How To Transfer Money From Robinhood To Bank Account

Robinhood is among the most popular financial platforms available today. It is accessible via the internet, but it also has iOS and Android apps, giving users various ways to interact with the platform. Because of the ease of use and recent media attention given to Robinhood, more and more people are becoming interested in trading cryptocurrencies and stocks. However, if you’re new to the platform, you’re probably wondering how to transfer money from Robinhood to the bank account.

Many people are perplexed by modern financial platforms, but we can optimize and make them more understandable. So, here is a comprehensive guide to transfer money from Robinhood to bank using your iOS device, Android smartphone, or computer.

Table Of Contents

Is It Possible To Withdraw Money From Robinhood
How To Transfer Money From Robinhood to Bank Account Using Mobile Device
How To Transfer Money From Robinhood to Bank Account Using Computer
How Long Does It Take To Get Money Your Money Out Of Robinhood
Can I Select Which Account To Withdraw Funds From
Why Am I Unable To Withdraw My Funds From Robinhood
Can A Transfer Be Canceled
Bottom Line
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Frequently Asked Questions

Is It Possible To Withdraw Money From Robinhood

Anybody with a Robinhood account is eligible to withdraw funds. However, you should be aware of a few restrictions before cashing out. You are only permitted to make five withdrawals from your account each business day, for starters. It may seem excessive if you only intend to take the money out once, but it may become an issue if you make numerous investment decisions throughout the day.

Another restriction is that you may only withdraw $50,000 per working day. So, if you have been building your account for a while, consider that you may only withdraw a certain amount per day, so make sure you plan if you have a large sum to cash out.

How To Transfer Money From Robinhood to Bank Account Using Mobile Device

If you are using a smartphone, the process is straightforward. You only need a mobile device, the Robinhood application, and access to your account.

Step 1: Launch the Robinhood application and log in using the icon at the bottom-right edge of the screen.
Step 2: Select “Transfer to Your Bank” from the “Transfers” menu.
Step 3: Locate and select your bank account from the list.
Step 4: Input the amount you’d like to Transfer.
Step 5: Review that all of your information is correct, then click “Confirm”.

And that’s it a straightforward method for Transferring money from Robinhood into your bank account.

How To Transfer Money From Robinhood to Bank Account Using Computer

If you are used to using desktops, the transaction process on mobile devices will be similar, albeit slightly different.

Step 1: Sign in to your account on the Robinhood website.
Step 2: After you’ve logged in, look for the “Account” feature in the upper-right corner of the website.
Step 3: Select “Banking” from the drop-down menu. Find the withdrawals tab and fill in the amount you wish to withdraw.
Step 4: Verify the money transfer and wait for the funds to be deposited into your bank account.

While the menu options are similar, it’s natural to be perplexed when switching from one platform to the other.

How Long Does It Take To Get Money Your Money Out Of Robinhood

Some individuals may be disappointed to learn that funds from their Robinhood account do not immediately transfer to their checking account. However, this is not entirely Robinhood’s fault; bank transfers are inherently slow. Your transfer is usually subjected to several safeguards to lessen the chances of fraud. It is essentially a safety mechanism that aids in the security of your bank account.

Withdrawing from Robinhood shouldn’t take more than 2 to 3 days in most cases. It is the average time for a regular bank transfer, but you may see much faster times on rare occasions. Nonetheless, expect a reasonable wait for your Robinhood funds to arrive in your bank account.

Can I Select Which Account To Withdraw Funds From

Robinhood uses your deposit account as your withdrawal account to keep things simple. You may, however, withdraw funds to a different account if you so desire. If you choose to withdraw funds from Robinhood into a different account, you may be subject to a security check that will confirm your account ownership. It can be a time-consuming process, but keep in mind that it is there to safeguard you, your funds, and your account.

Why Am I Unable To Withdraw My Funds From Robinhood

There could be numerous reasons you cannot withdraw funds from Robinhood. Here are a few of the most common:

You’ve already reached your withdrawal limit.
The funds have not yet been deposited into your account.
There could be a restriction on your account.

Remember that the Robinhood daily withdrawal limit is $50,000, or five withdrawal transactions. If you attempt to withdraw more than this number of times, you may encounter an error message. Robinhood also requires that the cash in your account settle before you can withdraw it.

When you make a sale, it usually takes 2 to 3 days for the cash to settle into your account, after which you can withdraw the funds into any bank account of your preference. As a result, if you’ve recently completed a profitable trade and want to cash out, you won’t be able to do so right away.

Finally, account restrictions are uncommon, but they may be why you cannot withdraw funds. Account restrictions are frequently imposed due to changes to your connected bank account, unusual trading patterns, or a breach of security on the platform.

If neither of those points answers your question, or if you’re still perplexed as to why you cannot withdraw cash from your Robinhood account, you should contact Robinhood’s customer service directly.

Can A Transfer Be Canceled

You have the option to cancel a transfer initiated within a specific window by the cutoff time. If you make a transfer over the weekend, you have until 2:00 a.m. Eastern Time on Monday to cancel it. Canceling the transfer is simple because you can do it through your mobile application.

Navigate to the Account button.
If you’re using an Android device, tap the Menu button.
Click History.
The app will display the pending transfer here. Click on it.
Lastly, click “Cancel Transfer”.

Bottom Line

You can easily withdraw money from Robinhood and deposit it into your checking account. There are, however, some drawbacks. Most importantly, you cannot withdraw cash from Robinhood until five working days after transferring it in. Before withdrawing the proceeds, you must also wait three working days after selling ETFs, options, or stocks.

Frequently Asked Questions

What Is The Fee For Withdrawing Cash From Robinhood?

Transfer fees are not typically charged by Robinhood, although there might be exceptions based on the circumstances. If you choose to move your funds from Robinhood to a different competing brokerage firm, there may be small trading activity fees, regulatory trading fees, and a fee. Even if you must pay fees, you can rest assured that they will be minimal.

Is It Possible To Use Robinhood If You Do Not Have A Bank Account?

If you’re wondering whether you can withdraw cash from Robinhood without a checking account, the answer is that you can’t. There is currently no way to utilize the platform without a checking account, as you will require it to deposit and withdraw cash from your Robinhood account.

How Do I Connect Robinhood To Other Accounts?

You’ll require your routing number and ACH account number to connect your brokerage account to other accounts. The ACH account number is a prefix to your brokerage account number. The routing number is used to identify the financial institution. In your application, tap the Transfer button under the Cash tab to find your routing number and ACH account number. Please remember that wire transfers are not supported by your ACH account number and routing number.