How to Transfer a Charles Schwab Account to Webull (and Vice Versa) in 2021


Step-by-step instructions on how to move account, stocks, and other assets between Charles Schwab and Webull. How much does a transfer cost and how long does it take.



How to Transfer a Schwab Account to Webull (and Vice Versa)


If you’re thinking about moving your Schwab brokerage account to Webull, or your Webull account to Schwab, we have all the information you need. Just follow this simple guide and you’ll have your investments where you want them.


Transfer Overview


Both Schwab and Webull are members of the ACATS (Automated Customer Account Transfer Service) network. This is the computerized system developed in the 1980’s to move investments from one firm to another. It is much faster and more convenient than the older, non-digital method of moving assets.


Transfer Schwab Account to Webull


Your first task in moving a Schwab account to Webull is to open a Webull account. When you transfer an account to another brokerage firm, you don’t actually move the account; you move the assets in the account. These will be pushed into your new account at the new brokerage firm. It could be an old account if you already have one open.

If you don’t yet have a Webull account, they offer 2 free stocks if you sign up. The broker offers individual taxable accounts and two IRA types: Roth and Traditional. At the time of writing, there are no other account types available.

With your new Webull account open, the next step in the chain is to submit an ACATS transfer request. This is done on the receiving side, not the outgoing side. There’s really not much you need to do at Schwab. You will need to ensure that you don’t transfer futures contracts, bonds, annuities, or mutual funds. Webull doesn’t support these investment vehicles.


Transfer account into WeBull


Inside the Webull mobile app, tap on the center icon (in the shape of bull’s horns) and then tap on the Transfer icon (with an orange dollar sign). You’ll next see a screen with a list of transfer options, one of which is Transfer Stocks into Webull. Tap on this one.

Webull’s app will next show you a list of brokers with their logos. Schwab’s is one of them. Tap on the Schwab logo to pre-fill the ACATS form with Schwab’s information. You will need to enter your Schwab account number.

Because Schwab offers both DRIP service and fractional-share trading in some stocks, you may have partial shares of some stocks or ETFs. Schwab will convert these to cash before the transfer begins.


Webull Promotion


Get 2 free stocks when you deposit $100+ into Webull account.

Open WeBull Account


Transfer Webull Account to Schwab


The process of going in the opposite direction follows the same basic outline. You’ll first want to open a Schwab account (if you haven’t done so already).

Once logged into the Schwab website, click on the Accounts tab at the top of the screen. You’ll get a drop-down window with many choices. Click on Transfer Account.


Move Webull Account to Schwab


On the next page, you’ll see a list of brokers (without icons this time). Webull’s name isn’t on the list, so you’ll need to do a search using the search bar above the list. Webull’s name does show up in the results here, so just click on Webull’s name. You’ll need to add the name and account number that are associated with your Webull account.

Follow the prompts on Schwab’s online ACATS form, and your request will be submitted in just a few minutes. The transfer could take up to two weeks, though, so be patient.

Schwab doesn’t offer trading in cryptocurrencies, so if you have any in your Webull account, they need to be sold off (if you do a full transfer). Alternatively, you can do a partial transfer and simply not transfer crypto holdings.


Fine Print


Webull will only accept an incoming transfer if the account is valued at $500 or more; so your Schwab account needs to have at least that amount of equity in it.

Also, with any ACATS transfer, the names on the two accounts and the account types must match exactly. You cannot transfer a joint account into an individual account, for example.

Webull does charge $75 for an outgoing transfer. Schwab does not advertise a transfer fee refund policy, but some users report having ACATS fees refunded. It is advisable to contact Schwab to see if the broker will refund Webull’s outgoing fee.

Schwab itself charges $50 for an outgoing transfer ($25 for a partial transfer). Webull regularly advertises ACATS fee refund specials. These are inside the broker’s app. Just tap on the Menu icon (with three horizontal bars) and then find the tile labeled New Transfer Promotion. The broker only permits one ACATS fee refund per Social Security Number.


Suggestions for ACATS Transfers


Before submitting a transfer request, you should close all open orders in the account that will be moved. Also, you should refrain from placing any new orders in the outgoing account.


Webull Promotion


Get 2 free stocks when you deposit $100+ into Webull account.

Open WeBull Account