How to Withdraw Money From WeBull
There are a few different options available for withdrawing money out of your Webull account. Let’s discuss the mechanics, limitations, and timeframes for Webull withdrawals.
Withdraw Money by ACH
The first, and most common, withdrawal method from Webull is an ACH transfer. The acronym ACH stands for Automated Clearing House which is simply the banking system used to conduct these types of transfers. An ACH transfer is the standard type of bank transfer that most people are familiar with.
Webull allows you to withdraw via ACH transfer on both the mobile app and website. Webull doesn’t charge any fees for an ACH withdrawal.
Steps to do an ACH on the Webull app
1. Once logged in to the mobile app, first click on the Webull circle icon in the bottom center of your screen which will bring you to your account page.
2. Select your account from the drop-down menu in the top left of your screen.
3. There will be multiple tabs to choose from towards the top of your screen starting with the “Assets” tab. You want to click on the “Transfers” tab.
4. On this page you can choose to start a withdrawal by clicking “Withdraw”, if you already have a bank account linked up, or you can choose to link a bank account by clicking “Link a bank account.”
5. After choosing the “Link a bank account” option on the previous step, click the “Link Bank Account” button on this page.
6. Choose the ACH option.
7. On this page, you are first presented with important information about the type of bank account you are allowed to link to Webull. One of the main points is that you cannot link a third-party bank account - you can only link a bank account that is in your name, so it matches the ownership of your Webull account. At the bottom of the page, you are presented with two different ways of verifying your ownership of the bank account you want to link.
8. The fastest way to link your bank account is with Real-time verification. When you click this option, you are brought to a page explaining that Webull uses the service called Plaid to verify your bank account in real-time. Click the continue button at the bottom of the page.
9. Enter the name of your bank at the top of the screen or choose one of the commonly used banks from the list below.
10. Enter your bank login information and click submit.
11. Depending on your bank, you may have an additional security step such as having a security code texted to you that you need to enter on the screen.
12. The next screen will show any bank accounts that you have under your login with that bank. Select the account that you want to link from the list.
13. If your bank account is successfully linked, you will see the message below. You are only allowed to have one linked ACH bank account at a time.
14. Once you have your bank linked, go back to the “Transfers” screen, and select the “Withdraw” option. On the Withdraw page, you will see how much cash available you have to withdraw. Select the “Withdraw” button at the bottom of the page. Then select ACH, enter the amount, and confirm.
Limits to Money Withdrawals by ACH
Webull has a maximum daily limit of $50,000 for ACH transfers.
WeBull Promotion
12 FREE stocks valued $34-$30,600 give-away at Webull.
Open WeBull Account
How Long Does it Take to Withdraw Money by ACH?
An ACH transfer typically takes 1-3 business days to be completed and for the funds to show up in your bank account. For example, if you initiated an ACH on a Tuesday, you could expect to receive the funds by the following day on Wednesday at the earliest, or by that Friday at the latest.
Competitors
Withdraw Money by Wire
The second withdrawal method is a Wire transfer. You can complete a Wire transfer on both the mobile app and website. Webull allows Wires to both U.S. bank accounts and international bank accounts. The fee for an outgoing Domestic Wire is $25 and the fee for an outgoing International Wire is $45.
Steps to do a Wire on the Webull app
1. Once logged in to the mobile app, first click on the Webull circle icon in the bottom center of your screen which will bring you to your account page.
2. Select your account from the drop-down menu in the top left of your screen.
3. There will be multiple tabs to choose from towards the top of your screen starting with the “Assets” tab. You want to click on the “Transfers” tab.
4. On this page you can choose to start a withdrawal by clicking “Withdraw”, if you already have a bank account linked up, or you can choose to link a bank account by clicking “Link a bank account.”
5. After choosing the “Link a bank account” option on the previous step, click the “Link Bank Account” button on this page.
6. Choose the Wire option.
7. On this page, you first need to select the country/region where your receiving bank account is located in. This step is extremely important because the information you need to enter for a Domestic Wire is very different than the information you need to enter for an International Wire. Webull will tell you if they support sending wires or not to your selected country once you click on your country from the list.
