Chamaedorea elegans (parlor palm). Easy and nice species. Why do you want to transplant it? Palms prefer slightly tight pots, and that size will hold it for a while. There can be problems when you use larger pots...namely, overwatering.

Thanks for the reply, was thinking of putting it in a nicer looking pot and the roots are coming up out of the soil how do I stop that or is that normal and ok? So if I put it in another pot just one the same size and drop it in there no need for soil or anything? How long til it gets bigger?

Patience! Palms, no palms!, are really 'fast'. Yes, put it into a nice container of the the same size, but really, no additional soil is necessary. Will grow somewhat faster in the heat and humidity of summer.