Hover over the Accounts button in the main navigation and select Transfers and Payments in the submenu. The transfers and payments menu allows you to:
- transfer funds online between Schwab accounts;
- link an external bank account, and then transfer funds from that bank account to Schwab; and
- transfer an investment account to Schwab from another financial institution (e.g., this is how you would transfer a retirement account held by another custodian).
Linking an External Account
- If you plan to transfer money from a non-Schwab bank account, look for the box called External Bank Accounts and select Link or delete external bank accounts.
- Once you link your external bank account with Schwab, the external account will receive two small deposits and one withdrawal. Schwab will email you once that’s done.
- Once you see the deposits and withdrawal in your external bank account, go back to Accounts → Transfers and Payments → External Bank Accounts and select Verify trial deposits.
- Once you verify, you’ll be able to easily transfer funds from your external account to Schwab.
Online Transfers from Schwab Account or External Account
- If you have linked an external bank account or have an existing Schwab account, the most common way to transfer funds is by visiting Accounts → Transfers and Payments → Online Transfers.
- Alternatively, you can call your bank, provide them with Schwab’s information, and ask them to facilitate the transfer. To do that, please visit Accounts → Transfers and Payments → Incoming wires and routing numbers.
Online Transfers of Investment Account Held by Another Custodian
- If you are transferring an investment account held by another custodian, you have a couple options.
- To complete the process online through Schwab, you can visit Accounts → Transfers and Payments → Transfer an Account.
Alternatively, you can call your current account holder, provide them with Schwab’s information, and ask them to facilitate the transfer. To do that, please visit Accounts → Transfers and Payments → Incoming wires and routing numbers.