Faith Morrow
If you're looking to cash out your investments on Robinhood, you'll be glad to know that it's a simple process. However, there are a few things to keep in mind. Firstly, ensure that you have a bank account or debit card linked to your Robinhood account. Secondly, be aware of the different types of transfers and associated fees. While standard bank transfers (ACH) are free, instant withdrawals to a debit card or bank account incur a 1.75% fee, with a minimum of $1 and a maximum of $150 per transaction. Additionally, Robinhood has a daily withdrawal limit of $50,000 for ACH transfers, with a maximum of five daily withdrawals. Lastly, withdrawals can only be made once funds are settled, which typically takes one trading day for stocks, ETFs, and options. Now, let's dive into the step-by-step process of withdrawing money from Robinhood.
| Characteristics | Values |
|---|---|
| How to withdraw money from Robinhood on your phone | Tap "Account" (the person icon on the bottom right), select the three-line menu in the top left, click "Transfer Money", enter the amount you want to transfer, click "From" and select the Robinhood account you want to transfer from, click "To" and select your linked bank or debit card, choose between standard transfer or instant transfer and review any fees, confirm with the "Withdraw" option |
| How to withdraw money from Robinhood on your computer | Click "Account" (on the top-right corner), click "Transfers", then "Withdrawal", enter how much you want to withdraw, click "From" and choose the Robinhood account you're pulling money from, click "To" and enter the linked bank account or debit card where you're sending funds, choose between standard transfer or instant transfer and review the fees, click "Withdraw" |
| Fees | Robinhood doesn't charge a fee for standard ACH withdrawals to a linked bank account. There are fees for instant withdrawals, which incur a 1.75% fee (minimum of $1 and maximum of $150 per transaction) |
| Withdrawal limits | Robinhood has a flat $50,000 withdrawal limit per day for ACH transfers, including a maximum of five daily withdrawals |
| Cancelling a withdrawal | Visit your "Account", look for "History" (if using Android, click the "Menu" icon first), find your pending withdrawal and click or tap it, select the "Cancel Transfer" option |
| Time taken to withdraw money | Robinhood's quoted time for an average ACH transfer to your bank is 5-7 business days. This can be sped up to a few minutes with Instant Transfers for a 1.75% fee |
What You'll Learn
How to withdraw money from Robinhood on your phone
Withdrawing money from the Robinhood mobile app is a straightforward process, whether you're using an Apple or Android device. Here's how to do it:
- Tap "Account" (the person icon on the bottom right of the app).
- Select the three-line menu in the top left corner.
- Click "Transfer Money".
- Enter the amount you want to transfer.
- Click "From" and select the Robinhood account you want to transfer from (e.g., brokerage, Robinhood IRA).
- Click "To" and select your linked bank or debit card.
- Choose between a standard transfer or Instant Transfer and review any associated fees.
- Confirm the withdrawal by clicking "Withdraw".
It's important to note that Robinhood doesn't charge a fee for standard ACH withdrawals to a linked bank account. However, there are fees for instant withdrawals, which are typically 1.75% of the transaction amount, with a minimum of $1 and a maximum of $150 per transaction. Additionally, withdrawals may take a few days to settle, and you may need to wait for this period to pass before initiating a transfer.
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How to withdraw money from Robinhood on your computer
Withdrawing money from Robinhood on your computer is a simple process. First, log in to your Robinhood account and look for the "Account" option in the top-right corner of the website. From the drop-down menu, select "Transfers" and then "Withdrawal".
Next, enter the amount you wish to withdraw and click "From" to choose the Robinhood account from which you want to withdraw the money. Then, click "To" and select the linked bank account or debit card where you want to send the funds.
You will then be given the option to choose between a standard transfer or an instant transfer. Review the fees associated with each option and confirm your choice by clicking "Withdraw".
It's important to note that while Robinhood does not charge a fee for standard ACH withdrawals to a linked bank account, there is a fee for instant withdrawals. This fee is typically 1.75% of the transaction amount, with a minimum of $1 and a maximum of $150 per transaction. Additionally, Robinhood has a daily withdrawal limit of $50,000 for ACH transfers, with a maximum of five daily withdrawals.
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How to withdraw crypto from Robinhood
To withdraw crypto from Robinhood, you must first set up a secure, reliable, and safe crypto wallet to store your cryptocurrencies. Zengo is a next-generation non-custodial cryptocurrency wallet that uses state-of-the-art MPC technology to ensure your digital assets are safe.
Once you have set up your Zengo wallet, follow these steps to withdraw your digital assets from Robinhood:
- Log in to your Robinhood Crypto account and complete the two-factor authentication verification.
