Funding your Webull account can be a bit confusing at first.
Here are 17 things you should know before funding your Webull account.
Here’s How to Fund Your Webull Account:
There are 2 ways to fund your Webull account, either through an ACH or a wire transfer.
Funding Your Webull Account Through an ACH Transfer:
- Click on the Webull icon at the bottom of the app, and then on deposit.
- Click on the “Make your first Deposit” button.
- Webull will ask you to link your bank account. Two options will pop up, ACH and wire transfer.
Note: ACH transfer is only possible if you have a bank account in the United States. If you don’t have a bank account in the United States choose wire transfer.
- Next, a notice will pop up stating that a checking account is recommended, a saving account has limitations, and an identical beneficiary owner is required. This means that your name on your Webull account has to match the name of your bank account. Otherwise, the ACH transfer will fail.
Webull then gives you two options to verify your bank account through real-time or micro-deposit verification.
If you choose real-time verification, Webull will ask you to log in to your bank account through the “Plaid” service. This verification method is pretty straightforward, and if you have the option to use this method, I’d recommend you to use this method.
If you choose the micro-deposit verification, Webull will deposit a few cents to your account and have you verify the amount before they remove the deposits again. This verification method will take a couple of days. - If you have used the real-time verification method, your bank account will be linked to your Webull account now, and you can make a deposit. You simply have to enter the amount and click on transfer.
Funding Your Webull Account Through a Wire Transfer:
Webull offers wire transfers not only from US banks but also international banks.
Wire transfers are generally faster than ACH transfers, but more to this later. In contrast to ACH transfers, wire transfers do cost a fee.
Webull charges you $8 for wire transfers from a US bank and $12.50 for a wire transfer from an international bank for all transfers under $25,000.
For wire transfers over $25,000, or your first wire transfer Webull will usually waive their fee.
However, most banks also charge an outgoing wire transfer fee.
Initiating a wire transfer is different from bank to bank, but it’s generally easy.
- Click on the Webull icon at the bottom of the app, and then on deposit.
- Click on the “Make your first Deposit” button.
- Webull will ask you to link your bank account. Two options will pop up, ACH and wire transfer. Click on the wire transfer.
- You should see a table with the bank information of Webull. Ask your bank to initiate a wire transfer to Webull with the provided information, or do it yourself.
How Long Does It Take to Fund a Webull Account?
How long it takes until the funds arrive in your Webull account depends on whether you funded your Webull account using an ACH transfer or a wire transfer.
ACH transfers take about four business days to settle, domestic wire transfers take about 1 to 2 business days, and foreign wire transfers take up to 5 business days.
However, you don’t have to wait until your funds settle to start trading.
Webull has a feature called Instant Buying Power (IBP). Webull provides you with provisional credit as Instant Buying Power so you can start trading before your deposit is fully settled.
The amount of Instant Buying Power you receive depends on various factors such as deposit amount, account type, cash balance, the market value of your positions, and more.
If you have a new account on Webull, they usually give you the full amount of your transfer in Instant Buying Power up to $1000.
If you deposit more than $1000, they’ll likely still only give you $1000 in Instant Buying Power.
However, the wording of Instant Buying Power is a bit misleading.
You’ll only get your Instant Buying Power instantly when you make your deposit before 4 pm ET, and if you make your deposit after 4 pm ET, you’ll only receive your Instant Buying Power on the next business day at 7 am ET.
It is also important to note that you can only use Instant Buying Power to buy stocks and ETFs, not crypto or options.
Does Webull Have Instant Deposit?
Webull is a great investment app for tracking the stock market, but unfortunately, they do not offer an instant deposit feature.
However, as explained above, they offer Instant Buying Power (IBP).
What Banks Does Webull Accept?
Webull generally accepts all banks. However, if you want to deposit money on your account using an ACH transfer, you must have a US bank account.
Some of the banks that Webull currently accepts include:
- JP Morgan
- Bank of America
- Ally
- Citigroup
- Capital One
What Does “This Bank Is Not Supported” Mean on Webull?
If you see this message, you have probably tried to verify your bank account using the real-time verification method.
It is important to note here that this message does not mean that you can’t use your bank account to deposit money into your Webull account.
Instead, it is probably an error on Plaid.
Webull uses Plaid to verify your bank account. If you get the “This bank is not supported” error message on Webull, either your bank is experiencing some technical difficulties or Plaid isn’t able to verify your account.
You have two options when getting that error message.
- Try again in a few hours.
- Use the micro-deposit verification instead of the real-time verification method. (recommended!)
Is It Safe to Link Your Bank Account to Webull?
Yes. Webull Financial LLC is a broker-dealer registered with the Securities and Exchange Commission (SEC).
Webull Financial LLC is also a member of SIPC, which protects securities customers of its members for up to $500,000 (including $250,000 for claims for cash).
If Webull Financial LLC fails, your securities account and cash-up are protected.
Upon request, a brochure is available at www.sipc.org that explains the situation in more detail.
Does Webull Accept PayPal?
No, unfortunately, Webull doesn’t offer the option to deposit money into your Webull account using PayPal.
The only option to fund your Webull account using PayPal is to first send your money from PayPal to your bank account and then fund your account using your bank account.
You can fund your Webull account through an ACH or a wire transfer from your bank account.
- ACH transfers (only available for US banks accounts)
- Wire transfers (available for both domestic and international transfers)
Note: I have explained how to fund your Webull account through an ACH and a wire transfer at the beginning of the article.
Other Ways to Fund Your Webull Account:
Webull also allows you to transfer stocks from other brokerage firms. To do this, you will need to provide the following information: the name of the firm, your account number, and the name of your stockbroker.
To transfer stocks on Webull, open the app and tap on the menu icon in the top left corner. Then, select Accounts and Trading. Next, tap on the + icon in the top right corner and select Transfer Stock.
Next, enter the name of the company and the stock symbol. Then, enter the number of shares you want to transfer and tap on the Transfer button.
One way to ensure that security is tradable on Webull is to check it on their mobile app. You can open the app and type in the ticker symbol of the protection you are interested in.
Once you have entered the symbol, the app will pull up all the information you need about that security, including whether or not it is tradable on Webull.
The process is simple and easy to use. Plus, it’s a great way to move stocks quickly and easily.
Does Webull Accept Chime?
No, Chime is not accepted as a payment method by Webull.
Does Webull Accept Venmo?
Unfortunately, Venmo is not accepted as a payment method on Webull.
Does Webull Accept ITIN?
Yes. Webull is one of the few brokerages that accept valid ITINs (Individual Taxpayer Identification Number).
An ITIN is a tax processing number issued by the IRS to foreign nationals and others who must have a U.S. taxpayer identification number but not a Social Security number (SSN).
A valid Social Security number (SSN) is also accepted in the Webull app for opening an account.
Does Webull Accept Apple Pay?
You can’t use Apple Pay at present time to deposit money into your Webull account.
Does Webull Accept Varo?
Webull doesn’t currently accept Varo as a funding method.
Does Webull Accept Cash App?
While Cash App is a convenient way to send and receive money, it is not currently possible to use the app to fund your Webull account.
You can do so through ACH or wire transfer if you want to fund your account.
Does Webull Accept Credit Cards?
Webull does not accept credit cards as a form of funding your account. However, you can fund your account using ACH transfers from your bank account or wire transfers.
Does Webull Accept Debit Cards?
Debit cards are not accepted to fund your account on Webull.
Does Webull Accept Prepaid Cards?
Webull does not accept prepaid cards to deposit money into your account.
Sources:
