Robinhood Withdrawal Fee Explained In 2023

Robinhood is a commission-free trading app that offers investors an easy way to buy and sell stocks, options, and cryptocurrencies.

While the platform offers several features that make it an attractive option for investors, it's important to understand the withdrawal process and potential for associated fees before you start using the app.

No Fees For Standard Bank Transfers

One of the most important things to note is that there is no fee for bank transfers when withdrawing funds from Robinhood.

It's also important to note that pending withdrawals can take up to 5 business days to complete.

Instant Transfer Fee

However, if you choose to withdraw funds using a debit card, there is a 1.5% fee that is charged because the transaction happens instantly.

It's important to note that the withdrawal time for debit card withdrawals can take up to 10 minutes, and in some cases, longer depending on your bank.

Withdrawal Limits

• If you are withdrawing funds to a bank account, you can make up to five withdrawals per business day, with a maximum withdrawal limit of $50,000 per day.
• For instant transfers, the maximum withdrawal limit is $5,000 per day.

Keep in mind that if you choose to withdraw using a debit card, the 1.5% fee will be applied.

Conclusion

In summary, when it comes to Robinhood withdrawal fees, there is no fee for standard bank transfers.

However, if you choose to withdraw funds using a debit card, there is a 1.5% fee that is charged.

It's also important to keep in mind the withdrawal limits for both bank transfers and debit cards, as well as the time it takes for pending deposits to complete.

By understanding the Robinhood withdrawal process, you can ensure that you have the information you need to make informed investment decisions.

This article was generated using automation technology, and thoroughly edited and fact-checked by an editor on our editorial staff.