How To Withdraw Money From Robinhood To Bank Account

Robinhood has been a game-changer in the world of investing, making it super easy for the average Joe to get into stocks and cryptocurrencies. But what if you want to cash out and enjoy your hard-earned gains? Well, we’ve got your back! In this guide, we’ll walk you through how to withdraw money from Robinhood to your bank account in a few simple steps.

Robinhood withdrawal rules and limits

Before we dive in, there are a few things you need to know about withdrawals on Robinhood:

• Deposit wait time: When you put money into Robinhood, it might take up to 5 business days before you can take it out. Instant Deposits may allow you to trade right away, but you can’t move that cash instantly.

• Trade settlement: If you’re trading in the US, it takes 3 days to settle. Robinhood Gold or Instant users may have instant settlement for quick withdrawals after selling stocks, ETFs, or options.

• Withdrawal limit: You can make up to 5 transfers per business day.

• Daily limit: You can withdraw up to $50,000 per business day. For more, you’ll need to do lump sum withdrawals.

• Free stock sales wait: After selling free referral stock, you’ve got to wait 30 days before getting the cash.

• Changing bank accounts: Switching bank accounts might raise some eyebrows, so be careful when moving funds from one account to another.

• Account restriction hold: If Robinhood has slapped any restrictions on your account, it could put a hold on your withdrawals.

How to Withdraw Money From Robinhood: What You Need to Know

Robinhood makes it a little tricky to find the withdrawal option, but there is a way to get here.  

Once you’re savvy to this platform’s icons, it’ll become second nature to transfer money from Robinhood to a bank.

Before we get started, ensure you already have a bank account or debit card linked to your Robinhood account.

If you don’t and you’re looking for a convenient, mobile-friendly bank account, consider checking out our previous Chime review.

 

How to Withdraw Money From Robinhood on Your Phone

It doesn’t matter if you’re on team Apple or Android; withdrawing money from the Robinhood mobile app follows the same process:

1. Tap “Account” (the person icon on the bottom right)
2. Select the three-line menu in the top left
3. Tap “Transfers”

4. Click “Transfer Money”
5. Enter how much you want to transfer

6. Click “From” and select the Robinhood account you want to transfer from (e.g., brokerage, Robinhood IRA, etc.)
7. Click “To” and select your linked bank or debit card
8. Choose between standard transfer or Instant Transfer and review any fees 
9. Confirm with the “Withdraw” option

How to Withdraw Money From Robinhood on Your Computer

Are you not sold on the “mobile investing revolution?” Prefer to look at charts on your PC?

No problem!

You can still trade on Robinhood with your desktop. 

Just be sure you know how to transfer money from Robinhood to a bank. 

1. Click “Account” (on the top-right corner)
2. Click “Transfers,” then “Withdrawal”
3. Enter how much you want to withdraw
4. Click “From” and choose the Robinhood account you’re pulling money from
5. Click “To” and enter the linked bank account or debit card where you’re sending funds
6. Choose between standard transfer or Instant Transfer and review the fees 
7. Click “Withdraw” 

Robinhood withdrawal rules and limits

Before we dive in, there are a few things you need to know about withdrawals on Robinhood:

• Deposit wait time: When you put money into Robinhood, it might take up to 5 business days before you can take it out. Instant Deposits may allow you to trade right away, but you can’t move that cash instantly.

• Trade settlement: If you’re trading in the US, it takes 3 days to settle. Robinhood Gold or Instant users may have instant settlement for quick withdrawals after selling stocks, ETFs, or options.

• Withdrawal limit: You can make up to 5 transfers per business day.

• Daily limit: You can withdraw up to $50,000 per business day. For more, you’ll need to do lump sum withdrawals.

• Free stock sales wait: After selling free referral stock, you’ve got to wait 30 days before getting the cash.

• Changing bank accounts: Switching bank accounts might raise some eyebrows, so be careful when moving funds from one account to another.

• Account restriction hold: If Robinhood has slapped any restrictions on your account, it could put a hold on your withdrawals.

