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.
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!
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:
Sign up for a Webull Account (if you do not already have one)
Transfer your Venmo cash to your Bank
Link your bank to Webull
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:
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:
Open the Venmo app and login if needed
Tap the person icon on the right in the bottom navigation menu
Select the "Manage Balance" choice underneath your Venmo balance
Choose "Transfer to Bank"
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.
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
Select a bank account to transfer to
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:
Login to your account in the Webull App
Tap the Webull Icon in the middle of the bottom navigation menu
Across the top, you will see a menu of options starting with "Assets." To link a bank account, tap "Transfers" in this horizontal menu
Tap "Bank Account" near the bottom.
Click on the "Add Account for ACH Transfer"
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:
Login to your account in the Webull App
Tap the Webull Icon in the middle of the bottom navigation menu
Across the top, you will see a menu of options starting with "Assets." Tap on "Transfers" to start a deposit
Tap on the "Deposit" option
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
Enter in the amount that you would like to transfer
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.
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.
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.
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.
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.
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.