Step 4<\/strong>: Verify the money transfer and wait for the funds to be deposited into your bank account.<\/li>\n<\/ul>\n\n\n\nWhile the menu options are similar, it’s natural to be perplexed when switching from one platform to the other.<\/p>\n\n\n\n
How Long Does It Take To Get Money Your Money Out Of Robinhood<\/h2>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Can I Select Which Account To Withdraw Funds From<\/h2>\n\n\n\n
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.<\/p>\n\n\n\n
Why Am I Unable To Withdraw My Funds From Robinhood<\/h2>\n\n\n\n
There could be numerous reasons you cannot withdraw funds from Robinhood. Here are a few of the most common:<\/strong><\/p>\n\n\n\n\n- You’ve already reached your withdrawal limit.<\/li>\n\n\n\n
- The funds have not yet been deposited into your account.<\/li>\n\n\n\n
- There could be a restriction on your account.<\/li>\n<\/ul>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Can A Transfer Be Canceled<\/h2>\n\n\n\n
You have the option to cancel a transfer initiated\u00a0within 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.<\/p>\n\n\n\n
\n- Navigate to the Account button.<\/li>\n\n\n\n
- If you’re using an Android device, tap the Menu button.<\/li>\n\n\n\n
- Click History.<\/li>\n\n\n\n
- The app will display the pending transfer here. Click on it.<\/li>\n\n\n\n
- Lastly, click \u201cCancel Transfer\u201d<\/strong>.<\/li>\n<\/ol>\n\n\n\n
Bottom Line<\/h2>\n\n\n\n
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.<\/p>\n\n\n\n