How to Withdraw Money from Robinhood
Posted by Frank Gogol
Updated on May 17, 2022
Robinhood is one of the financial platforms that took over recently, with more and more people being interested in it and what it has to offer. But along with their interest in the app, a question also popped into people’s minds: how to withdraw money from Robinhood? Moreover, is it even possible to withdraw money from Robinhood? Well, you will learn the answer in this article.
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Can Money Be Withdrawn from Robinhood?
Withdrawing money from Robinhood is possible. In fact, on every business day, you can make up to 5 withdrawals into your account, which is great. You can even withdraw as much as up to $50,000 per business day. The only thing you need to ensure is that you withdraw the money to the right account.
Withdrawals are done a bit differently depending on what device you are withdrawing with. That being said, if you withdraw from your smartphone, the process will unfold in a specific way, but the steps will be different when you are withdrawing from your computer.
How to Withdraw Money from Robinhood on Your Phone
Withdrawing money from Robinhood on your phone is a very simple process. All you need is, of course, your smartphone, and the Robinhood app readily installed on your device. This process works whether you have an Android or iOS phone. There may be a few differences here and there but in essence, the main steps are the same.
Step 1 – Open the Robinhood app. Then, tap on the “Account” icon. You can find it by looking at the bottom-right corner of the screen with the app open.
Step 2 – Next, locate the “Transfers” button and tap it.
Step 3 – Pick the “Transfer to Your Bank” option.
Step 4 – A list will appear on your screen, and once that happens, you have to find your bank account in it.
Step 5 – Now, you have to enter the amount that you wish to withdraw from the account. You can either withdraw part of the amount or withdraw all of it, depending on your needs.
Step 6 – In the end, double-check to make sure everything is okay and tap “Confirm”.
How to Withdraw Money from Robinhood on Your Computer
Performing the transaction on your computer may be a bit different, but the process is still quick and straightforward. All you have to do is get on the Robinhood official website, and you will be ready to move forward. Here are the steps you’ll have to take:
Step 1 – Access the Robinhood website. Then, log in to your personal account.
Step 2 – Once you’re logged in, you will have to search for the “Account” option. It is located in the top-right corner of the screen on the Robinhood website.
Step 3 – Next, tap on the “Banking” option once you see it.
Step 4 – Now, you will find a panel on the page in front of you. In this panel, you will have to enter the amount that you want to withdraw from Robinhood. After you enter the right amount of money, you can simply confirm the transaction and you are ready to enjoy your money once you see it in your bank account.
How Long Does It Take Money to Transfer from Robinhood?
Transferring money is a process that may take a while, and not because of the withdrawal process you are initiating on the Robinhood website, but because of how long it takes for the money to settle into your account. Usually, when you get any funds in your Robinhood account, you will have to wait at least 2 trading days. This is the amount of time required for the money to settle into your account, after which it turns into withdrawable funds.
You have the possibility to withdraw to the same bank account you used to make the deposit, but you can also choose another bank account. If you prefer another one, you may be asked for extra information, which will make the entire process slower. It is unpleasant, but this step is not there to annoy clients. In reality, it is a way to prevent money laundering and fraud.
You can also cancel withdrawals in case you made a mistake or you want to withdraw a larger amount at once, rather than two smaller ones. But in order to cancel the withdrawal, you will have to be very fast.
It can be done by visiting your Account, then going through your History. For Android phones, this option can be found once you tap the “Menu” icon. Then, you will be able to see the pending withdrawal, after which you will have the possibility to tap or click it. There, you can find a “Cancel Transfer” option that you can select afterward. Of course, you should be aware that this will stop your withdrawal right away and will delay the entire process.
It is also important to know that if you made a deposit, it will take about five days for it to be completed. During these five trading days, you will not be able to spend the amount nor withdraw it, so you have to wait. The money will be available for withdrawal as soon as it appears as “Completed”.
In some cases, some accounts are restricted, which also prevents you from making withdrawals. Again, this will cause a delay in your withdrawal process.
If you want to be able to transfer your money to a bank account, you will have to get in contact with the Robinhood staff. They can solve the restriction issue for you. The amount of time it takes to solve this may depend on how fast you get a response from them. The reason for your restriction will also be taken into consideration.
There is also the possibility of having referral stock cash, in which case it should stay in your account for 30 days before you are able to withdraw it. Once this time passes, you will get the sum in your withdrawable cash.
Having a Robinhood Gold account will also require keeping a brokerage account value of at least $2,000 to be able to meet the minimum borrowing requirements. And if you need to withdraw a value that is below $2,000, you will have to go to your Settings and turn off the margin.
But apart from these aspects, withdrawing money from Robinhood is a fast process, and you will not encounter any issues along the way.
Are There Fees to Withdraw Money from Robinhood?
At certain times, there may be some fees applying when you make a withdrawal. Luckily, the app doesn’t charge a lot of money for withdrawals, which is great. For bank transfers, there will not be any charge. But in some areas, there are limitations, and you may also be charged a small amount when you withdraw any funds from your Robinhood account.
The Bottom Line
It is possible to withdraw money from Robinhood if you follow the right steps. No matter if you use a computer or phone, just follow the guidelines in this article and the process should be trouble-free.
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