The world of investing today comes with a wide variety of options. Investors have hundreds of brokerages to choose from. Cash App and Webull are two highly popular choices.
Cash App was created in 2013 primarily as a peer to peer lending service, though it has become much more over the years. With banking and investment options, Cash App is expanding its user base rather quickly. The platform's investment options are actually made possible through their carrying broker, DriveWealth LLC.
While Cash App certainly provides a number of great features, the investment options available are rather limited. For some investors, Webull may have more of the options they are looking for. Webull does not have the cash management or peer to peer lending features, but it does offer a fully fledged brokerage service with $0 commissions on trades, margin and options trading, access to cryptocurrency, and a full suite of research capabilities.
So, if you want to move funds or other assets from Cash App to Webull, then you've come to the right place. In this article, we provide all the steps necessary to transfer from Cash App to Webull. Let's dive right in!
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In this article, we are going to cover transfers from Cash App to Webull. This will include transferring both stocks and cash, though these are two different processes.
First, we will cover how to transfer cash from one to the other. And second, we will review the steps to perform an ACATS transfer, which is a process to move your stocks.
In order to transfer cash from Cash App to Webull, you will first need to transfer your funds from Cash App to your bank. Then you will link your bank account to Webull and initiate the transfer from your bank to Webull. (If you do not already have a Webull account, the steps to create an account are listed in the next section.)
The first step is to transfer your funds from Cash App to your bank. That process can be completed with the following:
From there, you will need to link your bank account to Webull and then transfer your funds. To link a bank to Webull, follow the steps below:
Now that you have linked your bank account, you are all set. Transferring from your bank to your Webull account is quick and easy.
To actually make a transfer, you will repeat steps 1-5 above. Instead of adding a new account, you will simply select the account you just added. Once you click "Transfer Money," you will enter in the amount you would like to transfer and select the from and to options.
Transferring stocks from Cash App to Webull is far simpler as both brokerages support ACATS (Automated customer account transfer service).
With ACATS, you do not have to liquidate your positions and create a taxable event. Instead, you transfer the asset ownership to a new brokerage.
Webull does not charge for incoming ACATS transfers, but Cash App does charge $75 for outgoing full transfers and $25 for partial transfers. This amount will be deducted from your account balance.
In order to transfer from Cash App to Webull, you will need to follow the steps below:
Let's jump into each of these steps in more detail!
When you sign up for a Webull account, you will need to meet the following requirements:
If you meet these requirements, then setting up an account is quick and easy. Follow these steps to open a new Webull account:
It will take a few days for your account to be reviewed and approved.
Use the button above to get a completely free stock when you sign up!
will select the register option. The application will then be reviewed and takes a few days for review. You will either receive an email confirming your account or asking for more information.
In order to initiate the ACATS transfer from Cash App to Webull, you will need to find your account number. This number can be found at the top of any trade confirmations or monthly statements.
This transfer will also need a Depository Trust Company, or “DTC” participant number. The DTC number for this ACATS transaction is 3856. While Cash App offers brokerage services, they are not actually a brokerage themselves. Instead, their carrying broker, DriveWealth LLC, offers these services.
With the account number and DTC number, you are all set to initiate the transfer.
Before initiating the transfer, there are a few things to be aware of. If you own assets in Cash App that are not supported by Webull, then you will need to sell those assets before conducting the transfer.
Assets not supported by Webull include OTC penny stocks, options, and a few other investments. You will need to sell these off for a full transfer. After selling these assets, you can transfer the funds to your bank account and then deposit them in your new Webull account.
Be aware that any profits you earn when selling off particular positions could result in capital gains taxes.
In order for the transfer to go smoothly, make sure your name and type of account on Cash App is identical to the new Webull account’s name and type. The transfer may be delayed if your Cash App account name or type differs from your new Webull account type.
And finally, Cash App Investing can only transfer whole shares. For example, suppose you own:
1.5 share of ABC, 0.05 shares of LMN, and 0.01 shares of XYZ
In this instance, Cash App Investing can only transfer your 1 whole share of ABC. The remaining fractional shares must be sold using Cash App Investing before your account can be closed.
It may take 3–6 business days for your assets to arrive in your external brokerage account. Once the ACATS request has been initiated, please refer to your receiving brokerage for updates on this process.
To initiate the transfer, follow these steps in the Webull app:
This transfer can take a few business days to complete. As long as the account type and name match, then the transfer should have no problems.
Cash App has both banking and investing capabilities. Because of this, you may want to transfer cash and/or stocks. Each of these options is possible, just requires a different set of steps.
When transferring cash from Cash App to Webull, you will need to first transfer your funds to your bank and then from your bank to Webull. This process does take a number of days as you wait for the funds to appear.
Transferring stocks is an easier process as you can directly move your assets to Webull through an ACATS transfer.
Be sure to check out our full Webull review to learn more about the platform.