How To Get My Money Out Of Robinhood

How to withdraw coin from the Robinhood app

Hand holding phone with money coming out and clicking withdraw button on the robinhood app 2x1

After you submit a request to withdraw funds from your Robinhood account, information technology can take a few trading days for the funds to settle in your business relationship.

Rachel Mendelson/Insider


  • Rules for withdrawing funds from Robinhood
  • How to withdraw money from Robinhood on iOS 
  • How to withdraw money from Robinhood on Android
  • How to withdraw money from Robinhood on the web
  • The fiscal takeaway

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  • To withdraw money using the iOS or Android apps, you’ll have to navigate to your account settings and then click on the transfers option using the website or app.
  • Before you can withdraw money from your Robinhood business relationship, you’ll accept to meet sure requirements, depending on where the coin came from.
  • Yous can make upwards to five withdrawals a mean solar day and are limited to $50,000 per business day.

Robinhood is one of the most popular trading platforms for immature investors, but non all users are happy. If you desire to switch from Robinhood to one of Insider’due south superlative-ranked investment apps, y’all can either directly transfer securities out of Robinhood into your new brokerage account, or you can sell your stocks and crypto and transfer the money into your bank account.

It’s easy to withdraw money from Robinhood on your iOS or Android mobile device — or by using the website. If you tin can, information technology’s best to withdraw your greenbacks into the aforementioned banking concern account you used to fund your business relationship. Otherwise, Robinhood may ask you lot for extra documents to prove that you own the banking concern accounts in question.

Rules for withdrawing funds from Robinhood

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

  • You may exist required to await up to five business days later depositing funds.
    Robinhood has an “Instant Deposits” policy, which means some customers can start trading as shortly as they’ve moved greenbacks into their Robinhood business relationship from their checking or savings account. But there’s a catch: Fifty-fifty though you might be able to purchase and sell stock with your “instant deposits,” y’all won’t exist able to transfer your cash back
    out
    of Robinhood right away. In one case you’ve moved coin into your Robinhood account, you lot’re typically required to expect upward to five business days earlier you can move that coin out.
  • After selling stock, you must wait for the trade to settle.
    When you buy or sell stocks, ETFs, or options in the United States, information technology takes three business days for those trades to “settle,” which ways the merchandise is officially complete. If you’re a Robinhood Gilded or a Robinhood Instant user, y’all may exist eligible for instant settlement, which ways y’all tin can withdraw any proceeds right subsequently you sell stocks, ETFs, or, options.
  • You lot tin can make only five withdrawals per business mean solar day.
    If yous’ve already hit that limit, y’all’ll have to wait until the side by side business organisation twenty-four hours to make whatsoever additional transfers.
  • Yous can withdraw merely $l,000 per business day.
    If y’all have a large balance that exceeds that corporeality, you will have to withdraw coin in lump sums.
  • You have to wait xxx days to withdraw funds from selling free stock.
    You lot know that free stock y’all received from Robinhood’s Referral program? Robinhood volition let you sell that stock correct abroad if you lot want, simply you lot have to go along the greenbacks value of that stock in your account for 30 days before you tin withdraw it.
  • You’ll face special rules if you lot’re switching banking concern accounts.
    Watch out if you lot funded your Robinhood business relationship with ane bank account, and want to move your money into a
    different
    bank account. That can look suspicious, and Robinhood has some special rules that apply in that state of affairs. They may ask y’all to send some documents to prove you’re really the owner of both bank accounts, like sending pictures of your photo ID or bank statements. To avert the hassle, it’s best if y’all can withdraw your cash into the aforementioned banking company business relationship that funded your Robinhood account.
  • You may not exist able to withdraw money while your business relationship is restricted.
    Robinhood sometimes restricts users’ accounts. That tin can happen if the user has a negative balance, had a banking company business relationship 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 coin until you’ve contacted Robinhood to clear things up.

The financial takeaway

Yous can easily transfer money out of Robinhood into your bank business relationship. Just at that place are a few catches. Most importantly, you tin can’t take money out until five business organisation days after yous’ve transferred that money into Robinhood. You’ll also need to await 3 business days after selling stocks, ETFs, or options before you lot tin withdraw the proceeds.

On the iOS or Android app, get started by tapping the “Business relationship” push button in the bottom correct of the screen, which looks similar a drawing person. From your browser window, get started by clicking “Account” in the acme right, and and then click “Transfers.”

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Source: https://www.businessinsider.com/personal-finance/how-to-withdraw-money-from-robinhood

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