Investing Simple Logo
Menu
Webull free stock promotion
Get Up To 5 Free Stocks From Webull
Open a new Webull brokerage account today and deposit any amount of money to receive 5 free stocks. Webull offers commission free stock, ETF, option and crypto trading.
Written by Sam Pennington on June 1, 2022
Category: 
FTC Disclosure

How To Transfer From Cash App To Webull 2022

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!

Best Free Stock Promotions

BrokeragePromotionLink
Moomoo LogoGet Up To 5 FREE StocksDownload
Robinhood Logo1 Free Stock ($3-$225) For Opening AccountDownload
Webull Logo2 Free Stocks ($3-$300) For Opening Account, 3 Free Stocks ($7-$3,000) When You Make 1st DepositDownload
M1 Finance Robo AdvisorFree $30-$500 Bonus For Depositing/Transferring $1,000-$50,000+Download
Public Logo1 Free Stock Slice ($3-$300) When You Invest $1+Download
Acorns LogoFree $10 Bonus When You Invest $5+Download

How To Transfer From Cash App To Webull

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.

Transfer Cash From Cash App To Webull

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.)

Transfer Cash App To Your Bank

The first step is to transfer your funds from Cash App to your bank. That process can be completed with the following:

  1. Tap the Balance tab on your Cash App home screen
  2. Press Cash Out
  3. Choose an amount and press Cash Out
  4. Select a deposit speed
  5. Confirm with your PIN or Touch ID

Link Bank Account To Webull

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:

  1. Login to your account in the Webull App
  2. Tap the Webull Icon in the middle of the bottom navigation menu
  3. Across the top, you will see a menu of options starting with "Assets." To link a bank account, tap "Transfers" in this horizontal menu
  4. Tap "Bank Account" near the bottom.
  5. Click on the "Add Account for ACH Transfer"
  6. There are two options. You can either instantly add your bank account using Plaid, or you link your bank using 2 micro transfers. (Unfortunately, Cash App is not listed as an option in Plaid when using Webull. For this reason, you cannot simply use the "Real Time Verification" method and directly connect Cash App. Additionally, some users have reported that when using the "Micro Deposit Verification" method, that the 2 mini deposits never appeared within Cash App. With this in mind, we recommend transferring your funds first to your bank account and then linking your bank account to Webull.)
    • If you select the "Real-Time Verification" method, you will login in to your bank account using Plaid, a third party security company. After logging in to your bank account, you will simply select the account you wish to connect
    • If you select the "Micro-Deposit Verification" method, then you will need to enter in your enter in your routing number, account nickname, and bank account number
      • Webull does not currently accept credit cards to transfer money into your account
      • Webull will then send you two micro deposits less than a dollar. Once you receive these two deposits, you will log back into Webull and verify the account by entering in the amounts that were transferred in. These two micro deposits will be transferred back out of your account. They are only for verification purposes.

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.

Transfer Stocks From Cash App To Webull

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:

  1. Sign up for a Webull Account (if you do not already have one)
  2. Gather Information From Cash App
  3. Initiate an ACATS transfer

Let's jump into each of these steps in more detail!

1. Open A Webull Account

When you sign up for a Webull account, you will need to meet the following requirements:

  • Be 18 years or older
  • Have a valid Social Security Number (not a Taxpayer Identification Number)
  • Have a legal U.S. residential address within the 50 states or Puerto Rico (there may be exceptions for active U.S. military personnel stationed abroad)
  • Be a U.S. citizen, U.S. permanent resident, or have a valid U.S. visa

If you meet these requirements, then setting up an account is quick and easy. Follow these steps to open a new Webull account:

  1. Go to Webull official website
  2. Click "LOG IN"
  3. Click "Sign up Now"
  4. Follow the steps as prompted to create your new account (you will need to input information such as your name, email, phone number, address, SSN, and level of investing experience.)

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.

2. Gather Information From Cash App

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.

3. Initiate ACATS 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.

Steps To Transfer Your Cash App Account To Webull

To initiate the transfer, follow these steps in the Webull app:

  1. Login to your account in the Webull App
  2. Tap the Webull Icon in the middle of the bottom navigation menu
  3. Across the top, you will see a menu of options starting with "Assets." Choose the "Transfers" option
  4. Tap on "Transfer Stocks into Webull"
  5. Choose the broker to transfer from. If you do not see your brokerage listed, you can use the search function and either type in DriveWealth LLC or use their DTC number, which is 3856.
  6. Take note of the important notices before making the transfer and confirm that you have read them
  7. Tap "Continue"
  8. Type in your Cash App account number that you found earlier on
  9. Choose either Full Transfer or Partial Transfer
    • If you choose a partial transfer, you will be able to choose which assets to move
  10. Tap "Submit Stock Transfer Request" to finalize the transfer

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.

Transfer From Cash App To Webull: Final Thoughts

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.

cash app transfer to webull featured image
Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

Platform Reviews

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood
Robinhood provides an easy-to-use free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
Fundrise
Passively invest in private real estate deals with as little as $10. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
Try Fundrise
Copyright © 2018 – 2022 Investing Simple LLC. All Rights Reserved.
Investing Simple is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Investing Simple has advertising relationships with some of the offers listed on this website. The information on Investing Simple could be different from what you find when visiting a third-party website. All products are presented without warranty. For more information, please read our full disclaimer.
Developed by Stallion Cognitive
magnifiermenuchevron-downcross-circlechevron-down-circle
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram
Copy link
Powered by Social Snap