Terms to Withdraw Money From WeBull
If you need to make a withdrawal from your Webull brokerage account, the process is fairly straightforward. Hopefully you haven’t given up on investing and just want to move some funds out of your account. Just follow these steps:
Step 1
The first thing you need to do to make a withdrawal is to link an external bank account. To do this, tap on the ‘Trade’ icon in the middle of the bottom row of icons. The icon’s name is a little misleading. Tapping on ‘Trade’ will give you a dashboard of account information.
On this screen, you’ll see account value, unrealized profit or loss, cash balance, and buying power. The cash balance is not necessarily the amount
that’s available for withdrawal. If you have recently sold a security (less than two business days ago), the proceeds won’t be available for
withdrawal just yet. Remember, the U.S. operates on a T+2 schedule for equity sales, meaning it takes 2 business days post-trade for the cash to be
ready to move.
If you have funds available for withdrawal, tap on the ‘Withdraw’ icon in the middle of the screen. If you haven’t yet added an external bank account, you’ll be presented with an option to do so. Webull conveniently displays a selection of bank logos. If you see yours, tap on it. This will automatically fill some information for you. If you don’t see it, there’s a search field at the top of the app where you can input your bank’s name.
If you have already added a bank but want to use a different one, the process for adding it is a little different. To link a second account, you need to tap on ‘Account’ on the dashboard mentioned earlier, scroll down to ‘My Bank Account’ and tap on that. On the next page, tap on the plus sign and add the second account.
A bank account can be verified with micro-deposits or by logging into the account through Webull’s app. If you elected to use micro-deposits, it may take a few days for the process to complete.
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Step 2
Once you have your bank account linked, it’s time to sell a security to generate the cash to move out. In the middle of the dashboard, tap on the ‘Trade’ icon. This is a second ‘Trade’ icon; be sure it’s the one in the middle of the screen and not the bottom.
On the next screen, you’ll be given an opportunity to select the type of order you want (market or limit), and the duration (GTC or day). If you choose limit, you’ll need to specify the minimum price you’re willing to accept for your sale order.
After your order is filled, go back to the dashboard, tap on ‘Account,’ and check to see how much you can withdrawal. Funds from the sale should be available two business days after the trade date.
Cost of Withdrawals at WeBull
Webull allows for wires and ACH transfers. ACH transfers are free, while wires carry fees. Domestic outgoing wires are $25 each, while an international wire costs $45.
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