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Written by Sam Pennington on May 28, 2022
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How To Transfer From Venmo To Webull 2023

Investors today have hundreds of options when it comes to choosing a brokerage account. Webull is a top option for intermediate and advanced investors due to its extensive array of research tools. Traders also love its paper trading option to practice trades.

In order to start investing with Webull, you will need to transfer funds into the platform. There are a few ways to fund your account, including ACH and wire transfers.

In this article, we are going to cover the steps to transfer from Venmo to Webull using ACH transfers. Let's dive right in!

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How To Transfer From Venmo To Webull

Funding your Webull account is most commonly done through an ACH transfer from your bank. If you have funds in your Venmo account that you want to move into your Webull account, then this article will help.

Unfortunately, there is not a way to directly transfer your funds from Venmo to Webull. Instead, you will need to follow the steps below:

  1. Sign up for a Webull Account (if you do not already have one)
  2. Transfer your Venmo cash to your Bank
  3. Link your bank to Webull
  4. Transfer from your bank to Webull

Let's take a closer look at each of these steps!

1. Create a Webull Account

Creating a Webull account is fairly straightforward, though it does take a few days to become approved. In order to 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!

2. Transfer from Venmo to your Bank

Now that you have created an account with Webull, you are ready to start moving funds. You will need to move your Venmo funds to your bank before you can move them into Webull. Transferring from Venmo to your bank is very simple. Follow the steps below:

  1. Open the Venmo app and login if needed
  2. Tap the person icon on the right in the bottom navigation menu
  3. Select the "Manage Balance" choice underneath your Venmo balance
  4. Choose "Transfer to Bank"
  5. Enter in the amount you would like to move. Venmo will automatically set up the transfer with your entire balance. You can edit this number by tapping on it.
  6. Choose to transfer your funds instantly (this option comes with a 1.5% fee or a max of $15) or regularly through the 1-3 business day option
  7. Select a bank account to transfer to
  8. Tap "Transfer $XX"

If you need to link a bank account to Venmo, you can do so by clicking on the "Add a bank" selection after tapping on the bank in the "Transfer to" space.

This transfer can take between 1 and 3 business days.

3. Link your Bank to Webull

To link a bank to Webull, you will need to 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.
    • 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.

4. Transfer from your Bank to Webull

To transfer funds from your 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." Tap on "Transfers" to start a deposit
  4. Tap on the "Deposit" option
  5. The account that you added in the previous step will automatically show, unless you previously added in a different account. Be sure to select the bank account you want to transfer from
  6. Enter in the amount that you would like to transfer
  7. Tap on "Transfer to Webull"

Please be advised that if you transfer funds from your bank to Webull and there are insufficient funds, you will be charged a $5 reversal fee.

This transfer can take a few business days to complete.

Transfer From Venmo To Webull: Final Thoughts

Unfortunately Webull does not allow direct transfers from Venmo. Instead, you will need to transfer your Venmo funds first to your bank account and then into your Webull account.

While the steps are fairly simple, they do take a few days to process. This means that your funds from Venmo can take a number of days to actually appear in your Webull account. However, once you create a Webull account and link your bank, these transfers will be much faster in the future.

Be sure to check out our full Webull review to learn more about the platform.

Don't forget to grab your free stock worth up to $200 from Robinhood today!

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.

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