How to withdraw money from a Fidelity investment account (UK guide)

Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.

Have shares, funds or other investments with Fidelity International? You’ll need to know how best to manage your portfolio, which includes knowing how to withdraw money from the platform.

Fidelity International is a US-based financial services company offering investment funds, ISAs and personal pensions. It’s a popular choice with investors all over the world, including here in the UK.

In this helpful guide, we’ll show you how to withdraw money from a Fidelity investment account.

The good news is that it’s reasonably straightforward to do, but we’ll walk you through all the steps involved.

So, let’s get started.

How to withdraw my portfolio from Fidelity

If you have cash in your Fidelity International investment account that you’d like to withdraw, you can carry straight on to the steps below.

But if you have shares you need to sell first, you’ll need to do the following:¹

1. Login to your Fidelity account
2. Go to ‘My accounts’ - you’ll find this at the top of the page
3. Select ‘Manage investments’
4. Select ‘Buy, sell or switch’.

Then you can simply follow the guides Fidelity has put together on how to sell a fund (OEICs and Unit Trusts) and how to sell an exchange-traded instrument.

At this stage, it could also be a good idea to get professional advice before selling any shares or funds. You might find there are tax or other implications of doing so.

If you decide to go ahead and have cash in your Fidelity account, you can follow the steps below to withdraw it to your chosen account.

Step 1: Login to your Fidelity account²

The first thing to do is head to www.fidelity.co.uk and login to your account.

It’s easy to do, providing you remember the login details you used to register for an account on the platform.

Simply click the ‘Log in’ button on the top-right corner of the page, and follow the login process. If you can’t remember your password, don’t worry. Simply select the ‘Forgot your password?’ option and follow the steps to reset your password.

Step 2: Go to ‘Manage Investments’²

Once you’ve logged in to the platform, you’ll be taken straight to the Account Summary page.

On the top menu, select ‘Manage Investments’.

You’ll see a range of options, including ‘Cash’ and ‘Invest’, with various actions underneath each heading. The one you need is ‘Cash’.

Step 3: Withdraw cash²

Under the ‘Cash’ heading in the ‘Manage Investments’ menu, you’ll need to select ‘Move or withdraw cash’.

A new panel titled ‘Move or withdraw’ will pop up on screen. Follow these simple steps to start your withdrawal request:

1. Click on ‘Choose an account’
2. You’ll see all of the accounts you hold with Fidelity International, if more than one
3. Select the account you’d like to withdraw money from
4. In the ‘Amount’ box, type in the amount of money you’d like to withdraw
5. Select ‘Bank Account’ in the ‘To’ section.

Step 4: Select or add a bank account²

If you already have a bank account linked to your Fidelity International investment account, you can simply select it from the drop-down list. Then click ‘Next’ to move on to the final steps of confirming your withdrawal request.

If you don’t already have a linked account or you’d like to add a new one, follow these steps:

1. Select ‘Add a new account’
2. Enter your bank account details, including name, sort code and account number (plus roll number if its a building society account)
3. Check the details carefully and submit
4. Complete the verification steps, required so that Fidelity can confirm that it’s really you making the change and that the account belongs to you. This may involve an automatic check to verify your account details, which should take place the same day.
5. Wait until your new account details are confirmed by Fidelity. If there’s any issues with verification, the platform will get in touch with you.

Step 5: Review details and confirm²

Now it’s time to carefully check all of the details you’ve entered so far. If you want to make a change, you can select ‘Edit’ to amend any details. It’s also not too late to cancel the request - simply click ‘Cancel’ to return to the Account Summary screen.

Once you’re happy with everything, click ‘Confirm’ to submit your request.

Step 6: Receive confirmation and wait for your withdrawal to be processed²

Once your request has been submitted, you should see an on-screen confirmation that it has been processed.

All that’s left to do is wait for the money to be delivered to your bank account. If it’s an account already linked to your Fidelity account, it shouldn’t take more than four working days to arrive.

If you have any issues, contact Fidelity International customer services for assistance. You can find contact details here.

Fidelity withdrawal fees³

According to their fees and pricing guide, withdrawal fees for different types of investments with Fidelity may include dealing fees, fund manager fees and currency exchange fees.

Use Wise to save on currency conversion when withdrawing from overseas investment platforms

If your investments or RSUs are held in an overseas investment or equity compensation platform, you may get a surprise when you come to withdraw money.

You might find that a sizable chunk has been lost to currency conversion fees and poor exchange rates. This can happen when sending proceeds in USD (for example) to a UK account denominated in GBP. If you’re withdrawing a lot of money, it could add up to hundreds or even thousands of pounds.

Luckily, there’s a way to shrink these currency conversion costs right down.

Open a Wise account and you can receive money in other currencies for free by turning on local account details (restrictions apply)*.

For example, you’ll get access to US Dollar account details (i.e. account number, ACH and wire routing number) which allows you to get paid directly in dollars even if you are in the UK.

Once you have all your dollars in Wise, you’ll then have complete control over the currency conversion. You can convert your money to GBP within your Wise account at the mid-market exchange rate, for low, transparent fees*.

You can do this instantly or hang onto the USD to use your Wise account for other US-based investments when the time is right to make sure you get the most from your money.

Open your Wise Account

And that’s about it - all the essentials you need to know about how to withdraw money from a Fidelity investment account. We’ve looked at the main steps involved, from logging in to adding a new bank account.

The good news is that from start to finish, the process is relatively straightforward to do. However, it’s really crucial to check all the details carefully at every stage.

And before you withdraw any money from the platform, you might also want to seek professional advice to help you understand any potential tax implications. An expert can also help you to manage your investments effectively.

Sources used:

1. Fidelity - how to sell investments, withdraw cash and transfer
2. Fidelity - how to withdraw cash from your Fidelity account
3. Fidelity - Fidelity fees and pricing

Sources last checked on date: 31-Oct-2024

Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.