How To Withdraw Money From Robinhood? Robinhood stands as one of the leading financial platforms today, accessible via the Internet, Android, and iOS apps, providing users with versatile options to engage with the platform. With its features and increasing media attention, Robinhood has grabbed the interest of numerous individuals in stock and cryptocurrency trading. If you’re new to the platform, you might be curious about how to withdraw funds from Robinhood. If yes, then you’re on the right page as today, in this article, we’re going to discuss many things related to Robinhood along with how you can withdraw from it.
So the first question is:
Is it possible to withdraw funds from Robinhood?
Yes, you can easily withdraw money from Robinhood, and the good news is that you can make up to 5 withdrawals per business day. Additionally, you have the flexibility to withdraw up to $50,000 per business day, which provides convenience. In order to get a successful withdrawal, it’s essential to ensure that you direct the funds to the correct account. The withdrawal process varies slightly depending on the device you are using. If you’re withdrawing from your smartphone, the steps will follow a specific procedure. And for sure, we will be discussing below.
Learn how to transfer money from your Robinhood account to your bank with our comprehensive guide: How To Transfer Money From Robinhood To Bank.
Now, moving to the primary question. How to withdraw funds from Robinhood?
Well, to be honest, there are multiple ways to withdraw funds; let’s know the most common one.
How to withdraw funds from a mobile device?
The process of withdrawing money from the Robinhood app consists of a few steps that are the same for both iOS and Android applications.
Here are the steps to follow for withdrawing money from Robinhood to your bank account on your phone:
- Click on Account
- Tap on Transfers
- Choose the Transfer to your bank
- Select your bank account (or debit card)
- Enter the amount you wish to withdraw
- Confirm the amount and details
- Finally, you have to tap on “Transfer” to complete the withdrawal.
So this is how you can transfer funds from your mobile device without any hassle.
How to withdraw funds from Robinhood using a computer?
The process of withdrawing funds from Robinhood on your computer is similar and straightforward. Here are the steps to withdraw money from Robinhood online:
- Tap on Account
- Then click on Transfers
- Select the Transfer to your bank option
- Select your bank account or card
- Enter the desired withdrawal amount
- Confirm the amount and transaction details
- Click on “Transfer” to finalize the withdrawal.
This was the process of withdrawing funds from the computer.
I hope both of these options were helpful for you in understanding of how you can withdraw funds from Robinhood.
But wait, before you withdraw the funds, you need to know a few things.
Things to know before you withdraw from Robinhood
Robinhood users need to be aware of certain rules that impose limitations on how and when they can withdraw money from their accounts.
- Deposit Waiting Period: After depositing funds, you may have to wait up to five business days before withdrawing the money.
- Switching Bank Accounts: Be cautious when changing bank accounts linked to your Robinhood account, as special rules and document verification may apply.
- Account Restrictions: If your account is restricted due to a negative balance, suspected fraud, or other reasons, you may not be able to withdraw funds until the issue is resolved by contacting Robinhood.
- Instant Deposits: Some customers can start trading immediately with “instant deposits,” but withdrawal is restricted for up to five business days.
- Trade Settlement: After selling stocks, ETFs, or options, it takes three business days for trades to settle. Instant settlement is available for Robinhood Gold and Instant users.
- Withdrawal Limits: You can make up to five withdrawals per business day, with a maximum withdrawal of $50,000.
- Free Stock: If you received free stock from Robinhood’s Referral program, you must keep the cash value in your account for 30 days before withdrawing it.
I’ve mentioned these points because they were extremely crucial, and everyone should know about them because sometimes, when we withdraw the due to these rules, the withdrawal fails, so you may get in worry.
Now, suppose you’ve withdrawn the funds; you must be wondering:
How much time does it take for Robinhood to withdraw the funds?
Some users might feel disappointed that their money from Robinhood doesn’t instantly transfer to their bank account. However, this delay is not Robinhood’s fault but rather a part of bank transfers, which naturally take time due to several security measures in place to prevent fraud and protect your bank account.
Typically, a withdrawal from Robinhood should take around two to three days, similar to the average time for regular bank transfers. Occasionally, you might experience faster processing times, but it’s still advisable to expect a reasonable wait until your funds from Robinhood reach your bank account.
I hope this article was helpful for you in understanding the withdrawal process of Robinhood.
Now, it’s time to know the conclusion.
In this article, we got to know about the multiple ways to withdraw funds from Robinhood; later, we discussed some rules that you need to know before you request the withdrawal. And then, we get to know how much time it takes to withdraw funds from Robinhood. If your payment is stuck in between, then talking to the Robinhood customer support team might help.
Frequently Asked Questions
Q: Can I withdraw money instantly after depositing it in my Robinhood account?
No, withdrawals are subject to a waiting period, typically up to five business days. This is a standard practice in financial platforms to prevent fraud and ensure security.
Q: Is there a limit on the number of withdrawals I can make in a day?
Yes, you can make up to five withdrawals per business day. If you reach this limit, you’ll have to wait until the next business day to initiate additional transfers.
Q: Are there any restrictions on withdrawing funds from Robinhood after selling stocks?
When selling stocks, ETFs, or options, it takes three business days for trades to settle. However, if you’re a Robinhood Gold or Instant user, you could be eligible for the instant settlement, allowing you to withdraw proceeds right after the sale.
Q: Can I withdraw funds from free stock acquired through Robinhood’s Referral program immediately?
No, you must wait for 30 days before withdrawing funds from selling free stock. During this period, the cash value of the free stock must remain in your account.