8. Next is filling out the rest of the required information which depends on whether you are doing a domestic or international wire.
9. For a Domestic Wire, you will only need to enter the bank routing number and account number.
10. For an International Wire, you will need to enter the SWIFT/BIC code, the bank account number, and the location details of the bank.
11. You will notice that for both types of Wires, the “Account Holder” field is automatically filled in with your name and it cannot be changed. This is because similar to ACH transfers, Webull doesn’t allow Wires to a third-party. You can only send a wire to a domestic or international bank account that is in your name.
12. Once your bank account is linked, enter the amount of the wire, the reason for the wire (if needed), and confirm. You will be prompted for an extra security step before submitting the wire.
Limits to Money Withdrawals by Wire
Webull has no maximum dollar limit for Wire transfers.
WeBull Promotion
12 FREE stocks valued $34-$30,600 give-away at Webull.
Open WeBull Account
How Long Does it Take to Withdraw Money by Wire?
A Wire transfer is usually the quickest way to withdraw your money from Webull. Domestic Wires have a processing time of 1-2 business days before Webull initiates them. Once initiated, the Wire transfer will show up in your bank account within a matter of hours. In most cases, a Domestic Wire will show up in your bank account the following business day that you submit it to Webull.
International Wires have a processing time of up to 5 business days but often are processed within a few business days. In most cases, an International Wire will show up in your foreign bank account within 2-3 business days after you submit it to Webull.
Steps to do an ACH or Wire on the Webull Website
1. Once logged in to the website, first click on your avatar next to your username in the top right of the screen. Then click on “My Account”.
2. On the left side of the screen, select “Withdraw”.
3. To initiate a withdrawal or link a bank account on the Webull website, you are required to enter your “trading password”, which is a six-digit security code that you create. Click the blue “Verify” button towards the middle of the screen and a box pops up for you to enter your trading password.
4. If you need to link a new bank account, choose the “Link a bank account” option on this page. For linking a bank to do an ACH transfer on the website, refer to the outlined steps in the above section about doing an ACH on the Webull app. For linking a bank to do a Wire transfer on the website, refer to the outlined steps in the above section about doing a Wire on the Webull app. The steps for setting up a bank account on the website and app are similar.
5. Once your bank is linked, choose the Webull account you want to transfer out of from the dropdown menu. You can see how much cash available you have to withdraw from the specific account.
6. Select the “Withdraw” button at the bottom of the page. Then select ACH or Wire, enter the amount, and confirm.
Withdraw by ACATS
The third withdrawal method is an ACATS transfer which is used for withdrawing securities. The ACATS system is the system used to transfer assets between brokers. If you want to transfer all or part of your account from Webull to a different broker, you will need to request an ACATS transfer.
This type of transfer can only be initiated by the receiving broker. Therefore, you will want to contact the broker you are transferring your assets to in order to get help starting the ACATS transfer.
Why Can’t I Withdraw Money on Webull?
One of the most common issues of withdrawing money from any brokerage account, including Webull, is seeing that you have money in your account but that it’s not available when you go to withdraw it. The most likely reason for this is that the money you are seeing in your account is unsettled funds. Unsettled funds are proceeds from a trade that is still technically pending.
Depending on the type of security you traded, your funds will take 1-2 business days to settle and be available to withdraw. Stocks and ETFs take 2 business days to settle. Options and Mutual Funds take 1 business day to settle. The common industry term for the settlement of stocks is T+2. The term refers to the fact that stock settlement requires waiting for the trade date plus 2 business days. For example, a stock you sell on a Wednesday will settle and be available to withdraw 2 days later on that Friday.
Webull Review
WeBull Investing Review »
WeBull Promotion
12 FREE stocks valued $34-$30,600 give-away at Webull.
Open WeBull Account
Updated on 6/8/2022.
Paul Johnson is a Licensed Stockbroker with 7+ years of experience in the financial services industry. Paul enjoys teaching about investing and writing about financial topics. He is a husband and father of twin boys.
|