Most users fund their Webull account through a bank account, but if you don’t have one you can still add money to your trading account.
You can add money to your Webull account without a bank account by sending a wire transfer, transferring assets from another brokerage, or through the FAST transfer system if you’re residing in Singapore.
Wire transfers can be expensive, depending on who you send them through and how much you’re sending. The easiest way to add money into a Webull account without having a bank account is through transferring your assets over, if you have them.
The FAST transfer system seems to be a reliable means of sending money as well, but it is only applicable for residents of Singapore.
Americans will have to explore other options, as Webull doesn’t offer many ways to add money without a bank account.
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How to Add Money to Webull Without a Bank Account through a Wire Transfer
Wire transfers, or telegraphic transfers, are usually used for serious, large scale transactions.
When I worked for Chase bank, most of the wire transfers I helped my customers send were for down payments on their houses, or to make an international transfer.
The third most common reason I sent a wire transfer was to fund someone’s brokerage account.
Funding Webull through a wire transfer is no different. You can even do it from the Webull app. They will give you all the information you need to fund your account through a wire.
You can add money to your Webull account through a wire transfer by starting with the Webull app.
Open the app, and enter your trading password, if you have one.
Once you’re logged in, click on the center logo, it’s the third of the five towards the bottom of the Webull screen.
Click on the button that says transfers towards the top of the screen, and then click the button that says deposit towards the top again.
When you click on the deposit button, Webull will ask you which deposit method you’d like to choose. Select wire.
There is an $8 fee to receive domestic wires and a $12.50 fee to receive an international wire.
Webull will then let you know that it will take one to two business days to process your wire.
They will then show you their instructions for a wire transfer. Because you are sending a wire to Webull, you need to give your sender Webull’s account information.
If you are entering the information online, Webull will let you copy and paste it into the form you’re using.
If not, you can manually enter the information yourself using the form and all the information it provides.
The instructions for the wire transfer Webull gives you are thorough.
They let you know the recipient bank’s name, BMO Harris bank, their bank’s address, their ABA number, and their SWIFT code, if you are going to make an international transfer.
Webull will also provide your bank account number as well as the beneficiary’s address, and your name in a “For Final Credit to” section.
Once you have sent the wire, you can click “Transfer Complete, Notify Webull”, and let them know that a wire is coming their way with the information from the sender.
Webull will ask for the delivering bank’s name, their ABA/SWIFT code, which is optional, the bank account number it’s coming from, the transfer amount, and the time initiated in the form of a date.
They will then also ask for you to upload your wire receipt.
Whenever you send a wire transfer, you’ll get some form of receipt documenting your transaction.
Webull will ask you to upload your proof of remittance to help them verify the deposit.
They will want the proof of remittance to include the deposit amount, the bank account name, the account number, the transaction reference number, and your Webull account number.
After they have that information, they can help locate your wire transfer in their system and send the funds to your account.
The funds will arrive in your account within one to two business days, and then you can use your balance to invest on Webull.
I also want to include the fact that Webull will only accept wire transfers from accounts that have the same name as the accounts they’re going to.
If you want your Webull account funded through a wire, you have to be the one who sent it.
How to Add Money to Webull by Transferring Assets from Another Brokerage
This isn’t exactly adding money to Webull the same way that sending a wire transfer is, but assets still have value, and it is a good way to put all of your assets in one location if you do already have some on Webull.
If you have stocks or cryptocurrency through another broker like Robinhood, Fidelity, or TD Ameritrade, you can transfer them to Webull so long as you have identical account names.
Webull has other requirements to transfer assets into their platform as well.
Transferred assets should be worth at least $500. If the transferred asset is less than $500, Webull will reject it.
Webull also points out that your delivering brokerage may charge you $75 for the outgoing transfer, and therefore requires your cash balance to be more than $75 in case of this fee.
Once you have read through these stipulations, Webull requires you to confirm that you’ve read them in order to click through the page.
To transfer your stocks or other assets into Webull you need to click on your brokerage from a list they provide.
If you can’t find your brokerage from the list Webull provides, they also provide a handy search bar where you can type in your brokerage manually and find it from a separate list.
To transfer from your brokerage, Webull will need you to enter your outgoing account number into their system.
They will then ask for which type of transfer you’d like to make: you can either make a full transfer, transferring over every asset you have, or a partial transfer, where you only select some stocks or cryptocurrencies from your total and send them over.
If you choose to send a full transfer, including cash, stocks, and options contracts, Webull will ask you some more questions.
They will ask if you’re currently holding any options contracts in your original account, if you’re transferring mutual funds, if you’re transferring any pink-sheet stocks.
Webull will also ask if you’re holding any crypto in your original account, or if you’re holding any warrants, units, or rights in the account.
If you choose to only transfer a partial amount of your assets, Webull only asks for you to enter the amount of cash and stocks you would like to transfer.
They also note that option contracts cannot be transferred using a partial transfer.
Once you submit your transfer request, Webull will begin processing it.
It could take anywhere between 5-7 business days for your assets to move over, so be patient during the time period as Webull reviews what you have.
Can You Deposit Cash Into Webull?
If you’re looking for ways to fund your online accounts, like Webull, you always wonder if you can fund it through cash.
I mean, how would you get paper money into an online account?
Some fintech companies give you a debit card to make deposits, others don’t give you much.
Unfortunately, Webull doesn’t let their customers deposit cash onto their platform.
If you have cash, and want it to make it to your Webull account, you’ll have to deposit it into a linked bank account and make a transfer.
You can also deposit the cash into a separate account and send the money over through a wire transfer.
There may be more fees associated with a wire transfer, and any fees you incur on Webull will be charged to you, but it is a surefire way to get cash into your investment account.
You can’t fund your Webull account through a credit card either.
While other fintech companies may let you load their apps with a debit card, Webull doesn’t even let you do that.
You must have a bank account or make a wire transfer if you want to fund your Webull account.
How to Deposit Money Onto Webull Instantly
Most other fintech apps have two transfer speeds: standard, and instant.
Standard transfer speeds usually range from 1-5 business days, while instant transfer speeds are, as the name implies, instant.
Instant transfers do usually come with a small fee though.
Webull isn’t like most other fintech apps, mainly because they’re an investment and trading app.
Other fintech apps let you use an instant deposit speed through a linked debit card, but Webull doesn’t let you link debit cards in general. They only let you link bank accounts.
Webull doesn’t have an instant deposit speed. There’s no way to deposit or add your money onto Webull instantly.
If you want to move money over to Webull, it is best to keep in mind the different transfer speeds associated with your transaction.
Check more of my articles about digital banks, payment and investing apps:
- Chime Takes on Traditional Banks: Why It is Winning Over
- 3 Main Differences Between Chime and Chase
- 5 Convenient Ways to Put Money on Your Chime Card
- How to Activate the Chime Card With and Without the App
- What to Do: Chime Closed Your Account with Money in it
- 4 Ways to Withdraw Money from Chime without a Card
