How to Transfer Money To/From Webull and Robinhood Without Paying Any Fees

Wise FinTechs are life saver.

Wise (formerly TransferWise) and Webull. Credit author.

This post may contain affiliate links and I may receive a commission if you use these links.

A week ago, I opened brokerage account with Webull.

I was hoping to use Robinhood but it’s not available for the country I currently reside.

Anyways, both Webull and Robinhood are perfect. No fees, no hussle. You just install the app, register your account, take photo of your passport and your account get verified in minutes.

Only problem with the Webull is they require you to have US bank account or charge you ridiclus fees for the deposit and withdrawals.

Moreover, if you are outside the US then you have no option but to make international transaction which brings additional costs because you’ll also pay some fee to your bank and for the SWIFT.

Take a look at “Deposit & Withdrawal Fees“ section.

Deposit & Withdrawal fees of Webull. Credit author.

This is problem is not just with the Webull.

Non-US people, like me, we always face this kind of problem whenever they want to use US based services.

In addition, opening a bank account in United States is real pain if you are a foreigner and Non-US resident. Traditional banks force you to be present at one of your branches.

Problem with this is you need to travel to US which is costly, both monetary (plane tickets, accommodations, etc.) and also in time.

However, you can still get US bank account even you don’t live in the U.S!

Thanks to internet and the FinTechs opening bank accounts in the US and other countries have never been this easy. This also includes transferring high amounts of money and even investing on international markets.

I’m using Wise (formerly TransferWise) since 2019 mostly for my business.

Wise is London-headquartered international money transfer service with $5 billion valuation. Its so far the best FinTech you can work with.

They offer accounts in over 50 currencies and 28 of them have local bank account details and debit cards.

All of those accounts have your name, IBAN, SWIFT/BIC, routing and account number. Meaning that you can connect your PayPal, Stripe or any other payment processor to your Wise bank account.

It’s also possible to receive payments directly to your Wise account from individuals or business (like Amazon Sellers, Apple Developers, etc.)

Best part is they are keep adding more bank accounts with local details. I just got my Polish bank account in April 2021.

USD Checking Account Is Even Better

Wise — Multi Currency Borderless Account

You can receive and send USD for free. There’s no fee to receive ACH payments, or any other kind of payment that uses your ACH routing number.

You have to accomplish their KYC process (selfie with a valid ID like passport, driver’s license, signature-bearing) then around 2–3 business days, the checking account will be available to you with the corresponding US Bank Details (Name, Account Number, ACH).

Use my link to register, and you will get a first transfer discount.

Combining Wise with Webull

Credit: Burak Tokman

Why I’m telling this much about Wise is you can open USD account in Wise’s Borderless Accounts to deposit money into Webull or withdraw without any charges using ACH transfer.

There’s also a small fee (~0.35%), but the conversion rate is still better than the local bank.

Step By Step

Open account and deposit local currency to Wise account:

1. Register to Wise

They’ll ask your ID or passport to verify your account.
You have to accomplish their KYC process (selfie with a valid ID like passport, driver’s license, signature-bearing) then around 2–3 business days,

2. Open a USD balance

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3. Go to USD balance > Choose “Inside the US” tab.

You’ll see your local US account details. All you need is account and routing number. Copy account details to notepad or write down to a paper. We’ll use these numbers to add Wise USD account to Webull.

Caution!

USD balance Direct Debits for non-US residents are currently only available if your account details have a routing number starting with “084”.

If you have problem with Wise, contact with customer service or try Revolut, Payoneer or other service provider. They also offer USD checking accounts with local bank details and debit card.

4. Add money to USD balance

You don’t have to have USD in your local bank account in the country you live.

You deposit your local currency to Wise and it will convert it to USD with a rate (their rate is better than almost every bank and FinTech ) and incredibly low fees (~0.35 %).

Select USD balance and Click to “Add”

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In the “Add” section enter the amount you want to deposit to Wise USD account. Select your local currency in “Paying with” section.

For instance, at the time this post written, I’m in Turkey and local currency here is Turkish Lira.

Current TRY/USD rate is 0.12263. I’m going to deposit 2,052.10 Turkish Lira to my Wise account and Wise will convert it to 250 USD.

Next screen is the confirmation.

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I’m going to deposit 2,052.10 TRY to the IBAN with the reference.

Don’t forget to use reference code. Enter this code to transaction description or reference when you do the transaction from your local bank. If you don’t then you’ll face delay with deposit.

Click to “I’ve made my bank transfer” once you deposit asked amount.

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Money will be added to your Wise account and converted to USD automatically in minutes or few hours depending to time you made the deposit. Usually its completed within 1–2 hours.

Link Your Wise USD Account With Webull And Deposit

1. Open Webull
2. Individual account (Middle button) > More > Bank Account
3. ACH > Micro Deposit Verification
4. Enter your Wise USD account details (choose checking account)

Wait 1–4 days (weekends not included),
ACH will send two small amount of money to your Wise USD account.

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Once received:

8. Click received
9. Enter the amount you received

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10. Enter the amount you want to deposit into Webull

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Ensure your Wise USD account has enough funds. If not, you will be charged a 30 USD reversal fee. ACH transfer may take up to 5 working days to reflect into your Webull account.

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During this time, an account in good standing will receive access to their funds (up to $1,000) in the form of provisional buying power. This buying power can be utilized to trade stocks and ETFs, but not options.

Withdraw Money From Webull

1. Open Webull
2. Individual account (Middle button) > More
3. Transfer > Withdraw > Fill up amount

It usually takes one trading day to complete an ACH withdrawal.

Withdraw Money From Wise To Local Bank

1. Open Wise
2. Select Send > Select USD balance
3. USD to X (X is your local currency)
4. Continue
5. Add a new recipient > Myself
6. Fill up your local bank details and continue

Limited Time!

Get 4 FREE Stocks on WeBull
(Deposit $100 and get 2 stocks valued up to $1600)

Get 1 FREE Stock When You Sign Up to ROBINHOOD

I hope this post will be helpful to you.

Let me know your thoughts. Share and don’t forget to follow me.
Take care ✌️

Burak