How to Withdraw Money From Robinhood

 

Robinhood presents itself as a commission-free stock trading financial app that offers a lot of amazing features to all their customers. It has become one of the most popular trading platforms around.

Choosing an online broker isn’t easy - at the end of the day, it’s your cash that’s at stake.

Luckily, the Robinhood app has proven to be a reliable platform with really low commission for transactions, including deposits and withdrawals.

Thus, if you want to deposit the money you’ve earned in Robinhood directly into your bank account, then you can quickly do so!

Withdrawing money is a simple process, and we’ll teach you how to complete this transaction right away.

Keep reading this blog post on our website to get more information about:

• How to withdraw money from Robinhood;
• Things you need to know before making withdrawals from Robinhood;
• Step-by-step guidance during the withdrawal process.

Can Money Be Withdrawn from Robinhood?

Yes, it can! Fortunately, Robinhood offerts plenty of withdrawal options for their verified users. Withdrawals work smoothly and efficiently under the many regulations regarding trading and selling stocks on the platform.

Therefore, users can transfer funds directly to their linked bank accounts after completing a series of predetermined requirements by the platform.

Users not only need to provide a brief description of their account - they must complete a thorough verification process in order to start trading and withdraw money from the platform, which is a must.

Withdrawing Money from Robinhood: The Basics

Before you get to know how to get money out of Robinhood, there are some fundamental things you need to know.

Robinhood allows you to buy and sell stocks, crypto, and more.

Just like users can Withdraw Money from Trust Wallet , the same can be done from Robinhood, but it’s way easier.

Clearly, Robinhood opts for a centralized finance business model.

Therefore, there are some conditions when it comes to making a transfer to your bank.

• You can cancel transfers before they take place, but it depends on the trade date you are doing it. Click “account,” tap “History,” select the transfer and then tap on “Cancel Transfer” to do so;
• The money needs to settle before turning into withdrawable cash. The settlement period is the main trading day plus two trading days. If the money doesn’t settle during these three business days, you won’t be able to withdraw it until the third day;
• A pending withdrawal can also take place, and it takes five trading days (business day) in order to have the withdrawable funds available.

How Long Does It Take To Withdraw Money from Robinhood

The time to fully process bank transfers from your Robinhood account to banking systems can heavily vary, but it work like this:

• First and foremost, the funds settlement period must be completed. This make take 2 business days or a little more;
• Referral stock funds can take up to 30 days to settle;
• Once the funds settle and you need to start the transfer, it is necessary to wait at least five business days to transfer funds;
• This waiting period can extend from up to 7 to 10 business days, but this is not Robinhood’s fault - it is related to banking systems and processes;

To summarize, it is possible to withdraw your Robinhood funds in 7 to 10 business days, including settlement periods and bank processes.

Either way, these days can be shortened depending on your previous settlement performance on the Robinhood app.

Robinhood Withdrawal Fees

One of the best things about Robinhood withdrawals is their transparency - hidden fees are not present on the platform.

When it comes to Robinhood withdrawal fees, there are two main types of fees that you need to take into account:

1. Robinhood users must pay a $25 fee to execute wire transfers directly from the Robinhood platform;
2. Any International bank withdrawal that takes places on Robinhood will incur in a $50 fee;
3. On the other hand, any ACH bank transfer is totally free - this is a basic withdrawal that takes place within verified users on the platform.

How to Withdraw Money from Robinhood

The withdrawing, selling, and trading commission on Robinhood is usually pretty low, which is why so many users choose this platform.

Now, there are different ways to transfer money from your Robinhood account to your bank account depending on the platform you use, so let’s get to it.

Link a Bank Account to Your Profile

Firstly, you need to link one bank account to Robinhood.

The platform accepts different accounts for a withdrawal, but you need to wait for the verification process to be completed.

• If you use a big bank, it will probably be available in the “Linked Accounts” feature on the app - look for it in the Transfers tab;
• If you use a small bank, the verification process can take one business day or two - it depends.

Learn more about Linking Bank Accounts to Robinhood by clicking on this link.

1. How to Cash Out on Robinhood on Mobile Apps

You can make funds transfers from the iOs or Android app if you please.

To do so, follow the next three steps.

Step 1: Log In to Your Robinhood Account

Log in to your account as you usually do.

At the bottom right corner of the screen, you will find your account icon.

Tap the account icon and then proceed.

After you tap the account icon, a menu will show itself at the top right corner of the app.

Step 2: Select “Transfer” on the Menu Icon

The drop-down menu at the upper right corner will show the “Transfer” option.

Tap there and then proceed.

Step 3: Submit the Withdrawal Request

There, you need to select the details of the withdrawal.

You can withdraw as little as $20 or as much as $50,000 every business day.

Keep in mind that you can make up to five withdrawals in a single day, and they must go directly into the same bank account that you have previously registered.

Then, wait for a while for the deposit to arrive into your account.

2. Transfer Money to Bank via Robinhood Website

Using the main Robinhood site to transfer your funds is also possible! Just follow these steps, and you’ll be good to go.

Step 1: Log In to your Robinhood Profile

Go to your account as you usually do.

Here, the account icon is not located at the bottom right corner but the top right of the screen. Tap on it and proceed.

Step 2: Select the “Transfer to Your Bank” Option

Then again, select the “Transfer” option. It works the same way as it does in the application, and the menu it’s actually pretty intuitive, so you won’t have major problems here.

Step 3: Start Bank Transfers and Wait for the Trading Days to Complete

Finally, select the conditions of the withdrawal.

Make sure to double-check the amount and the account you want to withdraw funds to.

The transfers take place between one and five business days, so have some patience.

Either way, keep in mind that account restriction might as well lead to the withdrawing feature being blocked for you.

If you can’t withdraw money, or if your Robinhood Account Has Been Restricted from Purchasing , then you need to contact the support team as soon as you have a chance.

So, how can I withdraw money from Robinhood, you asked? The answer has been provided! Enjoy your hard-earned money - you deserve it.

For more Robinhood content, check out GrowFollowing whenever you have a chance.

How to Withdraw Money From Robinhood FAQ

Can I Transfer Cash from Robinhood to a Different Bank Account?

Yes, you can use a different bank account, but you would need to start the verification process all over again.

This process is utterly important in order to prevent money laundering on the platform.

Thus, if you want to use multiple bank accounts, there’s no way around it.

Can I Withdraw Funds from a Robinhood Gold Account?

You can, but the brokerage account value (cash value) needs to be at least $2,000.

In addition, there are other minimum requirements that you must meet if you want to do this - check them all out at the Official Robinhood Website .

About the author

Steve

Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.