How Wise can save you unnecessary currency fees on your next US Dollar RSU payout
You may not know it but if you receive RSUs or sell shares in US dollars you could be losing money paying currency conversion fees. Discover how to avoid this.
Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.
Thinking of joining a trading and investing platform? One of the popular options available in the UK right now is Webull.
Launched in 2017, the US-based company offers an electronic platform for the trading of US stocks, exchange traded funds, options, margins and futures.
In this guide, we’ll cover everything you need to know about Webull in the UK.
This includes who its best for, supported currencies, platform features, commission fees and how to get started with buying stock.
So, let’s dive right into our Webull review.
Webull is a great option for trading beginners, as it has an easy-to-use platform, lots of learning materials and low transaction costs (more on fees later).
However, it also has features for more advanced investors and traders looking to research investments and trade stocks, ETFs and options.
To open an account with Webull, you’ll need to be at least 18 years old and live in the UK.
You’ll also need to provide proof of ID and proof address on application.1
Webull supports trading in limited markets, including US stocks and Hong Kong and China A-Shares. This means it only really supports trades in US dollars (USD), Chinese yuan (CNY) and Hong Kong dollars (HKD).2
Now, let’s take a look at what kind of features you can expect when you open an trading account with Webull:
Take a look below for the main fees and charges you need to know about for the Webull trading platform, based on trading on the US market. We’ll look at some of these in more detail shortly.
Fees5 | Amount |
---|---|
Account management/platform fee | None3 |
Deposit fee | None |
Withdrawal fee | None (to UK bank accounts)4 |
Currency conversion (applies to withdrawals and deposits not in USD) | 35 basis points + 0.35% Webull margin on exchange rate3 |
Trading/commission fees | 2.5 basis points3 |
Inactivity fee | None5 |
No, Webull doesn’t charge any fees for opening an account, nor does it have monthly maintenance or platform fees.3
Let’s dive a little deeper into trading fees with Webull, so you can assess how much it’ll cost you to start trading on the platform.
Webull lists the following fees for trading on the US stock market:3
Note: All charges and fees above correct at time of publishing
The great news is that there aren’t any withdrawal fees to worry about when you withdraw money from your Webull account to a UK bank account.4 However, currency conversion charges may apply.
Webull has commission fees of 2.5 basis points for trading on the US stock market.3
For the HK stock market, commission fees are 3 basis points (Min. HKD15).3
Here’s a quick step-by-step on how to buy stock with Webull:6
Buying shares or selling a stock or shares that aren’t traded in your local currency? Don’t let the currency conversion trip you up. Convert your stocks or shares into any currency with our handy tool, and you’ll always know what you’re getting.
Check out our handy international stock ticker tool.
Disclaimer: Wise's international stock ticker provides information for reference purposes only. This tool and platform does not offer to buy or sell stocks, and the data displayed here should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. We make no guarantees regarding the accuracy or completeness of the information provided, and users should exercise caution and seek professional guidance when making investment choices.
The Webull Trade & Invest Stocks mobile app is available from Google Play for Android devices and the App Store for iOS devices.
It’s free to download (although you will need to open an account) and offers all of the main features as the Webull online platform, including the option to start off with a free demo trading account.
Need help? You can contact Webull customer service using the following methods:7
There are lots of alternatives to Webull available to UK traders and investors, including:
Webull may be a US-based platform focusing on US stocks, but there is a UK arm of the company called Webull Securities (UK) Ltd available to UK based traders and investors.
Webull is a good option for novices, as it has an easy-to-use platform, lots of learning materials and low transaction costs. There’s also the option to start off with a free demo trading account.
Webull Securities (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. This means that it needs to adhere to certain regulatory standards.
Webull doesn’t charge any fees for withdrawals to a UK bank account, although bear in mind that currency conversion charges may apply.4
Although it may depend on your bank, withdrawals from Webull generally take between 1-3 working days.8
No, Webull doesn’t charge monthly account or platform fees.
If you are buying or selling international stocks and funds listed abroad, you might be hit with extra costs for cross border money transfers.
But if you use Wise money transfer, you can avoid hidden currency exchange markups. Open a Wise account and you’ll be able to conveniently manage your money in up to 40+ currencies. This means you can convert your money into other currencies when the time is right for you at the mid-market rate for only a small, transparent conversion fee*.
Not sure about using investment platforms? With a Wise account, you can choose how your money is used. Choose the balance or Jar then under Balance information, select ‘Earn’ and choose from one of three options.
All your money is held as ‘cash’ by default, so you can’t earn a return on the money you spend, but it isn’t at risk in the market. If you choose the ‘Stocks’ option, we’ll invest some or all of your money in the Jar or balance in the index tracking fund we’ve chosen.
Finally, if you opt for Interest you can choose to give us permission to invest all or some of your money in the Jar or balance in the interest-earning fund we’ve chosen. This will depend on the currency.
With Wise Interest, you can help grow your international money and start earning a return on the pounds, euros and dollars in your balance**.
**Wise Interest and Stocks is only available to some UK, Singapore and some EEA residents and most businesses that are tax resident in the UK. To discover if you are eligible, check your account and if you can see the option to change your Balance or Jar from Cash to Interest or Stocks, then you are eligible. Capital at risk.
You’ll also have full access, at all times without the typical access fees or spend restrictions so you can continue using your money as usual.
We’ll only ever invest your cash in a fund of government-backed assets - so when the central bank rates change, your return does too. We will always track the central bank rate whereas other providers may cut rates faster, which means you’re more likely get a fairer rate***.
*** Investments in funds are never guaranteed and your capital can be at risk. Variable rate is based on 7 day performance as of 08/08/2024 at the time of publishing. This fund has returned a 1.31% annual average over the last 5 years, excluding Wise and fund manager fees. Interest is offered through Wise Assets. Wise Assets is a trading name of TINV Ltd, a subsidiary of Wise. TINV Ltd is authorised as an investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you’re not sure, seek qualified advice. You can find more information about the funds on our website.
If you do decide to change how we hold your money, while the change is processing, the icon will temporarily display as "Pending" and this can take up to 2 business days, however may require an additional business day if you have ongoing transactions in progress or we are still processing previous changes.
Why not turn on Interest, to help boost your balance?
You may also be interested in:
Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.
Sources used:
1. Webull - documents needed to open an account
2. Webull - currencies
3. Webull - Webull pricing
4. Webull - withdrawal fees
5. Webull - inactivity fee
6. Webull - how to place an order
7. Webull - contact details
8. Webull - withdrawing funds
Sources last checked on date: 12-Aug-2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
You may not know it but if you receive RSUs or sell shares in US dollars you could be losing money paying currency conversion fees. Discover how to avoid this.
Read our step-by-step guide for UK investors on how to withdraw money from a Charles Schwab investment account.
Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should...
Read our step-by-step guide for UK investors on how to withdraw money from a Fidelity investment account.
Find out how to buy Tesco shares in the UK with our guide, covering the steps involved, fees and latest Tesco share prices.
Find out how to buy shares in Netflix in the UK with our guide, covering the steps involved, fees and latest Netflix share prices.