How to Withdraw Money from Robinhood? Robinhood is one of the largest financial platforms available today. It is accessible through the internet, but also has apps for Android and iOS, giving users many options on how to use the platform.
As a result of the convenience of Robinhood and its recent media popularity, more and more people are becoming interested in trading stocks and cryptocurrencies.
You may wonder how to withdraw money from Robinhood if you’re just getting started with the platform.
Modern financial platforms can be confusing, but we simplify and make them easier to understand.
Here’s how to easily withdraw money from Robinhood using your Android smartphone, iOS device, or computer.
Can You Get Money Out of Robinhood?
Anyone with a Robinhood account can withdraw money. Before you cash out, you should be aware of a few limitations.
First of all, you can only make five withdrawals from your account every business day.
You might think this is a lot if you only plan to cash out once, but if you make investment decisions throughout the day, it can become a problem.
You are also limited to withdrawing a maximum of $50,000 per business day. If you have been growing your account for several months, do remember that you can only withdraw a certain amount per day, so plan around that if you have a lot of money to withdraw.
How to Withdraw Your Money from Robinhood
The withdrawal process is relatively simple, but it varies slightly based on whether you’re a mobile user or a desktop user.
Withdrawing Money from Robinhood on Your Phone
If you’re using your smartphone, the process is very straightforward. All you need is a phone, the Robinhood app, and access to your account.
- You can access your Robinhood account by clicking the icon at the bottom-right corner of the screen.
- Choose “Transfer to Your Bank” from the “Transfers” menu.
- Select your bank account from the list.
- Enter the amount you wish to withdraw.
- Verify all your details, then tap “Confirm.”
So there you have it – a simple and straightforward way to withdraw money from Robinhood into your bank account.
Withdrawing Money from Robinhood on Your Computer
It will be just as simple to complete the transaction on a computer as it will be on a mobile device, if a little different.
- Navigate to the Robinhood website and log in to your account.
- The “Account” option can be found in the top-right corner of the website once you’ve logged in.
- Click the “Banking” option. Select the withdrawals section and enter the amount you wish to withdraw.
- Wait for the money to appear in your bank account after you confirm the transaction.
It’s normal to be a little confused when switching from one platform to another when the menus are similar.
How Long Does It Take To Withdraw Money From Robinhood?
People may be disappointed to see that money from their Robinhood account does not instantly transfer to their bank account.
Unfortunately, this isn’t Robinhood’s fault – bank transfers simply take a long time.
There are many steps involved in your transfer in order to reduce the risk of fraud. Basically, it’s a security feature that helps protect your bank account.
Generally, withdrawals from Robinhood shouldn’t take longer than two to three days. This is the average amount of time it takes for a regular bank transfer, but you may see much faster times occasionally.
Nevertheless, be prepared for a reasonable wait until your Robinhood funds reach your bank account.
Can I choose the account to which I want to cash out?
To make things simple, Robinhood uses your depositing account as your withdrawal account. You can, however, choose to withdraw to a different account if you wish.
In order to cash out from Robinhood into another account, you may need to complete a security check to ensure that the account is yours. Remember that the process is there to protect you, your account, and your funds.
Why Can’t I Withdraw My Money From Robinhood?
You may not be able to withdraw money from Robinhood for a number of reasons. Here are the most common ones:
- You’ve already reached your withdrawal limit.
- The money hasn’t been deposited yet.
- You may have account restrictions.
Robinhood’s withdrawal limit is set at $50,000 or five withdrawal transactions per day. If you attempt to make more withdrawals than this.
The money in your account also needs to settle before it can be withdrawn from Robinhood.
Whenever you make a sale, it takes two to three days for the funds to settle into your account. At this point, you can withdraw them into a bank account of your choice. In other words, if you just made a successful trade and are looking to cash out, you won’t be able to do so immediately.
Q: How long does it take to cash out from Robinhood?
A: Seldom it takes Robinhood the same time as the bank, which is two to three days. Usually, it works faster than the bank but, in some cases, you can imagine waiting for a reasonable time that Robinhood might require.
Q: Is there a fee to transfer money from Robinhood?
A: If you want to transfer your funds from Robinhood, either it is a full transfer of all your assets or if it is a partial transfer; you can expect the fee of a $75 from your Robinhood account.
Q: How much can I withdraw from Robinhood card?
A: It depends on the type of method that you are using. If you are using a Debit card then you have a daily limit of $5,000 and a monthly limit of a $15,000. If you are using the ATM withdrawal, you have the limit of a $1,010 daily and if you are doing a monthly withdrawal then you have the limit of $5,000.
Q: Does Robinhood take debit card?
A: You can use the ATM withdrawal whenever you and wherever you want and where the Mastercard is accepted. You’ll be able to use your Robinhood assets.