We're happy you're here. You can use the Community to catch up on all the latest updates, discuss features, exchange experiences and tips, share your thoughts with other smart people. Your Pilot Journey Starts Here.

How to withdraw money from Robinhood Quickly [February 2024]

Topic created · 1 Posts · 1 Views
  • Robinhood took over the mobile stock investing scene in 2018 when it launched its sleek, easy-to-use application and commission-free trading.
    While it makes depositing and investing simple, how to withdraw from Robinhood is a little more challenging.

    It’s designed this way on purpose. Robinhood makes money when you have money in your account – why would they make it easy to pull money out of Robinhood? That’s why I put this article together.

    Here’s how to withdraw money from Robinhood.
    Can Money Be Withdrawn from Robinhood?
    Yes, you can withdraw money from Robinhood. There are 2 ways to withdraw cash from Robinhood: By debit card or by bank account.
    Both methods are outlined in more detail below, but here’s a quick summary of the Robinhood withdrawal limits and fees for each:
    Robinhood Withdrawal by Debit Card
    The main advantage of a Robinhood debit card withdrawal is speed, though you’ll pay a small fee for the convenience.
    Speed: 30 minutes
    Daily limit: $5,000
    Fee: 1.5%
    Personally, I wouldn’t pay the fee to get my money a few days early unless I desperately needed the cash. An Albert cash advance is probably the better way to go, allowing you to get up to $250 with no fees.
    Robinhood Withdrawal by Bank Account Transfer
    You can withdraw from Robinhood for free with a bank account transfer, though it will take several business days to complete.
    Speed: Up to 5 business days
    Daily limit: $50,000
    Fee: n/a
    Let’s dive into how to transfer money from Robinhood to bank account using your phone or your computer.
    By the way, if you’re looking for a great bank, check out our Chime review.
    How to Withdraw Money from Robinhood on Your Phone
    Withdrawing money from the Robinhood app is a 7-step process which is identical for both iOS and Android applications.
    Here are the steps to follow to withdraw money from Robinhood to bank account on your phone:
    Tap “Account”
    Tap “Transfers”
    Select “Transfer to your bank” (or “Transfer to debit card”)
    Select your bank account (or debit card)
    Enter the amount you’d like to withdraw
    Confirm the amount and details
    Tap “Transfer”
    How to Withdraw Money from Robinhood on Your Computer
    To withdraw money from Robinhood online, follow these steps:
    Click “Account” (top-right corner)
    Click “Transfers”
    Select “Transfer to your bank” (or “Transfer to debit card”)
    Select your bank account (or debit card)
    Enter the amount you’d like to withdraw
    Confirm the amount and details
    Click “Transfer”
    Need a New Broker?
    If you’re a fan of Robinhood’s easy-to-use interface but have had a bad experience with Robinhood or need a broker that was made for more serious investors, check out Public.

    You can invest in stocks, ETFs, crypto, alternative assets, and treasuries, all in one simple app.
    Common Questions: Withdrawing Money from Robinhood
    How to Cancel a Robinhood Withdrawal
    You can also cancel a withdrawal but you have to do so before it’s processed:
    Go to “Account” → “Menu” → “History” → Select the pending withdrawal→ “Cancel Transfer”
    Depending on when you initiate the withdrawal, you will have between 1-24 hours to cancel the transaction.
    How Long Do Robinhood Transfers Take?
    Robinhood transfers by bank account transfer usually take between 2-5 business days. This applies to both transfers into and withdrawals out of your Robinhood account.

    That said, most Robinhood accounts have Instant Deposit which allows users instant access to $1,000 when depositing $1,000 or more. This does not apply to withdrawals.

    After depositing funds into your Robinhood account, you will typically need to wait 2 days for the funds to “settle” before they’re ready to be invested (or withdrawn). This is what leads to “Withdrawable Cash” being less than the total cash in your account.

    Robinhood Withdrawable Cash = Settled Funds – Unsettled Funds

    If you need to access your funds quickly, Robinhood allows debit card withdrawals that typically take between 30-60 minutes. For the speed and convenience, however, Robinhood charges a 1.5% fee on these transfers. If you earned referral stock upon signing up or referring a new user, you will need to wait 30 days until these funds will be available for withdrawal. Remember, Robinhood withdrawal limits are $5,000 for debit cards and $50,000 for bank transfers each day.
    Are There Fees to Withdraw Money from Robinhood?
    If you withdraw money via bank transfer, there is no fee. However, this process typically takes between 2-5 business days to complete. If you need immediate access to the funds or would like to withdraw to your debit card, there is a 1.5% fee.
    Are There Fees to Transfer Money from Robinhood to Another Brokerage?
    Yes, Robinhood charges a fee to transfer funds into another brokerage.
    The securities in your Robinhood account can be transferred to other brokerages using the Automated Customer Account Transfer Service (ACATS). This is done at a flat cost of $100, whether it is a full or partial transfer.

    If you request a full transfer, Robinhood will automatically sell any crypto holdings and send the cash proceeds to the outside brokerage in a residual transfer.

    To avoid fees, you can sell all of your positions, wait for the funds to settle, transfer the cash to your bank account, then deposit from your bank account into your new brokerage account.
    In Final Word, How to Withdraw Money from Robinhood
    Hopefully I’ve answered how to cash out on Robinhood. Robinhood is a great place to begin your investing journey, but most investors quickly grow out of it and need a more powerful brokerage. Head over to pros and cons of Robinhood to determine if it’s the right platform for you.
    If you find yourself in this position (hence the need to learn how to withdraw money from Robinhood), consider eToro or these 7 other Robinhood alternatives.
    How long does it take to withdraw money from Robinhood?
    It takes 2-5 business days to withdraw money from Robinhood via bank account transfer. Bank account transfers are slow but free. Robinhood also offers the option to transfer via debit card which takes between 30 and 60 minutes but will cost a 1.5% fee.
    How long does it take to get money from Robinhood?
    It takes 30-60 minutes to get money from Robinhood via debit card transfer, though you’ll pay a 1.5% fee for the speed. To avoid the fee and transfer for free, use a bank transfer. Transfers via bank account take between 2-5 business days.
    When can you withdraw money from Robinhood?
    You can withdraw money from Robinhood at any time, provided the funds are settled. Robinhood Withdrawable Cash refers to the funds that are settled and available for transfer and withdrawal. Unsettled funds are any money you’ve transacted with in the last 2 business days.
    Why can’t I withdraw money from Robinhood?
    You probably can’t withdraw money from Robinhood because your funds are unsettled.
    You can only withdraw “settled funds”, money that hasn’t been transacted with in the last 2 business days. This is known as Robinhood Withdrawable Cash.
    Where to Invest $1,000 Right Now?
    Did you know that stocks rated as "Buy" by the Top Analysts in WallStreetZen's database beat the S&P500 by 98.4% last year?
    Our February report reveals the 3 "Strong Buy" stocks that market-beating analysts predict will outperform over the next year.
    See the 3 Stocks

Log in to reply