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Seamless Transfers: Switching from TD Ameritrade to Syfe’s ACAT System

Seamless Transfers Switching from TD Ameritrade to Syfe's ACAT System
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Are you a retail investor stumped as to which broker to switch to?

Dreading the tedious task of switching brokers after news of the discontinuation of services by TD Ameritrade?

With ACATS Transfers now being supported by Syfe, you can transfer your securities easily and seamlessly.

No more worrying about selling and rebuying your positions and risking foreign exchange losses.

It seems that for a limited time, Syfe is offering waived ACATS Transfers to Syfe Brokerage

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Get your first S$50,000 managed free for 3 months when you sign up and deposit a minimum of S$2,000 into your Syfe Wealth Account. Plus, 3 months of unlimited free trades upon signing up with Syfe Trade, stackable with a S$20 bonus cash credit for a S$2,000 minimum deposit using our promo code!

P.S. Do note that you need a minimum deposit of S$5,000 to open an Income+ portfolio. 

ACATS functions and advantages

“What’s an ACATS?” 🧓

ACATS, short for Automated Customer Account Transfer Service, is a security transfer process.

ACATS allows you to transfer securities such as US stocks and ETFs to another broker without buying or selling your positions.

Syfe says no to Sales charges and commission fees!

As Syfe now supports ACATS, you can skip trading and commission fees associated with selling and rebuying your positions.

Additionally, there are currently no fees to transfer your positions into Syfe Brokerage.

However, you can still be charged transfer out fees by your current broker that vary per security or stock.

Just something to note.

Mitigating foreign exchange risks and tax implications 

This is especially true if you are an investor in Singapore with US securities. Depending on where the foreign exchange rates are at during the time of the switch, you are potentially losing from rate differences at the time of trade. 

If you are selling securities at a profit, it may constitute income, resulting in unnecessary taxes you have to pay with the sale of the securities, ACATS can help you avoid this process together with the transfer.

How does ACATS Share Transfers Work?

Syfe can coordinate with your current broker to transfer your positions. A process that is established through the National Securities Clearing Corporation (NSCC)​​. As an investor, you may want to check out the following steps and timelines.

  1. You have to download your current account statement from the existing broker
  2. Create an account with Syfe Brokerage and register with Singpass
  3. Submit a Securities Transfer Request form to mail to [email protected] with subject title: [ACATS Transfer]
  4. A notification will then be sent to you once the request has been received (2-3 working days)
  5. A request will be made to your current broker to transfer the shares (up to 10 working days)
  6. Finally, check your Trade app to see if positions match and confirm 

Is Syfe a good replacement for TD Ameritrade?

Syfe Brokerage Offers unlimited US trades for the first 90 days for every new client. Invest with an easy-to-use platform with features such as fractional shares and recurring buys. You may even enjoy additional rewards if you transfer in using ACATS from another broker (Valid till 30 April 2024)

Related to Syfe:

Unlocking Syfe Cash+ Guaranteed (Review)

Introducing Syfe Income+: A new way to maximise returns on fixed-income investments

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