How to Transfer a Fidelity Account to Schwab
Do you have an account at Fidelity? Would you like to give Charles Schwab a try? If so, you can quickly move your account intact to Schwab and start trading there. Here is the lowdown on making the switch:
Transfer from Fidelity to Schwab
A brokerage or investment-advisory account can be moved out of Fidelity into either account mode at Schwab. Fidelity Go, the company’s automated service, will only transfer cash to Schwab, and Intelligent Portfolios, Schwab’s automated program, will only accept a transfer of cash. These policies will affect transfers that involve a robo account on either end.
Step 1: Now that you know what you’re transferring out of and what you’re moving into,
you need
to get that receiving account open. It’s really easy to open a new investment account at Schwab on
either the broker’s website or mobile app. Just look for the orange button on the website to open a new account, or go into the settings menu on the mobile app (icon in the upper-left corner) and find the link to open a new account. An existing account will work if it meets the following two requirements:
(1) Same account type as the outgoing account (such as custodial, joint, or IRA)
(2) Same name on it
If either of these conditions is not met, a new account will need to be opened. In some cases, it may be possible to change the account type or name on it.
Step 2: While the Schwab account is opening, it’s time to head over to Fidelity and begin preparing the account for the upcoming transfer. As already mentioned, if this is an automated account, everything will need to be sold off and converted into cash. A self-directed account doesn’t need to be liquidated, although it may have many more tasks to accomplish.
For example, some over-the-counter securities may not be transferable into Schwab. Although Schwab does offer trading in OTC stocks, some specific positions may not be accepted. Options that expire in less than a week cannot be moved, either. And cryptocurrencies can never be moved through the Automated Customer Account Transfer Service (ACATS), which is what we’re using here.
If any position can’t be moved for any reason, it should be handled in one of three ways:
(1) Liquidated
(2) Moved to a second Fidelity account
(3) Left behind in a partial transfer
Cryptocurrencies at Fidelity should already be in a discrete account. Simply don’t specify that account in the transfer request, which is coming up in a minute.
Fidelity offers trading in foreign stocks, and these are securities, so they can be transferred through the ACATS system. Although Schwab does offer trading in foreign stocks, it may not support all securities or all exchanges available at Fidelity. For example, Greek and Polish securities are sell-only at Schwab. It’s advisable to check with Schwab before attempting to transfer any esoteric position in.
A full-service Wealth Management account is an investment account and can be transferred out of Fidelity. However, once again, there may be assets available to Fidelity’s full-service clients that Schwab does not support.
Step 3: At this point, the Schwab account should be fully open and ready to accept a transfer. It,
too, may need some prep work. For example, if option contracts or margin will be coming over from
Fidelity, these add-ons must be appended to the account at Schwab. It’s imperative to add the correct
options level, too. For example, an account approved for Level I options trading cannot accept a transfer
of an iron butterfly.
Step 4: In this step, you’re actually going to submit the transfer request. As already
mentioned, this will go through the ACATS network, which is fully electronic. An ACATS request is
always made with the incoming investment firm, which is Schwab in this situation. The necessary
digital form can be found on Schwab’s website under the Move Money tab (click on the Transfers & Payments -> Transfer an Account).
On the initial page of the application, the outgoing investment firm needs to be specified. Schwab lists several potential firms, and Fidelity’s name is in this list. Simply click on Fidelity’s name to populate the transfer form correctly.
On the next page, you’ll need to specify the account structure (remember, the account types must match exactly here), and the account number at Fidelity. Go to the next page, and you’ll see a section to specify full or partial transfer. If you choose to perform a partial transfer, the Fidelity account will remain open and you can specify specific holdings to move. For a partial transfer, it’s also possible to specify a portion of the cash balance to transfer. Up to 70 positions can be moved in a single partial transfer. A full transfer will move everything in the account and close it.
Go through the remaining pages and supply all requested details. Review everything on the final page and submit the ACATS request if everything looks right. Once Schwab receives the transfer application, it will notify Fidelity, and the two companies will do all the heavy lifting from that point.
Step 5: There is one final task in this journey: keep track of the transfer request. Under the Move Money tab at the top of Schwab’s website, there is a ‘Recent Transfer Activity’ link. Obviously, here is where Schwab keeps track of any transfer requests. They can be viewed for up to three months. If anything here doesn’t look right, be sure to contact Schwab.
Free Charles Schwab Account
Bank Accounts
Although Schwab does offer bank accounts, neither a checking nor a savings account can accept an ACATS transfer. Fidelity’s cash-management accounts are technically brokerage accounts, so they can be used to transfer assets through the ACATS network into Schwab, assuming the receiving account is an investment account.
Fractional Shares
Fractional shares of mutual funds can be moved through the ACATS system, so there’s no need to sell them off before making a transfer request. Fractional shares of stocks and ETFs are a different story. These cannot be transferred, so they will need to be converted into cash. You can take this step yourself or let Fidelity do it before it sends over the cash and securities.
Cost of an ACATS Transfer
Fidelity does not charge any fees for outgoing ACATS transfers. Schwab charges nothing to receive one.
How Long Does an ACATS Take?
Schwab officially states that an incoming ACATS transfer could take up to three weeks to complete.
Our experience suggests a time to completion of about 3 to 5 business days for the average transfer. We do emphasize average here, as some transfers could take longer. For example, if there are esoteric assets involved, like OTC or foreign stocks, or if mistakes are made in the digital red tape.
Updated on 1/7/2026.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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