How To Withdraw Money From Robinhood: A Complete Guide

Robinhood is one of the largest financial platforms around today. It’s accessible through the internet but also has Android and iOS apps, giving people a lot of choices on how to use the platform.

Thanks to the convenience and the recent popularity of Robinhood in the media, we’re starting to see more and more people develop an interest in trading stocks and cryptocurrencies. But if you’re just starting the platform, you are probably wondering how to withdraw money from Robinhood.

Modern financial platforms confuse many people, but we’re here to simplify and make them easier to understand. So here’s a complete guide on how you can easily withdraw money from Robinhood using either your Android smartphone, iOS device or your computer.

Can You Get Money Out of Robinhood?

Anyone with a Robinhood account can withdraw money. However, there are a couple of limitations you need to be aware of before cashing out. 

First, you can only make five withdrawals in your account every business day. This might seem a lot if you’re only planning to cash out once, but it can become a problem if you make many investment choices throughout the day.

The other limitation is that you can only withdraw up to $50,000 per business day. So if you’ve been growing your account for several months, do keep in mind that you can only withdraw a certain amount each day, so plan around that if you have a lot of money to cash out.

How to Withdraw Your Money From Robinhood?

The withdrawal process is relatively simple, but it is slightly different depending on whether you’re a mobile user or a desktop user.

Withdrawing Money From Robinhood on Your Phone

If you’re using your smartphone, then the process is very simple. All you need is your phone, the Robinhood app, and access to your account.

1. Open the Robinhood app and access your account via the icon at the bottom-right corner of the screen.
2. Find the “Transfers” menu, then select “Transfer to Your Bank.”
3. Find your bank account in the list and choose it.
4. Enter the amount that you want to withdraw.
5. Check that all of your details are correct, then tap “Confirm.”

And there you have it - a simple way to withdraw money into your bank account from Robinhood.

Withdrawing Money From Robinhood on Your Computer

If you’re accustomed to using computers, the transaction process will be just as simple as on mobile devices, if a little different.

1. Navigate to the Robinhood website and log in to your account.
2. Once logged in, search for the “Account” option in the top-right corner of the website.
3. Click the “Banking” option. Locate the withdrawals section and enter the amount that you want to withdraw.
4. Confirm the transaction and wait for the money to appear in your bank account.

While the menus are similar, it’s normal to be a little confused if you switch from one platform to another.

How Long Does It Take To Withdraw Money From Robinhood?

Some people may be disappointed to see that the money from their Robinhood account doesn’t instantly transfer to their bank account.

However, this isn’t Robinhood’s fault - bank transfers just inherently take a long time. This is because there are many steps that your transfer goes through to reduce the possibility of fraud. It’s essentially a security feature that helps to protect your bank account.

In most cases, a withdrawal from Robinhood should take no more than two to three days. This is about the average amount of time it takes for a regular bank transfer, but you might occasionally see much faster times.

Even so, be prepared for a reasonable wait until your Robinhood funds reach your bank account.

Can I Choose Which Account To Cash Out To?

Robinhood uses your depositing account as your withdrawal account to make things simple. However, you can choose to withdraw to a different account if you want to. If you decide to cash out on Robinhood into another account, you may need to go through a security check to ensure that the account is yours. This can be a slow process, but remember that it’s there to protect you, your account, and your funds.

Why Can’t I Withdraw My Money From Robinhood?

There may be several reasons why you can’t withdraw money from Robinhood. Here are some of the most common ones:

• You’ve already hit the withdrawal limit.
• The money hasn’t settled in your account yet.
• You may have an account restriction.

Remember that the Robinhood withdrawal limit is set at $50,000 or five withdrawal transactions each day. If you try to make more withdrawals than this, you may see an error when you try to withdraw your funds.

Robinhood also requires the money in your account to settle before it can be withdrawn.

Whenever you make a sale, it takes roughly two to three days for the funds to settle into your account, at which point they can be withdrawn into a bank account of your choice.

So if you’ve just made a successful trade and are looking to cash out, you won’t be able to do it immediately. Lastly, account restrictions aren’t common, but they could be why you can’t withdraw money. Common reasons for an account restriction include unusual trading patterns, changing your linked bank account, or a security breach on the platform.

If none of these points answers your question, or you’re still confused about why you can’t withdraw money from your Robinhood account, then it’s best to contact Robinhood’s customer support directly.

How Much Does It Cost To Withdraw Money From Robinhood?

Robinhood typically won’t have transfer fees, but there may be exceptions depending on the circumstances. For example, there may be small regulatory trading fees, and trading activity fees, and you’ll also have to pay a fee if you decide to move your money from Robinhood to another competing brokerage firm. However, even if you have to pay fees, you can be sure that they’ll be very low.

FAQs:-

How do I get my money out of Robinhood?

You can get money out of your Robinhood account by accessing the “Transfers” menu on the Android and iOS apps or the “Banking” menu on the website.

How long do Robinhood withdrawals take?

A Robinhood withdrawal will typically take two to three working days. However, this can be longer or shorter depending on the circumstances. For instance, if you change the account you are withdrawing to, you may be subject to security checks before the transfer goes through.

Can you use Robinhood without a bank account?

If you were wondering how to withdraw money from Robinhood if you don’t have a bank account, the answer is simple: you cannot. There is currently no way to use the platform without having a bank account, as you’ll need it to deposit money into your Robinhood account and withdraw funds from it.