401k Rollover for International Resident
Summary of User’s Concern and Solutions:
- The user, living in India, is inquiring about the possibility of creating a new Fidelity Rollover IRA account for their 401(k) after moving out of the USA.
- Fidelity generally does not allow customers residing outside the U.S. to open new accounts, but exceptions may apply depending on the user’s circumstances.
- If the user’s 401(k) balance is below $5,000, it may be automatically rolled over to an IRA at Fidelity through a de minimis rollover.
- Fidelity mentioned the option of opening an account through Fidelity International, which is not available for every country, including India, as confirmed by the user.
Here’s the full thread
Will I be able to create a new fidelity Rollover IRA account for my 401K , I have moved out of the USA and have an International Address and Phone number now ?
Hello @gauravkgs. We appreciate you reaching out.
Generally, customers living outside the United States are not eligible to open a new account. However, there may be certain circumstances where an account may be opened for you. To best assist, could you share with us the country you are now residing? 🟢
India
Thank you for the update.
Depending on the balance of your old 401(k) account, you may be able to continue investing with the existing funds in your 401(k) plan at Fidelity. However, if your 401(k) balance at Fidelity is less than a certain value, generally $5,000, your employer may automatically roll the funds in your 401(k) over to an IRA at Fidelity; this is known as a de minimis rollover.
However, if your balance is above the minimum threshold, you will not be able to open a new account since you have already relocated. You may be able to open an account through Fidelity International; however, they are not available for every country.
Fidelity International: https://www.fidelityinternational.com/global/default.page 🟢
Can you please tell me if India is on the list thank you ..
Oh got it India is not there in the list .. my 401K then cannot be rolled to IRA ..