How To Withdraw Money From Robinhood (Step By Step)

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."

Withdrawal Methods

Robinhood offers two methods for withdrawing money from your account: bank transfers and debit card transfers.

• Bank transfers are free, while debit card transfers incur a 1.5% fee.
• Debit card transfers are processed instantly, while bank transfers can take up to five business days to complete.

App Withdrawal Instructions

To initiate a withdrawal on the Robinhood app, follow these steps:

1. Select Account → Transfers
2. Choose to transfer money from your debit card or bank account
3. Enter the amount you'd like to transfer
4. Choose to transfer money to your debit card or bank account
5. Review the withdrawal (you'll see the calculated fee added here for debit card or instant transfer withdrawals)
6. Select Transfer

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.

Withdrawal Limits

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

• For bank accounts, you can make up to five withdrawals per business day, with a maximum withdrawal amount of $50,000.
• For debit cards, the daily withdrawal limit is $5,000.

Selling Your Free Stock

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.

Cancel A Withdrawal

If you need to cancel a pending withdrawal on Robinhood, you can do so through the app:

• Select Account → menu (3 bars) or Settings (gear) → History. In Pending, select the pending bank withdrawal you want to cancel and select Cancel transfer.

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

Conclusion

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.