One of the most important things that people should know when they join a new trading platform is how their profits could be withdrawn from it.
Here are 7 things you should know.
There are two ways to withdraw money from Webull: via ACH and wire transfer, both U.S. domestic and international.
To initiate an ACH withdrawal:
To initiate a wire withdrawal:
When you’re on the app, you’ll see that both methods of withdrawing money are more or less the same. The only real difference is that wire transfers come with associated fees, while ACH transfers are free of charge.
The turnaround times for Webull to process your withdrawal request vary depending on the method you used.
If you withdraw your money via ACH, it typically takes anywhere from 1 to about 4 business days. Some users have reported that they’ve experienced longer waiting periods, which can happen, although not as often because their standard is around 1-2 business days.
For wire transfers, however, there are two different timeframes given. If it’s domestic, you’ll most likely get it within 2 business days.
If it’s international, it can take up to 5 business days. Again, wire transfers come with fees that may appear quite steep to some, so take note of that before proceeding.
The Webull app itself tells you how much you have available for withdrawal, and you are free to choose whether or not to transfer all of it into your bank account.
A few factors can affect the amount, like the settlement period. Sometimes, what the app shows you is not what you expect, where these factors come in. You just have to wait it out, and the funds will eventually show themselves, more often than not.
At the moment, the only option you truly have is your bank account. Most major U.S. domestic and international banks are recognized and accepted by Webull. You may only encounter some issues when using digital or mobile banks like Chime.
As mentioned above, you can only withdraw your money using legitimate bank accounts.
PayPal is a third-party money-transfer system, not a bank, thus not accepted by Webull for both deposits and withdrawals.
This is because, unlike banks, PayPal isn’t standardized, and they charge higher fees.
According to Webull’s FAQs, these may be the reasons why your ACH withdrawal request has failed:
The “Withdraw” page states how much funds you have available for withdrawal, so please always take note of it. Your withdrawal limit is whatever amount you see there, and you can’t go over it.
Different bank accounts are being used for incoming and outgoing transfers
You can’t use two different banks for deposits and withdrawals. You must always use the one you currently have linked to your Webull account. Otherwise, the system might get triggered into thinking that you’re violating standard AML (anti-money laundering) policy.
Invalid ABA code (routing number) or Swift code
Make sure to double-check the information you’re entering, and relink your bank with the correct account information.
Expired ACH link
This happens if you changed any key information with your bank recently, like your bank account password or registered email. If that’s the case, you would also have to relink your bank account.
If you still can’t figure out why your ACH transfer isn’t pushing through, the Webull website encourages you to take a screenshot of the error and send an email to firstname.lastname@example.org so that they can further assist you with resolving the issue.
Yes, there are, but only when you’re withdrawing via a wire transfer. A withdrawal via U.S. domestic wire costs $25 per transaction, while an international wire costs $45. The reason for this is that it’s not free to transfer money from one bank to another.
In addition to that, for an international wire transfer, the remitting bank and the intermediary bank may also charge fees depending on their own policies.
It’s also worth noting that if you have a non-U.S. bank account, then you may only transfer funds via international wire.