If you're looking to withdraw money from your Robinhood account, there are a few things you should keep in mind.
In this article, we'll go over the process for withdrawing money from Robinhood, including withdrawal limits, settlement periods, and more.
After you sell securities on Robinhood, there is a settlement period before you can withdraw the funds to your bank account.
The settlement period for equities is the trade date plus two trading days (T+2), sometimes referred to as regular-way settlement.
On the third day, those funds will go into your buying power and will appear as "withdrawable cash."
Robinhood offers two methods for withdrawing money from your account: bank transfers and debit card transfers.
To initiate a withdrawal on the Robinhood app, follow these steps:
If your bank qualifies, you may see instant transfers as an option for a faster withdrawal.
However, keep in mind that there is a 1.5% fee for instant transfers.
There are different withdrawal limits depending on the method you use.
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 are up, you will not be able to access those funds in your withdrawable cash.
If you need to cancel a pending withdrawal on Robinhood, you can do so through the app:
Keep in mind that there are cutoff times for canceling transfers depending on when you initiated them.
Withdrawing money from Robinhood is a straightforward process, but it's important to keep in mind the withdrawal limits, settlement periods, and fees involved.
By following the steps outlined in this article, you should be able to withdraw your funds from Robinhood with ease.
This article was generated using automation technology, and thoroughly edited and fact-checked by an editor on our editorial staff.