Timeline
The transfer process usually takes around a week but may take longer if complications arise. To speed up the process, ensure that your Citi account is set up correctly by settling any pending transactions, selling unsupported securities, and resolving any outstanding debts.
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Transfer Fees
Robinhood does not charge fees for incoming transfers and will reimburse up to $75 of the fees charged by Citi if your transfer amount is $7,500 or more.
Eligible Account Types
Robinhood supports a limited range of account types compared to other brokers like Citi.
Only individual cash or margin brokerage accounts, Roth IRAs, and Traditional IRAs can be transferred. Custodial, joint, business, and trust accounts are not eligible.
Eligible Securities
Not all securities can be transferred from Citi to Robinhood. Robinhood accepts stocks, options contracts (with more than 5 days until expiration), ETFs, margin balances (if enabled), and cash. Unsupported assets include cryptocurrencies, fractional shares, options expiring within 7 days, unsupported options strategies, bonds, mutual funds, futures, annuities, OTC Pink sheets, and foreign stocks. Make sure to sell any unsupported products before initiating the account transfer.
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Updated on 9/30/2024.
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