How to Transfer Accounts and Stocks for Brokerage Promotions, Step-by-Step Guide

TL;DR

• Account transfers and stock transfers follow different procedures and require different documents, so verify requirements in advance.
• Overseas stock transfer eligibility and methods vary by broker and exchange, so contact the broker before applying for promotions.

Difference between account transfer and stock transfer

• Account transfer: a service that moves an entire account at one broker to another broker. Account number, holdings, and balances are transferred at the account level.
• Stock transfer (balance transfer): moving selected individual stocks or overseas holdings. Some brokers or products do not support transfers or require separate procedures.

Key checks before transferring

1. Promotion terms: confirm fee waivers, cashback and the scope of application. Promotions may require new account opening, third-party transfers, or have time limits.
2. Transfer eligibility: overseas stocks may not be mutually transferable between brokers, and ADR or depository forms can change transfer rules. Verify directly.
3. Tax and fees: capital gains tax, withholding, exchange rate application, and transfer fees can change, so check current rules with the broker or tax authorities.

Step-by-step application process (for beginners)

1. Preparation

• Prepare existing broker account details, ID such as resident registration card, and recipient broker account information
• Check the stocks, quantities to transfer, and cash balance

1. Choose receiving broker and confirm promotion

• Check the receiving broker website or customer center for account transfer or balance transfer promotion terms
• Confirm promotion period and application method (online or branch visit)

1. Submit application

• Most brokers allow online applications, but some may require branch visits or postal submission
• Fill in the Account Transfer Application or Balance Transfer Application accurately

1. Monitor transfer and confirm completion

• Processing time varies by broker. Trading restrictions may apply during processing, so plan trades accordingly
• After completion, verify holdings, cash balance, and fee details

Additional notes for overseas stock transfers

• Transfer methods differ based on deposit form of the security (direct deposit, depository receipt, etc.). Some brokers do not support overseas stock transfers or require separate currency conversion or settlement steps.
• Resolve dividends, rights exercises, and open orders before initiating transfer.

Checklist and contacts

• Checklist: ID, account details, list of stocks to transfer, screenshots or confirmation of promotion application, customer center inquiry records
• Contacts: contact the receiving broker customer center and the existing broker branch in advance. You may be asked to provide supporting documents via online channels.

Finally, procedures and detailed conditions may change depending on brokers and related regulations, so confirm in advance. If needed, check your holdings in My Stock Radar before proceeding.

This article is for informational purposes and is not investment advice.