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 is a popular "all-in-one" investing app.
While they are most well-known for their commission free stock trading, they've recently shaken up the Retirement Investing World too.
Introducing Robinhood Retirement; home of the biggest IRA match on the market.
Here's what you need to know:
And don't worry, this comes with a Portfolio Builder Tool. You don't have to construct your investment portfolio from scratch if you don't want to.
Lastly, you'll even get a free stock worth up to $200 when you open a new Robinhood account using our link.
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.
Don't forget to grab your free stock worth up to $200 from Robinhood today!