Learn more about the cheapest way to buy Bitcoin and explore exchanges to use for secure and fast trading. We have you covered in this guide.
This comprehensive guide will walk you through how to take money out of a Robinhood account:
- Open your Robinhood account on mobile or desktop.
- Go to the “Account” section and click [Transfer] or [Banking].
- Select the bank account you wish to withdraw to.
- Input the amount.
- Confirm your withdrawal.
Robinhood’s withdrawal methods for money and crypto differ between its mobile and desktop platforms. We’ll cover both.
How to take money out from Robinhood on desktop
Here’s how to go about making withdrawals on Robinhood using your computer.
Step 1: Sign in on the Robinhood Website
Visit the Robinhood website and log in to your Robinhood account.
Step 2: Open Your Account Page.
After logging in, select [Account] at the top right corner of the page.
Step 3: Go to Transfer
Click on the [Transfers] option from the row of items in the drop-down menu.
Step 4: Fill in Your Details
Check your withdrawable funds and enter the amount you want to withdraw.
Step 5: Submit and Withdraw
Confirm the withdrawal process and wait for your funds.
Remember to be patient with unsettled funds, mainly if you use Robinhood online.
It is expected to experience pending withdrawals, but the money will be released later.
How to Take Money out of Robinhood on Mobile Phone
You only need a mobile phone, the Robinhood app, and withdrawable cash on your account. Once you have these things, you can kick-start the withdrawal process.
Step 1: Open the Robinhood Mobile App
Open the Robinhood application on your mobile phone. Go to the account section at the bottom right corner of the interface.
Step 2: Choose Transfers
Find “Transfers” and click on [Transfer].
Step 3: Choose Your Bank
Select the bank account to transfer funds to.
Step 4: Enter the Amount
Enter the amount you wish to transfer to your bank of choice.
Step 5: Confirm the Transaction
Confirm your details, then click [Transfer].
What is Robinhood?
Robinhood is recognized as one of the most prominent financial organizations for investors. As a financial platform, individuals can withdraw money from Robinhood anytime. However, there are a few restrictions imposed on withdrawing. One of the significant restrictions is a limited withdrawal to your bank account five times per business day.
Another restriction is a daily withdrawal limit of $50,000 per business day. After reaching this limit, you cannot withdraw any more funds or Bitcoin.
The final restriction on withdrawing from Robinhood is that the amount you want to collect must be settled. That means the amount you plan on withdrawing must have stayed in your account. Withdrawing from your Robinhood account may take planning and preparation. Let us go over how you can safely remove your money from Robinhood.
How Long Does it Take to Withdraw Money from Robinhood?
Many people want their withdrawals to be immediate. However, any money you transfer from your Robinhood accounts might take some time to get to the recipient’s bank accounts.
Bank transfers usually take 3-5 working days, and it is normal to have a pending withdrawal. However, this is not Robinhood’s fault.
Robinhood accounts often go through many steps before withdrawals are completed. This is to protect the money in your account from fraud. It is an excellent security feature of the financial platform that helps reduce the chances of falling victim to fraudulent withdrawals or money laundering.
How Much Does it Cost to Withdraw Money from Robinhood?
Robinhood typically doesn’t have transfer fees. The fees are between 2% and 5% of the amount transferred.
You must also pay a specific amount to move your cash from Robinhood to a competing platform. However, the fees charged are low. It costs little to nothing to withdraw money from Robinhood. Apart from the regular trading fees, you don’t have to pay additional charges to remove funds from an account.
Can I Choose Which Account to Withdraw to?
The answer is yes. You can generally pick which bank account you want to withdraw to. Typically, Robinhood uses your deposit account as your primary withdrawal account. This bank account is usually linked to your Robinhood user account.
However, you can choose not to send cash to the same bank account you use for deposits.
Suppose you want to select a different account. In that case, you must pass a security check to ensure that your transfer is not fraudulent or your account is not compromised.
Sometimes, the security check can be slow. However, it is imperative as it helps you safeguard your account from unlicensed cash transfers.
Robinhood is great for trading stocks and cryptocurrencies like Ethereum. The platform offers many features that make depositing and trading more straightforward. You can deposit and withdraw money directly from your bank account to your account on Robinhood.
The process of withdrawing money from Robinhood differs when using a phone and computer. Robinhood does not charge an additional fee to remove funds. It usually takes two to three days to complete withdrawals on Robinhood. However, sometimes it is quicker.
To withdraw money from Robinhood to bank accounts using a mobile phone, go to the "Transfer" menu. If you are using a computer, you can withdraw money from the "Banking" menu.
You might be unable to withdraw money from your Robinhood account for several reasons. These reasons include hitting the daily limit, an account restriction, or no settled cash in your account.
Robinhood ATMs allow an instant transfer of $5000 five times per business day and a withdrawal of $50,000 to a linked bank account. You can withdraw only five times with each account every business day.
There currently needs to be a Bank account to withdraw money from Robinhood. You need a bank account to deposit and withdraw from the platform.