How to transfer money from Robinhood to bank

Alright, let’s get into the nitty-gritty of how to get your money out of Robinhood and into your bank account. We’ve got three ways to do it, so pick the one that suits the device you use:

How to withdraw money from Robinhood on iOS

1. Open the Robinhood app on your iPhone

2. Tap on the account icon in the bottom right corner

3. Tap the three horizontal lines in the top-right corner

4. Tap transfers

5. Tap transfer money

6. Enter how much cash you want to withdraw

7. Under from, choose Robinhood

8. Under to, choose your bank account

9. Follow the on-screen prompts to confirm and finish the transaction

Keep in mind that withdrawals might take some time, so be patient.

How to withdraw money from Robinhood on Android

1. Open the Robinhood app on your device

2. Tap the account icon in the bottom right

3. Tap the three lines in the upper right corner 

4. Tap transfers

5. Tap transfer from your bank

6. Enter the amount you want to transfer and hit continue

7. Under from, choose Robinhood

8. Under too, choose your bank account

9. Tap transfer to complete the transaction

Remember, it might take up to 5 days for the money to show up in your bank.

How to withdraw money from Robinhood on desktop

1. Select account, and then transfers

2. Select transfer from your bank

3. Enter the amount you want to transfer

4. Under from, choose Robinhood

5. Under to, choose your bank account

6. Select submit

Remember, it may take up to 5 working days for your funds to appear in your bank account.

Pro tips for a simple cash withdrawal from Robinhood

Now that you know how to cash out from Robinhood, here are some tips to make it a breeze:

• Plan ahead: Think about your investment goals and strategy before you withdraw.

• Adhere to waiting periods: Respect Robinhood’s waiting periods to avoid surprises.

• Consider account restrictions: Sort out any account issues before withdrawing.

• Gather documentation: Have your documents ready, just in case.

• Choose the right timing: Pick a stable market time for your withdrawals.

• Communicate with support: If you need help, don’t be shy to reach out to Robinhood’s customer support.

What are withdrawal errors on Robinhood?

If you see an error crop up when you try and make a cash withdrawal from Robinhood, there are generally two reasons why – account restrictions or withdrawing to a different source. 

Robinhood account restriction

There are many reasons why your Robinhood account could face restrictions, but any account restriction may result in you being unable to withdraw funds from Robinhood. You should contact Robinhood ASAP to resolve any account restrictions. 

Withdrawing to a different source

If you’re withdrawing cash to a new bank account that you haven’t withdrawn to or deposited from before, you’ll need to first link it to Robinhood with a new deposit. 

Remember, regardless of your investments, you’ll need to calculate any tax liability. For Robinhood crypto investments, you can use a crypto tax calculator like Public Explore to help you or read our guide on how to report your Robinhood crypto taxes.

Are There Fees to Withdraw Money From Robinhood?

Good news: Robinhood doesn’t charge a fee for standard ACH withdrawals to a linked bank!

Bad news: 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%.

 

Are There Fees to Transfer Money From Robinhood to Another Brokerage?

Are you thinking of taking your business from Robinhood to another brokerage?

If so, you can transfer your assets directly from Robinhood’s trading platform, but there’s a fee.

For this service, you’ll have to tack on $100 to pay for Automated Customer Account Transfer Service (ACATS). And there are Robinhood withdrawal limits — for instance, you can’t transfer fractional shares.

Of course, if you’d prefer to avoid this fee, you could sell all your positions, wait for the transactions to clear, withdraw your cash to a bank account, and re-buy all your stocks, crypto, and ETFs.

Remember that these assets may not be the same price on the day you choose to re-enter positions. There are also those pesky tax implications to consider.

FYI: If you’re looking for an alternative broker offering many of Robinhood’s features, check out Public.

Like Robinhood, you can invest in stocks, ETFs, and crypto with a Public account. As a plus, Public also offers a few passive opportunities, including high-yield savings, bonds, and treasuries.

 

What Are Robinhood’s Withdrawal Limits?

Robinhood’s withdrawal limits vary depending on the specifics of your account privileges. 

