How To Withdraw Money From Robinhood?
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Robinhood has been a game-changer in the world of investing, making it super easy for the average Joe to get into stocks and cryptocurrencies. But what if you want to cash out and enjoy your hard-earned gains? Well, we've got your back! In this guide, we'll walk you through how to withdraw money from Robinhood to your bank account in a few simple steps.
Robinhood withdrawal rules and limits
Before we dive in, there are a few things you need to know about withdrawals on Robinhood:
Deposit wait time: When you put money into Robinhood, it might take up to 5 business days before you can take it out. Instant Deposits may allow you to trade right away, but you can't move that cash instantly.
Trade settlement: If you're trading in the US, it takes 3 days to settle. Robinhood Gold or Instant users may have instant settlement for quick withdrawals after selling stocks, ETFs, or options.
Withdrawal limit: You can make up to 5 transfers per business day.
Daily limit: You can withdraw up to $50,000 per business day. For more, you'll need to do lump sum withdrawals.
Free stock sales wait: After selling free referral stock, you've got to wait 30 days before getting the cash.
Changing bank accounts: Switching bank accounts might raise some eyebrows, so be careful when moving funds from one account to another.
Account restriction hold: If Robinhood has slapped any restrictions on your account, it could put a hold on your withdrawals.
How to transfer money from Robinhood to the bank?
Alright, let's get into the nitty-gritty of how to get your moolah out of Robinhood and into your bank account. We've got three ways to do it, so pick the one that suits the device you use:
How to withdraw money from Robinhood on iOS?
Open the Robinhood app on your iPhone
Tap on the account icon in the bottom right corner
Tap the three horizontal lines in the top-right corner
Tap transfers
Tap transfer money
Enter how much cash you want to withdraw
Under from, choose Robinhood
Under to, choose your bank account
Follow the on-screen prompts to confirm and finish the transaction
Keep in mind that withdrawals might take some time, so be patient.
How to withdraw money from Robinhood on Android)?
Open the Robinhood app on your device
Tap the account icon in the bottom right
Tap the three lines in the upper right corner
Tap transfers
Tap transfer from your bank
Enter the amount you want to transfer and hit continue
Under from, choose Robinhood
Under too, choose your bank account
Tap transfer to complete the transaction
Remember, it might take up to 5 days for the money to show up in your bank.
How to withdraw money from Robinhood on a desktop?
Select the account, and then transfers
Select transfer from your bank
Enter the amount you want to transfer
Under from, choose Robinhood
Under to, choose your bank account
Select submit
Remember, it may take up to 5 working days for your funds to appear in your bank account.
Pro tips for a simple cash withdrawal from Robinhood
Now that you know how to cash out from Robinhood, here are some tips to make it a breeze:
Plan: Think about your investment goals and strategy before you withdraw.
Adhere to waiting periods: Respect Robinhood's waiting periods to avoid surprises.
Consider account restrictions: Sort out any account issues before withdrawing.
Gather documentation: Have your documents ready, just in case.
Choose the right timing: Pick a stable market time for your withdrawals.
Communicate with support: If you need help, don't be shy to reach out to Robinhood's customer support.
What are withdrawal errors on Robinhood?
If you see an error crop up when you try and make a cash withdrawal from Robinhood, there are generally two reasons why - account restrictions or withdrawing to a different source.
Robinhood account restriction
There are many reasons why your Robinhood account could face restrictions, but any account restriction may result in you being unable to withdraw funds from Robinhood. You should contact Robinhood ASAP to resolve any account restrictions.
Withdrawing to a different source
If you’re withdrawing cash to a new bank account that you haven’t withdrawn to or deposited from before, you’ll need to first link it to Robinhood with a new deposit.Robinhood withdrawal FAQs
How do I get my money out of Robinhood and into my bank account?
To withdraw money from Robinhood to your bank account, simply follow these steps: Open the app, go to the menu, select “Transfers,” choose “Transfer to Your Bank,” enter the amount you wish to withdraw, review the details, and confirm. While this is the fastest method to transfer money from Robinhood to your bank, please keep in mind that it may take a few days for the transfer to complete and for the funds to appear in your bank account.
Why can’t I withdraw my money from Robinhood?
If you're experiencing difficulties withdrawing money from Robinhood, several factors could be at play. It may be due to recent deposits or ongoing trades that are still processing, pending orders, withdrawal limits associated with your specific account type, or technical issues within the platform.
How long does it take to move money from Robinhood to a bank?
The timeframe for transferring money from Robinhood to your bank account can vary, but generally, it takes about 2 to 5 business days for the funds to be processed and reflected in your bank account. However, please note that this timeline can be influenced by external factors such as weekends, holidays, and any additional verification processes that may be necessary. To stay updated on the status of your transfer, it's advisable to monitor both your Robinhood account and your bank account.