Can I transfer TD Ameritrade account, IRA, stocks, ETFs, assets, money to Robinhood brokerage in 2023. How long does it take and how much does it cost.

How to Move a TD Ameritrade Account to Robinhood

If you thought that you can’t transfer a brokerage account into Robinhood because Robinhood doesn’t accept incoming ACATS transfers, you should think again. Robinhood recently changed this policy and now accepts incoming brokerage account transfers. If you have a TD Ameritrade account, moving one to Robinhood is now much easier. Here’s how to do it:

Full Versus Partial

Through the ACATS (Automated Customer Account Transfer Service) network, it’s possible to send either a full or partial transfer. With a partial transfer, you specify certain securities to move, while other holdings remain in your account. With a full transfer, everything is moved to the new broker, and the old account is closed.

It’s possible to choose either a full or partial transfer when moving from TD Ameritrade to Robinhood.

First Step: Consider the Cost of a Transfer

TD Ameritrade charges nothing for an outgoing partial transfer, but it does charge $75 for an outgoing full transfer. Thankfully, Robinhood reimburses transfer fees charged by other brokers, up to $75. If you opt for a full transfer, hang onto your TD Ameritrade account statement that lists the ACATS fee, just in case Robinhood wants proof of the charge.

Second Step: Open a Robinhood Account

For obvious reasons, you will need to open a Robinhood account to receive assets from TD Ameritrade. It is an ACATS requirement that the two accounts must be the same type. For example, it is only possible to transfer assets from a joint account into another joint account.

Because Robinhood only offers individual accounts, you can only transfer assets from an individual account at TD Ameritrade into a Robinhood account.

A second ACATS requirement is that the names on the two accounts must be the same. Be sure to open the Robinhood account using the same name that’s on your TD Ameritrade account.

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Third Step: Get Your TD Ameritrade Account Ready

There will probably be a few tasks to complete inside your TD Ameritrade account before starting a transfer. The first issue you need to be aware of is that many of the investment vehicles at TD Ameritrade are not available at Robinhood. These include mutual funds, bonds, annuities, forex, and futures. Robinhood does not offer these products, so they cannot be transferred. Only stocks, options, and exchange-traded funds can be moved.

Of special importance are over-the-counter stocks. These are available at TD Ameritrade but mostly unavailable at Robinhood. The vast majority of OTC securities cannot be moved to Robinhood. Robinhood does offer a few OTC equities, but the selection is very small. You can check if Robinhood offers a particular OTC stock by entering the ticker symbol on the Robinhood platform.

Once you know what assets you will be moving, it’s time for more tasks. For example, if you don’t have an individual account at TD Ameritrade, you will need to move your assets from your current TD Ameritrade account to an individual account at TD Ameritrade. You will need to open the individual account if it’s not yet open. Moving assets into an individual account from another account type could trigger tax consequences, so be aware of this issue.

Once you have your assets inside an individual account at TD Ameritrade, it’s time to get that account ready for the imminent transfer.

Robinhood will not accept ACATS transfers of option contracts with less than a week of life left in them. You can either close them out or do a partial transfer and leave them in your TD account.

If you have any options that require collateral, the collateral must be moved with them, per Robinhood policy. You should not attempt to move the contracts without the necessary collateral.

Fourth Step: Get Your Robinhood Account Ready

Now that you have your TD Ameritrade account ready to go, you need to prepare your Robinhood account. If you plan to move options, be sure to add option privileges to your Robinhood account before starting the transfer. Pay close attention to the option level, as this will need to match the derivative positions that you’re moving.

If you have a margin debit inside your TD Ameritrade account, it can be moved in the transfer. But first, be sure to add margin privileges to your Robinhood account. This is accomplished with a Gold subscription with margin investing enabled.

Fifth Step: Start the Transfer

With both accounts fully ready, it’s time to begin the ACATS transfer. Everything is handled by the incoming brokerage firm, which is Robinhood in this case.

To submit an ACATS request, log into the Robinhood mobile app. The company’s website does not have a transfer form, so you’ll need to use the app.

Transfer Ameritrade Stocks to Robinhood

The starting point is the little man in the bottom-right corner of the app. Tap on this, and then select the icon with 3 horizontal bars (it’s in the upper-right corner of the screen). Next, tap on Transfers. This will generate a new page with a few transfer choices. The one you want is “Transfer accounts into Robinhood.”

On the next page, you’ll get a fairly lengthy list of broker-dealers. Scroll down until you see TD Ameritrade. At this point, the digital transfer form will request several particulars, like your TDA account number and whether you want a full or partial transfer. Once you have everything filled out, simply submit the request, and Robinhood will take it from there.

An ACATS transfer takes about a week and a half, assuming no mistakes have been made. During this time, both the Robinhood website and mobile app will display the progress of the transfer request.

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