You’ve got some money extra in your Robinhood app, and now you want to know how to withdraw that money.
Withdrawing your money from Robinhood can seem like a daunting task, but it’s actually quite simple.
Remember that you can withdraw money from your Robinhood account only if you have a cash balance and you can make up to 5 withdrawals each business day.
The actual steps for withdrawing from a mobile device and pc are slightly different. Here are instructions for withdrawing Robinhood funds from your smart phone.
Steps to withdraw your money from Robinhood with your phone
- First, tap on the menu in the bottom right corner of the screen.
- Select “Transfer” and then choose the account into which you want to withdraw your funds: Cash Account or Share Account.
This will be determined by what type of transactions you had in your Robinhood account when generating said cash balance – transaction types such as dividends, sell orders, etc., determine where the resulting funds go after transfer out of Robinhood.
- After you’ve selected your account, input the amount of money that you would like withdraw and then tap on “Withdraw”. Be sure that there is enough cash in your linked account and also that you have tapped on the correct checking or savings account.
It is also important to note that users with a cash balance less than $1,000 cannot withdraw to their linked bank accounts and instead must withdraw to their Cash Account, where the funds will be available for 30 days before being transferred to your bank.
How to withdraw money from Robinhood on your computer
- Login to your Robinhood account and access the “Account” area (located in top right corner)
- Click “Banking”
- Submit withdrawal amount and confirm bank account.
Now Robinhood will initiate a transfer from your checking/savings to your Cash Account (a hold will be placed on those funds as well) or directly withdraw those funds into your linked bank account (even if it’s not the same as the one listed under Account Settings).
Withdrawal approval time:
The withdrawal process can take up to 5 business days depending how quickly your bank processes it – your money will be available in your linked bank account or Cash Account on the same business day you initiated the withdraw.
In most circumstances, Robinhood withdrawals should take no more than two to three days. This is comparable to the usual time it takes for a bank transfer, but you occasionally see faster outcomes.
Settlement:
To withdraw funds through Robinhood, your capital must first “settle,” which entails that at least two trading days must pass before your sale funds become withdrawable cash.
When you buy or sell stocks, ETFs, or options in the United States, it takes three business days for those trades to “settle,” which means the trade is officially complete. If you’re a Robinhood Gold or a Robinhood Instant user, you may be eligible for instant settlement, which means you can withdraw any proceeds right after you sell stocks, ETFs, or, options.
Fees to withdrawal:
Robinhood does not charge for bank transfers, which is something it takes satisfaction in. There are restrictions, as well as additional regions where you may be charged a fee, but you will not be charged when moving money from your Robinhood account to your bank account.
Canceling withdrawals:
If you made a mistake and need to cancel your Robinhood withdrawal, you can do so in the account area. Keep in mind, you can only cancel the withdrawal if you catch it before it is processed, and this usually happens very quickly.
You can cancel a withdrawal made within a certain window by its established cutoff time.
- A transfer initiated between 2:00 a.m. – 3:00 p.m. EST can be canceled up to 3:00 p.m. EST.
- A transfer initiated between 3:00 p.m. – 7:00 p.m. EST can be canceled up to 7:00 p.m. EST.
- A transfer initiated after 7:00 p.m. EST can be canceled up to 2:00 a.m. EST the next trading day.
Wrapping up:
Now you can withdraw your funds from Robinhood and enjoy all of the cash you’ve worked so hard to acquire. This is a streamlined process but one that you must know in order to withdraw your funds.
After reading through this, you should have a better understanding of how to withdraw money from Robinhood and rest easy knowing they will soon be in your bank account.
Disclaimer: I do not work for Robinhood and am not qualified/licensed to give financial advice. This article is meant as a basic explanation on how a Robinhood withdraw works, with information quoted directly from Robinhood support documentation found here. It is recommended that you read the official guide if you are unsure of anything related to withdrawing money from your Robinhood account.
