As an online broker, Robinhood enables consumers to purchase and sell stocks and cryptocurrencies without paying a trading commission. Are you wondering how to withdraw money from Robinhood? Keep finding to find out!
Today’s largest financial platforms include Robinhood.
People have many options for using the platform because it is accessible over the internet as well as through Android and iOS apps.
There’s an increase in the number of people showing an interest in trading stocks and cryptocurrencies, thanks to the ease of use and recent media acclaim of Robinhood.
On the other hand, if you’re new to digital trading, you probably have questions about how to withdraw money from Robinhood.
Don’t stop reading!
Can I Withdraw Money from Robinhood?
It is possible to withdraw money from Robinhood. You may actually make up to five withdrawals from your account each working day, which is fantastic.
Even more, you are permitted to withdraw up to $50,000 per business day. You simply need to ensure that they deposit the funds into the correct account.
Withdrawals are handled slightly differently depending on the device you are using to withdraw from.
The stages will be different when you withdraw from your computer, but the process will proceed in a certain way if you retire from your smartphone.
The withdrawal procedure is rather straightforward, but it differs a little bit depending on whether you’re a desktop or mobile user.
How to Withdraw Money from Robinhood on iOS or Android
It’s quite easy to withdraw money from Robinhood on your phone. Of course, all you need is a smartphone with the Robinhood app already downloaded.
Regardless of whether you use an iOS or Android phone, this technique works.
Although there could be a few little variations here and there, the fundamental procedures remain the same.
Step 1: Open the Robinhood application. After that, click the “Account” icon.
When the app is open, look in the bottom-right corner of the screen to find it.
Step 2: After that, tap the “Transfers” button.
Step 3: Select “Transfer to Your Bank” from the menu.
Step 4: You need to locate your bank account in the list that will then appear on your screen.
Step 5: You must now enter the amount you want to take out of the account.
Depending on your demands, you can either withdraw all the money or only a portion of it.
Step 6: Once everything is verified as being in order, click “Confirm” at the end.
How to Withdraw Money from Robinhood on a PC
If you’re used to using PCs, the transaction process on mobile devices will be somewhat different, but still quite straightforward.
Step 1: Log in to your account by visiting the Robinhood website.
Step 2: Find the “Account Option” in the top-right corner of the website after logging in.
Step 3: Select “Banking” from the menu. Enter the withdrawal amount in the withdrawals area after finding it.
Step 4: Now, on the page in front of you, there is a panel.
You must enter the amount you wish to withdraw from Robinhood in this window.
Once you have entered the correct amount of money, you just need to confirm the transaction before you can start using your money.
How Much Does it Cost to Withdraw Money from Robinhood?
When you make a withdrawal, there could occasionally be certain costs that apply.
It’s fantastic that the app doesn’t charge a lot of money for withdrawals. There won’t be any fees associated with bank transfers.
However, there are restrictions in some places, and any money withdrawn from your Robinhood account may result in a small fee.
What is the Time Required to Withdraw Money from Robinhood?
The process of transferring money can take some time, but not because of the withdrawal you are starting on the Robinhood website, but rather because of how long it takes for the money to arrive in your account.
Normally, you will have to wait at least 2 trading days before receiving any money in your Robinhood account.
This is the period needed for the money to enter your account and become withdrawable monies.
The fact that money from a Robinhood account doesn’t immediately move to a bank account may disappoint some customers.
However, bank transfers take a long time by nature; this isn’t Robinhood’s fault. This is due to the numerous stages your transfer goes through to minimize the likelihood of fraud.
It functions fundamentally as a security measure to safeguard your bank account. A Robinhood withdrawal should typically take no longer than two to three days.
This is roughly how long a typical bank transfer takes, though occasionally you may see substantially faster times.
It’s also critical to be aware that it will take roughly five days to process any deposits you make.
You must wait throughout these five trading days because you cannot use or remove the money. As soon as it says “Completed,” the money will be available for withdrawal.
You may not be able to withdraw funds from certain accounts because they are restricted in particular circumstances. Once more, this will delay the completion of your withdrawal.
You must speak with the Robinhood personnel if you wish to be able to transfer your funds to a bank account. They can help you with the restriction problem.
How quickly you hear back from them could affect how long it takes to remedy this. Your restriction’s cause will also be taken into account.
In the event that you receive referral stock cash, you must keep it in your account for 30 days before you can withdraw it.
You will receive the money in your withdrawable cash after this period has passed.
In order to be able to meet the minimal borrowing requirements, having a Robinhood Gold account also necessitates maintaining a brokerage account worth at least $2,000.
Additionally, you will have to go to your settings and turn off the margin if you need to withdraw a value that is less than $2,000.
However, other than these factors, withdrawing money from Robinhood is a quick process, and there won’t be any problems along the route.
Why am I Unable to Withdraw Money from Robinhood?
You might not be able to withdraw money from Robinhood for a variety of reasons. Some of the most typical ones are listed below:
- They have already reached your withdrawal limit.
- Your account has not yet received the funds.
- A limitation on your account might exist.
Keep in mind that the maximum withdrawal from Robinhood is $50,000, or five transactions.
You might encounter a problem when attempting to withdraw your money if you attempt to make more withdrawals than this.
Robinhood also needs your account balance to be settled before money can be withdrawn. When you complete a sale, it typically takes two to three days for the money to settle into your account.
After that, you can withdraw the money into any bank account you’d like. You won’t be able to pay out right away if you just made a profitable deal and want to do so.
Finally, although account limits are uncommon, they could cause your inability to withdraw money.
They frequently impose account restrictions due to atypical trading behavior, altering your associated bank account, or platform security issues.
It is preferable to get in touch with Robinhood’s customer care directly if none of these suggestions resolves your issue or you still don’t understand why you are unable to withdraw money from your account.
Can I Cancel a Withdrawal?
You can utilize this money to execute other trades if you act quickly enough to reverse a Robinhood withdrawal:
Step 1: Go to your “Account“.
Step 2: Search for “History” (you must first click the “Menu” icon on Android).
Step 3: Locate your pending withdrawal and tap or click it.
Step 4: “Cancel Transfer” should be chosen.
Naturally, the withdrawal may only be canceled if you discover it before it is finalized, which is normally done very fast.
How to Connect Your Other Accounts to Robinhood?
You’ll need your ACH account number and routing information in order to connect your brokerage account to other accounts.
Your brokerage account number with a prefix is the ACH account number. Its routing number identifies the financial institution.
By tapping the Transfer option under the Cash tab, you may find your ACH account number and routing information in your app.
Transfers to and from your brokerage account may show up as transfers to and from Sutton Bank in your transaction history at other institutions because Sutton Bank provides your routing number.
Can I Pick Which Account to Withdraw Money from?
Robinhood makes things simple by using your deposit account as your withdrawal account.
However, if you’d like, you can choose to withdraw from a separate account.
You might have to go through a security check to prove that the account is yours if you choose to withdraw money from Robinhood into another account.
Although it could take a while, keep in mind that this is being done to protect you, your account, and your money.
Most of the time, withdrawals from Robinhood are free.
There are no other practical options, such as withdrawal of credit/debit cards or electronic wallets; you can only accomplish it via bank transfer.
Whether you wish to transfer the funds to your primary account or a different bank account, Robinhood offers convenient cancellation alternatives and provisions for both.