- Navigate to the desired cryptocurrency's detail page, click "Send", and type in the amount you want to send. Ensure that the digital asset you wish to send is supported by Zengo.
- Paste or type the receiving wallet address, then hit "Review" followed by "Submit". You can view and copy your Zengo address by clicking on the desired token within the Zengo app.
- You will now see your transaction as "Pending". Once it has been completed, you will be notified via email and/or push notification. You can always check the relevant blockchain explorer to follow the current status of your transaction.
To withdraw money from Robinhood to a bank account, follow these steps:
- Tap "Account" (the person icon on the bottom right)
- Select the three-line menu in the top left
- Click "Transfer Money"
- Enter how much you want to transfer
- Click "From" and select the Robinhood account you want to transfer from (e.g., brokerage, Robinhood IRA, etc.)
- Click "To" and select your linked bank or debit card
- Choose between a standard transfer or Instant Transfer and review any fees
- Confirm with the "Withdraw" option
It is important to note that while Robinhood does not charge a fee for standard ACH withdrawals to a linked bank, there are fees for faster transfers or transfers to a debit card. These more convenient options will cost 1.75%.
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How to cancel a Robinhood withdrawal
To cancel a withdrawal from your Robinhood account, you must first ensure that the withdrawal is still pending. If the withdrawal has been submitted to your bank account for processing, you will not be able to cancel it.
To cancel a pending withdrawal, follow these steps:
- Select the "Account" tab (the person icon) on your Robinhood app.
- In the app, select the Menu (three bars) in the top left corner.
- Select "History" and then "Pending."
- Choose the pending bank withdrawal transaction you want to cancel.
- Select "Cancel Transfer."
It is important to note that there are cutoff times on trading days for cancelling a transfer, and after these cutoff times, you will not be able to cancel a pending withdrawal. Additionally, instant bank transfers cannot be cancelled once they have been initiated.
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How long does it take to withdraw money from Robinhood?
Withdrawing money from Robinhood is a straightforward process, but there are a few things to keep in mind when it comes to timing. Here's what you need to know about how long it takes to withdraw money from Robinhood:
Standard Bank Transfers (ACH)
Robinhood does not charge a fee for standard ACH withdrawals to a linked bank account. Typically, it takes around 5-7 business days for the funds to be transferred to your bank account. The settlement period for equities and options trades is the trade date plus one trading day (T+1), and on the second day, the proceeds will be available as withdrawable cash.
Instant Transfers
If you need your money faster, Robinhood offers an Instant Transfer feature for a 1.75% fee. With supported banks and debit cards, you can receive your funds instantly or within a few minutes. This option is useful if you need immediate access to your money but keep in mind the additional cost.
Pending Deposits
It's important to note that for pending deposits, you must wait until the deposit is available in your account before you can withdraw it. The availability of funds may vary, so it's recommended to check the deposit timelines provided by Robinhood.
Withdrawing Crypto
If you're looking to withdraw cryptocurrency from Robinhood, you can do so by accessing your crypto detail page and selecting the "Send" button. You will need to enter the amount of cryptocurrency you wish to withdraw and carefully input the wallet address to receive the funds. Keep in mind that cryptocurrency transactions are irreversible, so double-checking the wallet address is crucial.
Withdrawal Limits
Robinhood has a daily withdrawal limit of $50,000 for ACH transfers, with a maximum of five daily withdrawals. This limit applies to the amount and frequency of withdrawals and resets each business day at 7 PM ET. You can check your specific daily limits by navigating to the "Transfers" screen and selecting "Transfer Limits."
In summary, the time it takes to withdraw money from Robinhood depends on the method you choose. Standard bank transfers typically take 5-7 business days, while instant transfers can provide you with access to your funds within minutes, albeit with a small fee. Remember to review your account details and ensure that your funds are settled and available for withdrawal to avoid any delays.
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Frequently asked questions
Tap “Account” (the person icon on the bottom right), select the three-line menu in the top left, click “Transfer Money”, enter how much you want to transfer, click “From” and select the Robinhood account you want to transfer from, click “To” and select your linked bank or debit card, choose between standard transfer or Instant Transfer and review any fees, and confirm with the “Withdraw” option.
Click “Account” (on the top-right corner), click “Transfers”, then “Withdrawal”, enter how much you want to withdraw, click “From” and choose the Robinhood account you’re pulling money from, click “To” and enter the linked bank account or debit card where you’re sending funds, choose between standard transfer or Instant Transfer and review the fees, and click “Withdraw”.
Robinhood doesn't charge a fee for standard ACH withdrawals to a linked bank account. However, there are fees if you want your funds faster or if you're using a debit card. According to Robinhood's latest fee schedule, these more convenient options will cost 1.75%.
