How to transfer stocks from Robinhood to other brokers
Need to transfer your stocks out of Robinhood? Here's what you need to know.
With Robinhood now limiting some of the stocks that users can buy, you might find yourself looking for a way to transfer your stocks out of your Robinhood account. The process isn’t all that difficult, but there are some things you’ll want to be aware of. We’ve broken down all the details below, so let’s dive in.
How to transfer stocks from Robinhood to other brokers
As of the time of writing this, Robinhood has removed user’s ability to purchase certain stocks at the moment, including GameStop (GME) and AMC (AMC). This has led to an influx of users looking to move online brokers, which means getting their stock out of Robinhood’s hands. Thankfully you don’t have to sell it all off. Instead, you can transfer it to another broker, though there is a cost.
- All outbound transfers cost $75 to complete.
- Robinhood supports both partial and full outbound transfers.
- Transferring all of your stock out of your Robinhood account will result in the broker closing your account completely.
- If you have any negative balances or account restrictions prior to the transfer request, your transfer could be delayed.
Now that you know the costs, it is time to talk about the process. Users who want to transfer all of their stocks out of Robinhood will need to initiate the transfer by contacting their other broker. In order to transfer stocks from Robinhood, you must initiate an Automated Customer Account Transfer Service (ACATS) transfer. Robinhood states on its website that users should not “request stock delivery using any method other than ACATS, including DTC and transfer agent transfers”.
Completing a transfer may also require you to give the receiving broker your Robinhood Securities (RHS) account number, which can be found by tapping the account icon in the bottom right corner of the application and then tapping Investing. From here you should be able to see your RHS number at the top of the screen.
If you need to reference a DTC number for your transfer, then Robinhood’s DTC number is 6769.
Other things worth noting here are the fact that initiating a transfer will restrict your account to ensure it is processed without issue. You won’t be able to make any trades on the assets that you’re transferring until the process is complete. If you’re only transferring a partial amount of your stocks, then only the assets being transferred will be restricted from trading.
With that, you should now know how to transfer stocks from Robinhood to other brokers. For more stock help or information, head over to our game trader page. You can also check out our guide on where to buy GameStop (GME) stock if you’re trying to get in on the current market movements (these movements may have changed since the publishing of this article, and we will update when we know more).
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replyJosh Hawkins posted a new article, How to transfer stocks from Robinhood to other brokers
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Everything I read about it on their site points to $75 for the WHOLE transaction. They aren't super clear on that, though.
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I believe this is right, just need to double-check that all your holdings are traded at the broker you are trying to transfer to or the whole transaction gets cancelled.
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