Robinhood is one of the best investment platforms for young investors. It is accessible through the web and also through its Android and iOS apps. You can make up to 5 withdrawals of amount not exceeding $50,000 from Robinhood per business day. There are some requirements you need to meet to withdraw money from Robinhood. Here’s what you need to know on how to withdraw money from Robinhood using either your phone or computer.
Requirements to Withdraw Money from Robinhood
Robinhood has some rules for those who wish to withdraw money. These rules include:
- You have to wait up to 5 business days to withdraw funds after depositing
- Once you have sold stock, you need to wait for the trade to officially complete before you can withdraw funds
- Robinhood withdraw limit is 5 withdrawals not exceeding $50,000 in a business day
- When you sell free stock, you need to wait 30 days to withdraw funds
How to Withdraw Money from Robinhood
Withdrawing money from Robinhood is easy and the steps vary depending on whether you are using your phone or computer. Let us look at both options.
How to Withdraw Money from Robinhood Using my Phone
If you are using your smartphone to withdraw money from Robinhood, all you need is your phone, access to your account, and the Robinhood app installed on your device. The basic withdrawal steps are similar for both Android and iOS mobile devices but there might be a few differences here and there.
To get started, open the Robinhood app and access your account via the icon at the bottom right corner of the screen.
- Locate the “Transfers” menu
- Select “Transfer to Your Bank”
- Go through the list of banks and select your bank
- Enter the amount you want to withdraw
- Then check that all your details are correct.
- Finally, click “Confirm” to complete the process
How to Withdraw Money from Robinhood Using your Computer
The withdrawal process using your computer is also straightforward. To get started, navigate to the Robinhood website:
- Log in to your personal Robinhood account
- Once logged in, select the “Account” option in the top-right corner
- Click on the “Banking” option and locate the withdrawal option
- Next, enter the amount you want to withdraw
- Select “Review Transfer”
- Finally click “Submit”
How to Cancel a Withdrawal from My Robinhood Account
If you make a mistake while withdrawing or if you want to make one larger withdrawal instead of two smaller withdrawals, you can cancel a withdrawal. To do so, visit your Account and go through your history. If you are using an Android device, you can find this option when you tap the “Menu” icon. You will see the pending withdrawal. Click on it to find the “Cancel Transfer” option. Selecting it will stop the withdrawal right away.
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How Long Does it Take to Withdraw Money from Robinhood?
You can be disappointed when the money from your Robinhood account does not instantly transfer to your bank account. As, you may wonder, how long does Robinhood take to withdraw? It is because bank account transfers take long due to the many steps your transfer has to go through to ensure that the possibility of fraud is reduced.
You may then ask yourself, how long do Robinhood withdrawals take? Normally, a withdrawal from Robinhood takes no more than two to three days. However, transfers can be faster at times or you might wait longer than the average amount of time.
Why Can’t I Withdraw My Money from Robinhood?
Sometimes, you can't withdraw from Robinhood account. There are a number of reasons for this. Some of the most common reasons are as follows:
The money has not “settled” in your account yet. Robinhood requires the money in your account to settle after selling stock before you can withdraw it. If you’ve made a sale, it will take around two to three days for the funds to “settle” in your account. However, you may be eligible for instant settlement if you are a Robinhood Gold or Robinhood Instant user.
You have already hit Robinhood withdrawal limit. Robinhood’s withdrawal limit is set at $50, 000 or five withdrawal transactions per day.
You may have an account restriction. Your account can be restricted if you have unusual trading patterns, if you have a negative balance, had s bank account transaction reversed, if you changed your linked bank account, or if there is a security breach on the platform.
Read also: How to invest in Robinhood for beginners.
Summary of How to Withdraw Money from Robinhood
Withdrawing money from Robinhood to your bank account is easy. However, you need to meet some requirements for your withdrawal to be successful. To make the withdrawal process simpler, Robinhood uses your depositing account as your withdrawal account. However, you can decide to withdraw your money to a different account. This option may need you to go through a security check to ensure that the account is yours.