You may have made the choice to transfer your funds from Robinhood to Webull as Webull feels like a better trading platform for you. You may be interested in changing trading platforms for personal reasons best known to you and you’ve chosen to transfer all your funds from Robinhood to Webull but do not know how to go about it or how long it takes for the transfer to be processed. Well, here’s an end to your questions as regards how long it takes to transfer from Robinhood to Webull.
Transferring from Robinhood to Webull is estimated to take 5 to 7 business days to complete the transfer. You can transfer your assets or cash from Robinhood to Webull depending on your preferences. Also, you can choose a partial or full transfer of assets and cash from Robinhood to Webull.
Transferring your funds or asset from Robinhood to Webull may seem very tasking due to the complicated questions asked by both platforms to help secure and complete your transfer. This is why in this article, I’ll discuss what happens when you’re transferring from Robinhood to Webull and how to go about the transfer process.
What Happens When You Transfer From Robinhood To Webull?
Before you transfer your funds and asset from Robinhood to Webull, you need to determine if you’re doing a full transfer or a partial transfer. Here’s what happens to your assets when you request a transfer:
Stocks And ETFs
If you have any full, settled shares, they will be transferred to Webull once you request the transfer. Any fractional shares within your possession will be sold and the resulting funds will be transferred to Webull as cash during a residual sweep.
If you have any options contracts, they will be transferred to Webull. However, if you have options that expire within 5 business days, they do not get transferred to Webull.
While performing the transfer from Robinhood to Webull, you will need to choose if you’re making a full transfer or a partial transfer.
What Happens When You Initiate A Full Transfer?
Once you initiate a full transfer from your Robinhood account to Webull, your Robinhood account will be restricted to help ensure that the transfer is processed smoothly. You will be restricted from taking trade positions as your account will be blocked from buying and selling new positions on Robinhood and you will no longer be able to deposit or withdraw cash, as these actions may delay the transfer. Also, you won’t be able to make any trades on the assets being requested, including options in the underlying asset, while the transfer is processed.
It’s important to note that you’ll still own the securities or positions during this time, and they’ll be updated on Robinhood to note their current value. As time goes on, you will receive some assets during subsequent, residual sweep distributions. The process of transferring any securities that may have remained in your account after completion of the initial ACAT transfer request is known as residual sweep.
It’s also important to know that cash management and Robinhood Gold accounts will be downgraded as a part of the full transfer process from Robinhood to Webull. If you ever decide to use Robinhood again, you will be able to subscribe to Robinhood gold and upgrade to cash management again.
What Happens When You Initiate A Partial Transfer?
Once you initiate a partial transfer from Robinhood to Webull, your account assets being transferred will be placed on restriction to ensure a smooth transfer process and ease in completing the process. You will not be able to carry out any trades on the assets you’ve requested to transfer, including options in the underlying asset, while the transfer is in the process of completion, however, you need to note that you’ll still own the securities or positions during the transfer process and they’ll update in the up to show you their current market value.
Once the transfer is completed, any remaining trades that were restricted will be unrestricted and you’ll be able to make trades on the asset once it’s unrestricted.
How Do You Transfer From Robinhood To Webull?
Now that you’re ready to transfer your account from Robinhood to Webull, here are the steps to successfully carry out the transfer:
Step 1: Gather Your Transfer Information From Robinhood
The major piece of information you’ll need from Robinhood is your Robinhood account number. This is found by tapping on the “account” icon on the bottom right corner of the application. Proceed to click “Investing” and your account number will be found at the top of your screen.
Webull could ask you for your most recent statement which contains all of the information that’ll be needed, including your account number. Robinhood sends the statement electronically through emails, but you can retrieve the statement within the app or on the web platform.
Just in case Webull requires Robinhood’s DTC (Deposit Trust Company) number, you can insert the number 6769 as the number will remain the same for every transfer.
Step 2: Make Sure To Resolve Any Account Restrictions.
If your account is upgraded to Robinhood Gold, sometimes, you may run into problems while initiating the transfer due to some restrictions placed on the account especially if you don’t have a cash balance to cover the fee and your account has a negative balance.
In addition, you need to make sure that there’s no account deficit and that your Robinhood account is in good standing overall before you begin the transfer process as if you do not, the transfer process may be delayed.
Step 3: Initiate The Transfer To Webull
Firstly, you need a Webull account. You can open a Webull account if you do not have one yet. It’s important to note that Webull will not initiate the transfer if the account type and the name on your Robinhood account aren’t identical to your Webull account details. Hence, you will need to open a taxable brokerage account with Webull to process the transfer successfully.
Here are the steps to initiate the transfer on Webull:
- Go to the Webull logo page or the deposit page and click on “Transfer”.
- Click on “Transfer stock into Webull”.
- Choose the broker to transfer from (Robinhood).
- Input the necessary information as provided by Robinhood (Upload statement).
- Initiate transfer (full or partial transfer).
How Long Does It Take To Transfer From Robinhood To Webull?
To perform full or partial transfer from Robinhood to Webull, it may take between 5 to 7 business days for the transfer to be completed. However, if your transfer is delayed due to some account restrictions on Robinhood, it may take longer as It may require you to sort out the restriction before the transfer is continued. If you do not, there are tendencies that the transfer will be canceled by Robinhood.
How Much Does It Cost To Transfer From Robinhood To Webull?
It costs $75 if you’re transferring stocks or cash from Robinhood to Webull and this will be debited from your Robinhood account’s available cash balance. If your Robinhood account’s available cash balance is insufficient, it will be debited from your Webull.