How to transfer $ from Vanguard to Fidelity?

[Earl E Retyre]

I have a lot more $$$ in Vanguard than I do Fidelity. After reading the thread about customer service issues with Vanguard, I figured it would not hurt to make the balances a little more even. I have money in my Vanguard cash settlement account that I want to transfer to Fidelity.

As far as I can tell, I cannot initiate a transfer between brokerages. I know I can transfer from Vanguard to my Ally Bank. Then wait a few days for the funds to appear in Ally Bank. Then transfer from Ally Bank to Fidelity. But wanted to check if anyone knows a simpler way of doing this (that does not include wiring fees).

[OldShooter]

Sure. Fido will have a form that you fill out, giving the details of the account you're moving assets from and the details of the assets you want to move. They will take it from there. You can move in-kind (easiest) or sell at VG and only move the cash. Be sure to ask Fido if they have any kind of spiff (incentive money) to reward you for the transfer. The amount will depend on the size of the transfer.

[audreyh1]

The transfer via Ally would be the easiest and fastest by far.

Otherwise there is paperwork and delay involved. You request that Fidelity transfer specific assets from Vanguard, and they send Vanguard the paperwork, and then there is usually delay. Usually people take this step if they are trying to transfer assets not cash.

[MarieIG]

Quote:

Originally Posted by Earl E Retyre I have a lot more $$$ in Vanguard than I do Fidelity. After reading the thread about customer service issues with Vanguard, I figured it would not hurt to make the balances a little more even. I have money in my Vanguard cash settlement account that I want to transfer to Fidelity. As far as I can tell, I cannot initiate a transfer between brokerages. I know I can transfer from Vanguard to my Ally Bank. Then wait a few days for the funds to appear in Ally Bank. Then transfer from Ally Bank to Fidelity. But wanted to check if anyone knows a simpler way of doing this (that does not include wiring fees).

I did transfer money from Vanguard settlement fund to Fidelity via an online transfer. First, I set up the Fidelity account - and then I entered the info for the Vanguard account with instructions of what I wanted transferred. You will need your Vanguard account number.

[Earl E Retyre]

Quote:

Originally Posted by MarieIG I did transfer money from Vanguard settlement fund to Fidelity via an online transfer. First, I set up the Fidelity account - and then I entered the info for the Vanguard account with instructions of what I wanted transferred. You will need your Vanguard account number.

So you treat Vanguard as a normal bank. What do you use for a Vanguard routing number?

[mikemctx2]

I don't recall how I originally set it up, but at this point I have money in my Vanguard Cash Reserves Federal Money Market Fund that I routinely transfer to my Fidelity SPAXX Account. All I have to do is to Sell Cash Reserves on the Vanguard website and on the Dropdown on Where's the money going I select Fidelity Investments followed by my account/routing # that is already populated. I'm also set up to transfer to my Wells Fargo Bank account.

I set this up when Vanguard stopped offering check writing etc from their money market funds. The way I operate is that virtually all my investments are at Vanguard with a modest amount liquid in the Cash Reserves Money Market Fund that pays slightly higher dividends than Fidelity SPAXX. All my day-to-day transactions are in and out of my Fidelity SPAXX account. When that balance drops below my desired threshold I transfer $10,000 from Vanguard to SPAXX. It shows up there within 2 days. I also have a Cash Management Account at Fidelity that pays no interest. I keep virtually no money there and use it for local ATM withdrawals for which Fidelity reimburses any ATM fees. Fidelity automatically transfers funds from my SPAXX account to cover the ATM withdrawal. I also have a Fidelity Credit Card (managed by Elan) that pays 2% cash back.

I am happy with what I have set up that virtually all Investments at Vanguard and an easy means to transfer funds to Fidelity to handle all day-to-day transactions.

[MarieIG]

Quote:

Originally Posted by Earl E Retyre So you treat Vanguard as a normal bank. What do you use for a Vanguard routing number?

Fidelity has Vanguard as a choice, so you can just click on it. I may be putting in an order to transfer a little bit over from Vanguard tomorrow, and if I do so, I'll let you know. But - I was able to print out a statement and get it done.

Right now, I am having Fidelity "pull" out of Vanguard, but I recently set up a cash management account, so may also set up my Vanguard brokerage to be able to "push" money to Fidelity.

[RunningBum]

If you're just doing this the one time, I'd do a two step transfer through Ally if you've already got that set up with both banks.

[PatrickA5]

With DW's inheritance, all I did was link her new Vanguard account with our Fidelity CMA account via routing/acct numbers. Took a couple of days to do the micro deposit verification, but after that I just did a bank transfer of the whole amount (over $400K). Showed up at Fidelity within a day. This was much easier than trying to transfer the "account". But, note that VG was all cash. I wasn't transferring stocks or funds.

[Earl E Retyre]

Quote:

Originally Posted by PatrickA5 With DW's inheritance, all I did was link her new Vanguard account with our Fidelity CMA account via routing/acct numbers. Took a couple of days to do the micro deposit verification, but after that I just did a bank transfer of the whole amount (over $400K). Showed up at Fidelity within a day. This was much easier than trying to transfer the "account". But, note that VG was all cash. I wasn't transferring stocks or funds.

Thank you so much. I happen to have a Fidelity Cash Management Account with 14 cents in it that tells me what the routing and account numbers are. So, I just logged into Vanguard and was able to link to it from Vanguard. I need to wait for the 2 microdeposits but then I will always have those linked for the future.