How To Withdraw Money From Robinhood (Step By Step)

If you're looking to withdraw money from your Robinhood account, there are a few simple steps and important details you’ll want to know.

In this article, we’ll go over the process for withdrawing money from Robinhood, including updated withdrawal limits, new settlement periods, ATM withdrawals, and more.

If you’re new to Robinhood, be sure to check out my full Robinhood tutorial video below.

Let’s dive in!

Fund Settlement

The biggest detail that often confuses users is the settlement of funds after they sell a stock.

After you sell securities on Robinhood, there is a settlement period before you can withdraw the funds to your bank account.

As of May 28, 2024, the settlement period for equities is now T+1 (1 business day). This means if you sell a stock on a Monday, the funds will be settled and available for withdrawal by Tuesday (as long as it’s not a holiday). This is an industry-wide change from the previous T+2 rule.

If you are unable to withdraw your cash balance from Robinhood, be sure to consider how long it has been since you sold the asset.

Withdrawal Methods

Robinhood offers several methods for withdrawing money from your account:

1. Bank Transfers (ACH): Free, standard method. Funds typically arrive in your bank account within 1–2 business days, but can take up to 5 business days in some cases.
2. Instant Bank or Debit Card Transfers: Transfers funds to your linked debit card or bank account in minutes. Fee: 1.75% of the amount (minimum $1, maximum $150 per transaction).
3. ATM Withdrawals (Robinhood Cash Card): If you have a Robinhood Cash Card, you can withdraw cash at ATMs. See the ATM section below for details.

Be sure to consider the fee involved with instant transfers, and always double-check your linked accounts before initiating a withdrawal.

Check Buying Power

You'll want to start off by clicking on your Buying Power on the home screen of the app to see if you have a cash balance in the account.

If this shows an Individual Cash balance, you should be able to proceed with the withdrawal to your bank account. If not, it will indicate that you have unsettled funds.

Should you have $0 in buying power, that means you have no cash in the account and would need to sell an asset in your portfolio in order to have cash to withdraw.

How To Withdraw Money From Robinhood (Mobile)

Here’s how to initiate the withdrawal in the Robinhood app:

1. Tap the Person Icon at the bottom right
2. Tap the 3 Lines in the top left to access your account menu
3. Select Transfers from the menu
4. Scroll down to the Withdrawable Cash section to see if you have cash available for withdrawal
5. If you have cash available, tap the Withdraw option
6. Enter the amount you would like to withdraw
7. Choose between a free Standard transfer or an Instant transfer for a fee
8. Confirm the withdrawal

How To Withdraw Money From Robinhood (Desktop)

1. Go to the Robinhood website and log in
2. Click on the Account tab in the navigation menu
3. Select Transfer and then Transfer Money
4. Enter the withdrawal amount
5. Choose the account to withdraw from (e.g., brokerage, IRA)
6. Select your linked bank account or debit card
7. Choose between standard or instant transfer
8. Review any applicable fees
9. Confirm the withdrawal

ATM Withdrawals with the Robinhood Cash Card

If you have a Robinhood Cash Card, you can withdraw cash directly from ATMs:

• ATM Fee: Robinhood charges a $2.50 fee per ATM withdrawal.
• Fee Reimbursement: If you’ve had $300+ in direct deposits in the last 34 days, Robinhood will reimburse your ATM fees.
• Daily Limit: $510 per day.
• Monthly Limit: $5,000 per month.
• In-Network ATMs: Use Allpoint or MoneyPass ATMs (find them in the app) to avoid third-party fees.

Withdrawal Limits

There are different withdrawal limits depending on the method you use:

• Bank Transfers (ACH): Up to $50,000 per day.
• Instant Debit Card or Bank Transfers: Up to $5,000 per day.
• ATM Withdrawals (Cash Card): Up to $510 per day and $5,000 per month.
• Crypto Withdrawals: Up to $5,000 per day.

These limits apply across all your Robinhood accounts (investing, spending, retirement) and may change based on your account history.

To see your personal limits:

• Tap Transfers in the app
• Select Transfer Limits to view your daily and monthly limits

Withdrawing Free Stock

You might be wondering whether or not you can withdraw the money from selling off your free stock earned by opening the account. While you are able to do so, there is a time period that must pass first.

If you receive a referral stock from Robinhood, you must keep the cash value of the stock in your brokerage account for at least 30 calendar days.

If you sell the stock before the 30 days, you won't be able to withdraw the cash yet.

Cancelling A Withdrawal

If you need to cancel a pending withdrawal on Robinhood, here's how:

1. Click on the Person Icon at the bottom right
2. Click on the 3 Lines in the top left to access your account menu
3. Click on History
4. Select the Pending Withdrawal you want to cancel
5. Select Cancel Transfer

Keep in mind that there are cutoff times for canceling transfers depending on when you initiated them.

Common Reasons You Can’t Withdraw Money

If you’re having trouble withdrawing, here are some common reasons:

• Unsettled Trades: Wait for the T+1 settlement period after selling assets.
• Pending Deposits: Deposits must clear before you can withdraw those funds.
• Pending Orders: Funds held for open orders aren’t available for withdrawal.
• Referral Stock Restrictions: Cash from free stock must stay in your account for 30 days.
• Insufficient Cash Balance: Make sure you have actual cash in your account, not just buying power.

Weekend & Holiday Withdrawals

• Withdrawals submitted Sunday through Friday during normal hours start processing right away.
• Transfers requested on weekends or bank holidays will show as pending until the next business day.

Robinhood Cash Card Info

• No Maintenance Fees: No fees to open, close, or maintain your spending account.
• ATM Access: Use your Cash Card at over 75,000 in-network ATMs (Allpoint and MoneyPass).
• International Use: No foreign transaction fees when using your card abroad.
• Daily Spending Limit: $3,000 per day.
• Monthly Spending Limit: $10,000 per month.

That’s it! With these updates, you should have everything you need to confidently withdraw money from Robinhood - whenever you need it. If you have any questions, drop them in the comments or check out the video tutorial above!