How To Get Money Off Robinhood

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• To withdraw money using the iOS or Android apps, yous’ll take to navigate to your account settings and and then click on the transfers option using the website or app.
• Earlier you lot tin can withdraw money from your Robinhood business relationship, y’all’ll take to meet certain requirements, depending on where the money came from.
• You can make up to five withdrawals a day and are limited to $50,000 per business day.

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Robinhood is i of the near popular trading platforms for immature investors, simply not all users are happy. If you want to switch from Robinhood to i of Insider’southward superlative-ranked investment apps, you can either directly transfer securities out of Robinhood into your new brokerage account, or y’all tin sell your stocks and crypto and transfer the money into your depository financial institution account.

Information technology’s easy to withdraw money from Robinhood on your iOS or Android mobile device — or by using the website. If you can, information technology’s best to withdraw your cash into the same depository financial institution account yous used to fund your business relationship. Otherwise, Robinhood may inquire you for actress documents to prove that you own the bank accounts in question.

Rules for withdrawing funds from Robinhood

Robinhood users should look out for a few rules that limit how and when they tin withdraw their greenbacks from their accounts.

• You lot may be required to wait upwardly to five business days after depositing funds.
  Robinhood has an “Instant Deposits” policy, which means some customers can start trading as before long as they’ve moved cash into their Robinhood account from their checking or savings account. But at that place’s a catch: Even though you lot might be able to buy and sell stock with your “instant deposits,” you won’t be able to transfer your cash dorsum
  out
  of Robinhood right away. Once you’ve moved money into your Robinhood business relationship, yous’re typically required to wait up to 5 business days before you tin move that coin out.

• After selling stock, you must look for the trade to settle.
  When you purchase or sell stocks, ETFs, or options in the The states, it takes three concern days for those trades to “settle,” which means the merchandise is officially complete. If you’re a Robinhood Aureate or a Robinhood Instant user, you may exist eligible for instant settlement, which means you can withdraw any gain right afterward you sell stocks, ETFs, or, options.

• Yous can brand only five withdrawals per business day.
  If you’ve already hit that limit, you’ll accept to look until the next business twenty-four hour period to brand any boosted transfers.

• You lot can withdraw but $l,000 per concern day.
  If you lot have a big residuum that exceeds that amount, you will have to withdraw money in lump sums.

• You have to wait 30 days to withdraw funds from selling free stock.
  You know that gratis stock you received from Robinhood’due south Referral program? Robinhood will permit you sell that stock right abroad if yous want, but you accept to keep the cash value of that stock in your business relationship for 30 days before y’all can withdraw information technology.

• You’ll face special rules if you’re switching bank accounts.
  Lookout man out if you funded your Robinhood account with one banking company account, and want to motion your money into a
  unlike
  bank account. That can expect suspicious, and Robinhood has some special rules that utilise in that situation. They may ask you to ship some documents to evidence yous’re really the possessor of both bank accounts, like sending pictures of your photo ID or bank statements. To avert the hassle, it’due south best if you can withdraw your greenbacks into the same bank account that funded your Robinhood account.
• You may non be able to withdraw money while your account is restricted.
  Robinhood sometimes restricts users’ accounts. That can happen if the user has a negative balance, had a bank account transaction reversed, if the user is suspected of fraud, or for a few other reasons. If your account is restricted, you may not be able to withdraw any money until you lot’ve contacted Robinhood to articulate things up.

The financial takeaway

You tin easily transfer money out of Robinhood into your bank business relationship. But there are a few catches. Virtually importantly, yous tin’t take coin out until five business days after you’ve transferred that money into Robinhood. Y’all’ll also demand to wait three business days later selling stocks, ETFs, or options before yous can withdraw the gain.

On the iOS or Android app, get started by tapping the “Account” button in the bottom right of the screen, which looks like a cartoon person. From your browser window, get started past clicking “Account” in the top right, and then click “Transfers.”