How To Remove Money From Robinhood

How to withdraw money from the Robinhood app

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

Afterward 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 account.

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 financial takeaway

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  • To withdraw money using the iOS or Android apps, you’ll have to navigate to your business relationship settings and and so click on the transfers option using the website or app.
  • Before you tin can withdraw money from your Robinhood business relationship, you’ll have to meet sure requirements, depending on where the money came from.
  • Yous can brand upwards to five withdrawals a 24-hour interval and are express to $50,000 per business 24-hour interval.

Robinhood is i of the most pop trading platforms for young investors, just not all users are happy. If yous desire to switch from Robinhood to one of Insider’due south top-ranked investment apps, you 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’south easy to withdraw coin from Robinhood on your iOS or Android mobile device — or by using the website. If you tin, it’s all-time to withdraw your cash into the same bank business relationship you used to fund your business relationship. Otherwise, Robinhood may ask you for extra documents to prove that you own the banking company accounts in question.

Rules for withdrawing funds from Robinhood

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

  • Yous may be required to expect up to five business days after depositing funds.
    Robinhood has an “Instant Deposits” policy, which means some customers can start trading as shortly as they’ve moved cash into their Robinhood business relationship from their checking or savings account. But in that location’s a catch: Fifty-fifty though y’all might be able to buy and sell stock with your “instant deposits,” y’all won’t exist able to transfer your cash dorsum
    out
    of Robinhood correct away. Once yous’ve moved money into your Robinhood business relationship, you lot’re typically required to wait upwardly to five concern days before you lot tin can movement that money out.
  • After selling stock, you must look for the trade to settle.
    When y’all buy or sell stocks, ETFs, or options in the United States, it takes three business organisation days for those trades to “settle,” which means the trade is officially consummate. If y’all’re a Robinhood Gilt or a Robinhood Instant user, y’all may be eligible for instant settlement, which means y’all can withdraw any proceeds correct after you sell stocks, ETFs, or, options.
  • You can make simply five withdrawals per business twenty-four hours.
    If you’ve already striking that limit, you’ll accept to look until the next business organization mean solar day to make whatever boosted transfers.
  • You can withdraw only $50,000 per business solar day.
    If you accept a large remainder that exceeds that amount, you will accept to withdraw money in lump sums.
  • You have to await 30 days to withdraw funds from selling free stock.
    You lot know that gratis stock you received from Robinhood’south Referral program? Robinhood will let you sell that stock right away if you desire, but y’all have to go on the cash value of that stock in your account for xxx days before you tin can withdraw it.
  • You’ll face special rules if you lot’re switching banking company accounts.
    Scout out if you funded your Robinhood account with ane bank account, and want to move your coin into a
    different
    banking concern account. That can look suspicious, and Robinhood has some special rules that apply in that situation. They may ask you lot to send some documents to prove y’all’re really the owner of both bank accounts, like sending pictures of your photograph ID or bank statements. To avoid the hassle, information technology’s best if you tin can withdraw your cash into the aforementioned bank account that funded your Robinhood account.
  • Y’all may non exist able to withdraw coin while your business relationship is restricted.
    Robinhood sometimes restricts users’ accounts. That can happen if the user has a negative balance, had a bank business relationship transaction reversed, if the user is suspected of fraud, or for a few other reasons. If your business relationship is restricted, you may not be able to withdraw any money until you’ve contacted Robinhood to articulate things upwardly.

The financial takeaway

You lot can hands transfer money out of Robinhood into your banking concern account. Just there are a few catches. Virtually importantly, you tin can’t take money out until five business organization days after you’ve transferred that money into Robinhood. You’ll also demand to wait iii business days later on selling stocks, ETFs, or options before y’all tin withdraw the proceeds.

On the iOS or Android app, get started by tapping the “Business relationship” 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.”

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Source: https://www.businessinsider.com/personal-finance/how-to-withdraw-money-from-robinhood?op=1

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