Closing Fidelity account: Everything you need to know

Fidelity is one of the largest brokerage firms in the US, offering investment accounts, retirement planning, and wealth management services. You may have used it to manage stocks, bonds, mutual funds, IRAs, and other investments.

However, you might now want to close your Fidelity account because you're consolidating investments with another firm or simply no longer want to use Fidelity.

You can usually close a Fidelity account through their Virtual Assistant online, but there are important steps you need to complete first, such as emptying your account. Here's what the process involves.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

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Can you close your Fidelity account?

Yes, you can close your Fidelity account if you no longer need it.

However, your account balance must be zero, with no cash or investments left in it.¹

If you still have stocks or cash sitting there, Fidelity won't let you close until you sell everything or move it somewhere else.

Another option is transferring all your assets to a different brokerage. Once the transfer finishes and your Fidelity account is empty, they may close it automatically.¹

Can you close your Fidelity account online?

Yes, you can usually close your Fidelity account online using their Virtual Assistant. It'll walk you through the closure request, so you just need to follow the prompts on the screen.

Closing your Fidelity account from abroad: step by step

1. Decide what to do with your investments

You can't close a Fidelity account that still holds assets.

You have two choices: sell everything and convert it to cash, or transfer your investments to another brokerage.

If you're moving abroad permanently, think about the tax implications of selling and talk to a tax advisor before making moves that could trigger capital gains taxes.

2. Withdraw or transfer your cash

Once you've sold your investments or transferred them out, you'll have cash in your account. You'll need to move this money to your bank account through an electronic transfer.

If you're living abroad, you may want to wire it to your US bank first, and then do the international transfer. That said, keep in mind that international transfers often come with high fees.

3. Wait for all transactions to settle

Investment trades don't complete instantly and can take a few days to settle. Don't try closing your Fidelity account until every transaction shows as settled and your balance is zero.

4. Download your account statements and tax documents

You'll need your Fidelity records for tax filing, especially if you're dealing with capital gains or losses.

That said, if you forget to get your account statements and tax documents before closing your account, you'll still be able to get them if you log into Fidelity.com and go to Accounts and Trade →Tax Forms & Information → View your Tax Forms.¹

Any tax forms for your accounts from the last 7 years will appear there, including forms for accounts you've already closed.¹

If you can't find a form you need, call Fidelity Customer Service at 800-343-3548. They can help you get any missing tax documents.¹

5. Close the account

Once your balance is zero and everything's settled, log in to your Fidelity account online. You'll need to access the Virtual Assistant and request account closure.

To complete the process, follow the prompts from the Virtual Assistant. The system will verify that your account is empty and walk you through the final steps.

You can do this from the US and from abroad.

6. Get confirmation

After the Virtual Assistant processes your closure, make sure you receive confirmation that your Fidelity account is no longer active. This protects you if questions come up later.

If you want to use Fidelity again in the future, you'll have to open a new account—you typically can't reactivate your old one.

How much does it cost to close your Fidelity account?

Fidelity doesn't charge a fee for closing your account.

However, to close, you need your account balance to get to zero, and that can cost money. If you sell your investments, you might pay trading commissions, mutual fund redemption fees, and asset transfer fees if moving to another brokerage.

Plus, withdrawing cash through a wire transfer, especially international wires, usually costs extra.

How long does it take to close your Fidelity account?

It mostly depends on what you're holding and how you empty the account.

If you're just withdrawing cash that's already sitting there, closure can happen pretty fast. If you need to sell your investments or transfer assets to another brokerage, it'll take longer.

Once your balance hits zero and you request closure through the Virtual Assistant, Fidelity typically processes the closure rather quickly.

Tips and challenges for closing your Fidelity account

Closing a Fidelity account is a bit more complex than closing a regular bank account because it's an investment platform. Here's what to watch out for:

• Selling investments can trigger capital gains taxes, so it's important to understand the tax consequences before you liquidate everything
• Some mutual funds charge early redemption fees if you haven't held them long enough, eating into your returns
• Dividend payments or interest might post to your account after you think everything's settled, pushing your balance above zero again
• Tax forms for the year you close your account will still come from Fidelity even after closure, so make sure to keep your contact information updated and/or download them online

Some people also worry about Fidelity's safety, but rest assured that it's a secure and established financial institution.

Fidelity is a solid brokerage firm, but it's quite limited when it comes to international transactions.

If you live abroad or are considering moving to another country, you'll need to manage money in different currencies. This will likely cause you to lose significant amounts to transfer fees and currency exchange rate markups.

Learn more about Wise

Sources

1. Fidelity - Close account

Sources checked 12/11/2025