Do you want to know how to withdraw Money from Robinhood? no fret, you can easily do it by following our guide. As Robinhood is one of the biggest financial platforms, you can access it through the internet, but it also has iOS and Android apps, offering people many choices on how to use the platform.

Nowadays, cryptocurrency and trading are trending, and lots of people run their finances via the app. People opt for Robinhood due to free trading. Like an online broker, the app lets users purchase and sell cryptocurrencies and stocks without any trading commission. Although the app deals with finances, it has various security measures and limitations. You just have to make only five withdrawals per trading day, up to a maximum of $50,000 per day. After that, you will have to wait for three trading days for the trade to settle. In addition, you cannot take out funds if your account is limited.

In some circumstances, you may find that you cannot take out your money, so you may be surprised at why your funds get locked up; what can you do to resolve this? So, in the blog, we will let you know everything you need to know.

Before making a withdrawal, Remember Certain Rules

Robinhood users must keep in mind certain rules that restrict how & when they can take out their cash from their accounts.

1.      Deposit Pending

Robinhood has an “instant deposits” policy, which means some clients can start trading as soon as they have moved cash into their Robinhood account from their checking or savings account. But, there is an exception: even though you may have to purchase and sell the stock with your “instant deposits,” you will not be able to transfer your cash back out of Robinhood immediately. When you have moved your amount into your Robinhood account, you usually have to wait five days before taking out the money. Hence, you may have to wait for 5 days after depositing funds.

After selling stock, you have to wait for the trade to stabilize. Once you buy or sell stocks, ETFs, or options in the US, it takes three business days for those trades to “settle.” That means the trade is officially finished. Those funds will move into your buying power on the third day and appear as withdrawal cash.

2.      Withdrawing Money to a Different Bank Account

If you want to withdraw funds from a different bank account than the one from which you deposited them after 60 days, you must verify the additional credentials. So be cautious; you may be required to share. Suppose your original bank account is closed, or you are not capable of allowing it. In that case, the support team at Robinhood can assist you by initiating a withdrawal to another bank account for you.

• A concise description of why you cannot take out funds from the bank account you initially deposited funds from.
• Front and back snaps of your NIC.
• Bank statements view that you are the account holder of the two linked bank accounts. PDFs and photos have to be clear and easy to read.
• the amount and specific bank account to which you wish to transfer funds

3.      Account Limitation: When Withdraw Money from Robinhood

If your Robinhood account has been restricted, you may not be able to withdraw the amount. Please get in touch with the support team so that they can assist you in resolving the issue and removing the account limitation.

4.      Referral Stock

The cash value from a referral stock has to stay in your background account for 30 calendar days. If you sell your free stock before the 30-day mark, you will not be able to access those funds in your withdrawal cash. After the thirty-day window, there are no limitations on the proceeds. For instance, if you get one share worth $10 into your breakage account, you cannot take out the $10 you get by selling the stock until a certain period has passed. The stock’s price determines the cash value of the stock at the time you get it. Moreover, you can check out the history tab for the stock’s value.

5.      Robinhood Gold

If you use Robinhood Gold’s margin investing feature. So, in that case, you will have to maintain a breakage account value of almost $2,000 (minus any cryptocurrency positions) to meet the borrowing requirements. So, in order to take out below $2,000, you have to toggle off the margin investing feature from settings.

Quick Ways to Withdraw Your Money from Robinhood on Multiple Devices

However the process of taking out Money is quite simple, but it’s somewhat different depending on whether you are a desktop user or a phone user.

1.      Withdrawing Money via Android Device

Here are some steps to help you take out the amount from Robinhood by using the android device.

• First, you have to click the account icon in the bottom right of the screen.
• Second, tap on the triple lines at the screen’s upper-right corner.
• Third, click on Transfers.
• Then, click on transfers to your Bank.
• Next, type the amount and tap on continue. Now choose Robinhood for the “From” field and then the bank account of your choice for the “To” field. Next, choose the “Transfer” option.

2.      Withdrawing Money via iOS Device

If you are an iOS user, then the process is quite easy. All you have is your phone, the Robinhood app, and account access.

• First, you have to click on the account icon.

• Tap on triple lines from the screen’s upper-right.
  

  

  hamburger icon

• Second, tap on the Transfers.
  

  

  tap on Transfers

• Then, click on Transfer Money.
  

  

  transfer money

• Now, type the amount and tap on Continue. So choose Robinhood for the “From” field & then the bank account of your choice for the “To” field; next, you have to tap on Transfer.”
  

  

  enter the Amount

3.      Withdrawing Money from Robin-hood via Desktop

If you are habitual of using computers, then the transaction process will be just easy as on Smartphones but a little vary. So let’s move to the steps.

• First, move to the Robinhood website and sign in to your account.
• Second, search the “Account” option from the upper-right of the website.
• Third, tap on the “Banking” option, find the withdrawals section & type the amount you wish to take out.
• Now, verify the transaction and wait for the Money to appear in your bank account.

Is it Possible to Cancel Money Withdraw On Robinhood?

As per the app guidelines, you can cancel the Withdrawal once you feel that you may have made a mistake in the transaction. Although, you have to be quick on this. Follow the steps below if you act quickly to cancel a withdrawal made via Robinhood.

• First, you have to view the “Account,”
• Then, go for “History” (if you are using Android, you will have to click on the “Menu” icon.
• Second, find the pending Withdrawal and tap on it.
• Then, choose the “Cancel Transfer” option.

You can easily do it, but you have to be quick enough to catch it.

How long does it take to get money out of Robinhood?

Before withdrawing any amount through Robinhood, your funds need to “settle.” At least 2 trading days must pass before your sale funds turn into withdrawals funds. If you want to take out a different bank account from the one you deposited into, you may be asked for additional credentials. The waiting time will also probably be extended as you wait for this time to pass. Although this is standard practice and it’s there to avoid money laundering and fraud, Apart from these problems, bank withdrawals are frequently fast, and Robinhood will allow you to take out up to $50,000 a day.

Does Robinhood Block Accounts?

The breakage does not block your accounts without a solid reason. The only thing you face closure on is when your account balance goes to $0. If you wish to take a break from the money transactions or selling, just open the “Account Information” option and search for the “Deactivate my Account” link.

FAQs

Q1. Can I select to cash out from?

Ans. Robinhood uses depositing accounts, and you’re taking out cash accounts to make things clear. You can, however, withdraw to a different account if you wish. But for this, you must follow a security check to ensure the account is yours. This may be a slow process, but it will protect your account and funds.

Q2. Why I’m having an issue while taking out my money from Robinhood?

Ans. There are so many reasons why you cannot withdraw the amount from Robinhood, such as you have already reached the withdrawal limit or you may have an account limitation. (https://www.phillipscorp.com/) Keep in mind that the app only allows withdrawing five times daily; if you try more, you will get a bug.

Q3. How much does Robinhood charge for withdrawing money?

Ans. The app would not charge any transaction fee, but some exceptions depend on the conditions. For instance, there may be a small trading and trading activity fee, and you will also have to pay a charge if you wish to shift your money from Robinhood to another competing brokerage firm.

Final Words

Robinhood lets its users transfer or withdraw any amount out of their accounts. But it has set some restrictions, such as not taking out your Money until five days after transferring it into Robinhood. In addition, you also have to wait three days after selling stocks, ETFs, or options before you can take out the proceeds. Although Robinhood is a free trading app, it does charge a fee when you make a withdrawal. Hopefully, the above guide helps you a lot in withdrawing the Money, so enjoy and benefit from the listed rules and be able to withdraw money straightforwardly.