What is Automated Customer Account Transfer Service (ACAT)?
ACAT is an electronic system operated by The National Securities Clearing Corporation (NSCC) that facilitates the transfer of assets from one trading account to another at a different broker. In other words, assets bought through another brokerage can now be easily transferred to your Sarwa Trade account without having to liquidate or withdraw. Doesn’t that sound great?
What are the benefits of transferring your assets to Sarwa Trade?
- Sarwa Trade is the region’s first truly zero commission trading platform
- It offers free UAE Dirham local transfers
- Sarwa Trade will allow you to trade thousands (4,500+) of stocks and ETFs on all US exchanges
- Alpaca, a member of the Securities Investor Protection Corporation (SIPC) and Sarwa Trade’s brokerage, will serve as the custodian for your securities account. In the event that a SIPC-member fails and is placed in liquidation under the Securities Investor Protection Act, SIPC protects the securities customers of its members up to $500,000 (including $250,000 for claims for cash). For details, please see www.sipc.org.
- Last but definitely not least, you will have access to amazing support 7 days a week, and during trading hours
To initiate the transfer of your assets, please follow these steps:
- If you do not already have a Sarwa Trade account open, kindly create one by downloading our mobile app
- Reach out to our Customer Excellence Team at email@example.com, with the following subject “Account Transfer request form”. Please make sure to include your name, Sarwa Account reference number (starting with SWT) as well as the details of what you plan to transfer.
- The Sarwa Team will share a simple form to be filled out and signed
- And voila! Once the document is reverted back to us, we will initiate the transfer of your assets to your Sarwa Trade account. The process usually takes 10-15 business days to be completed.
There are various options at your disposal to facilitate the transfer. You can choose to transfer your assets partially or entirely to your Sarwa Trade account, the choice is completely yours! *
- Full: you can transfer your entire portfolio to your Sarwa Trade account.
- Partial: you can transfer a portion of your existing portfolio to your Sarwa Trade account (e.g., transfer only 10 shares of Apple to our broker and keep the rest in your initial broker account).
- Cash: you can transfer the cash available to Sarwa Trade (we can also provide a wire transfer option!)
* Please note that you can only transfer assets that are supported by Sarwa Trade.
If you have any additional question about the process, feel free to reach out to us at firstname.lastname@example.org