So, to see the most accurate details on your Robinhood withdrawable cash and transfer limits, visit the “Transfer” screen and choose “Transfer Limits” rather than “Withdrawal.”  

That being said, Robinhood has a flat $50,000 withdrawal limit per day for ACH transfers, including a maximum of five daily withdrawals.

 

How Do You Cancel a Robinhood Withdrawal?

Have you changed your mind about a Robinhood withdrawal? You could still switch things around with a withdrawal cancellation.

As long as your withdrawal is still pending, you can cancel it in your “Account” tab.

Once you’re in your account, click the menu on the top left-hand corner of the app.

From here, click “History” then “Pending.”

Choose the pending transaction you want to cancel and confirm the cancelation.

 

How Long Do Robinhood Transfers Take?

Robinhood’s quoted time for an average ACH transfer to your bank is 5 – 7 business days. 

However, you could choose Robinhood’s Instant Transfer feature with supported banks and debit cards. In this case, you should see funds, well, “instantly” (or within a few minutes at max).

 

Can You Withdraw Crypto From Robinhood?

Bought some Bitcoin on Robinhood? You don’t have to leave it there if you’ve got a crypto wallet.  

Whatever cryptocurrency you bought on Robinhood, you can withdraw it for complete control over your coins. 

Once you’re on your crypto detail page, you’ll see a “Send” button where you can enter how much of a particular cryptocurrency you want to withdraw.

Here’s the critical part: Carefully copy and paste the address for the associated cryptocurrency into the wallet you want to receive it.

For example, if you’re transferring Ethereum from Robinhood to a MetaMask wallet, copy your Ethereum address in MetaMask and paste it into Robinhood.

There are no do-overs in crypto, so triple-check before hitting “Submit.”

FAQ’s Withdrawing Money From Robinhood

How do I get my money out of Robinhood and into my bank account?

To withdraw money from Robinhood to your bank account, simply follow these steps: Open the app, go to the menu, select “Transfers,” choose “Transfer to Your Bank,” enter the amount you wish to withdraw, review the details, and confirm. While this is the fastest method to transfer money from Robinhood to your bank, please keep in mind that it may take a few days for the transfer to complete and for the funds to appear in your bank account.

 

Why can’t I withdraw my money from Robinhood?

If you’re experiencing difficulties withdrawing money from Robinhood, several factors could be at play. It may be due to recent deposits or ongoing trades that are still processing, pending orders, withdrawal limits associated with your specific account type, or technical issues within the platform.

 

How long does it take to move money from Robinhood to a bank?

The timeframe for transferring money from Robinhood to your bank account can vary, but generally, it takes about 2 to 5 business days for the funds to be processed and reflected in your bank account. However, please note that this timeline can be influenced by external factors such as weekends, holidays, and any additional verification processes that may be necessary. To stay updated on the status of your transfer, it’s advisable to monitor both your Robinhood account and your bank account.

 

How long does it take to withdraw money from Robinhood?

Typically, it takes 5 – 7 business days to withdraw money from Robinhood to a bank account with ACH transfer. 

However, you can speed up this process to minutes with Instant Transfers for a 1.75% fee.

 

When can you withdraw money from Robinhood?

You can withdraw money from Robinhood at any time, provided the funds are settled.

Robinhood Withdrawable Cash refers to the funds that are settled and available for transfer and withdrawal. Unsettled funds are any money you’ve transacted with in the last 2 business days.

 

Why can’t I withdraw money from Robinhood?

Chances are you can’t withdraw money from Robinhood because your funds are “unsettled.” 

No, we don’t mean your money is moody; “unsettled” means it didn’t clear Robinhood’s books. 

For instance, if you just sold a stock, you must wait for Robinhood to process and confirm the transaction before it finalizes. 

Robinhood claims it usually takes one trading day for stocks, ETFs, and options to settle, so plan to wait an extra business day before starting a withdrawal.

If you’re still having an issue with withdrawals on Robinhood, it’s best to contact Robinhood’s support team for personalized guidance.