Has Anyone Been Able to Sell and Withdraw Fundows from Webull?

ekomyman on 26/09/2024 - 13:18

Hi all, I have money in USD that i want to withdraw to AUD. .

If i select withdraw and add a bank account they want a bank statement with a swift Code.

So i cant add an Australian bank account Our Australian Statements don't havea swift Code.

I have a Wise account but when adding the us details they email me back with :

Please be informed that your request to add a bank account has been rejected due to "others (to provide comment box - free text)". Kindly re-submit your request with the updated information.

Have no idea what that means.

Can i convert it within the app from US to AUD and then withdraw?

Anyone have what Australian authority I can put a complaint on with against Webull? Is it the banking ombudsman?.

Cheers.

Financial

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Comments

  • mskeggs on 26/09/2024 - 13:42
    +1

    Why don't you just add your bank's SWIFT code?
    You probably shouldn't sign up for international financial accounts if your only source of information is your bank statement.

  • TALL1one on 26/09/2024 - 13:47

    Likely overseen by Australian Financial Complaints Authority.
    AFCA Phone: 1800 931 678
    AFCA Email: [email protected]
    AFCA Internet: www.afca.org.au

    but ACFA may ask if you have filed a complaint with Webull first.

  • flagger on 26/09/2024 - 13:57
    +6

    You need to convert from USD to AUD in the app. Once that clears, you can withdraw to a Australian bank account (just needed a standard bank statement to verify). Done this many times, it's pretty straight forward.

    • ekomyman on 26/09/2024 - 17:13

      Thank you, I couldnt find it. Ive seemed to work it out. Cheers,

  • CyberMurning on 26/09/2024 - 14:01

    you should be able to otherwise this shop will be banned from ozb long time ago

  • CyberMurning on 29/09/2024 - 11:15

    i just read the annual report from webull from last year FY2024 - on the 2nd last page PORTFOLIO VALUATION
    it has my free tesla shares cost base as ZERO
    i think this is wrong and incorrect and potentially mislead many members when they sold theirs (incorrectly calculating their CGT)
    the cost base should not be zero
    am i right?

    • yet another user on 01/10/2024 - 14:39
      -1

      No, you are incorrect.

      Your cost base for acquiring the shares are $0. i.e. you had to spend $0 to acquire X amount of shares in $TSLA.

      But, when you dispose of the shares (i.e. when you sell), and you make a profit, you are liable for any capital gains tax, which you would need to report against your favourite revenue collection agency.

      As a fictitious example, say if you were gifted 10x $TSLA at $200, but you sold all 10x shares at $300, then you would be liable for $100*10 worth of capital gains tax (CGT). (i.e. your taxable income goes up by $1000).
      And because the tax system is designed by the rich, you can enjoy a 50% discount on the CGT if you have held $TSLA for more than a year.

      • CyberMurning on 01/10/2024 - 15:33

        on your example, sold at $300 but the profit is not $300-0 but $300-$200 —> i totally agree on this.

        so, that doesnt means the cost base is $200 ? (not $0 )? what i am trying to say is the cost base should be the value/price of that security when we get them for free.

        • yet another user on 01/10/2024 - 17:03

          Best is to book an accountant, and explain your situation.

          • CyberMurning on 01/10/2024 - 17:16

            @yet another user: nah should be fine we both know the calculation of profit is not 300-0 thats the main thing. i keep record of the closing price of each parcel the day they were issued to me (for free).

            i hope webull gave proper annual report next year i am planning to sell all in this financial year (after holding them for a year)

  • Associatedashdophy @ Webull on 01/10/2024 - 17:57

    I’ve seen some posts about withdrawing USD from Webull to Wise or Revolut and converting it to AUD.

    Here’s an example of converting USD 1,000: (FX rate @ 17:30 01/10/2024)

    Using Wise:

    1. Transfer out from Webull: USD 1000
    2. Total funds received in Wise: USD 986.89 (USD 7 bank charge by Webull + USD 6.11 bank charge by Wise).
    3. Convert from USD to AUD @1.4477: AUD 1,424.73 (USD 2.79 transfer fee charged by Wise, 0.28%).
    4. Transfer to your bank account: AUD 1,423.09 (AUD 1.64 transfer fee charged by Wise).

    Using Webull:

    1. Convert from USD to AUD: AUD 1,440.50 (@1.4405, USD 5 transfer fee charge included, 0.5%)
    2. Transfer to your bank account: AUD 1,440.50.

    Wise is preferable for transfer amounts over USD 6,500 roughly. USD wire transfers involve a fixed bank transfer fee($13.11), which can eat all your FX fee savings for amounts less than USD 6,500.

    • CyberMurning on 01/10/2024 - 18:02

      @ashdophy
      While you are here can you confirm webull gives proper report (cgt from free shares) at the end of financial year and we can just put the numbers on when doing tax return?

      • Associatedashdophy @ Webull on 01/10/2024 - 21:19

        I am not able to provide more insight here. You may get some answers in the ATO community.

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