Thanks to the convenience and the recent popularity of Robinhood in the media, we ’ re starting to see more and more people develop an concern in trade stocks and cryptocurrencies .
But if you ’ re merely getting started with the platform, you are credibly wondering how to withdraw money from Robinhood .
modern fiscal platforms confuse many people, but we ’ re here to simplify and make them easier to understand.
therefore here ’ s a complete steer on how you can well withdraw money from Robinhood using either your Android smartphone, io device, or your computer .
Can You Get Money Out of Robinhood?
Anyone with a Robinhood account can withdraw money. however, there are a couple of limitations you need to be aware of before cashing out .
first, you can only make five withdrawals in your bill every clientele day .
This might seem a draw if you ’ re alone planning to cash out once, but it can become a problem if you make many investment choices throughout the day .
The other limitation is that you can lone withdraw up to $ 50,000 per occupation sidereal day. so if you ’ ve been growing your account for several months, do keep in mind that you can alone withdraw a certain sum each day, so plan around that if you have a bunch of money to cash out .
How to Withdraw Your Money From Robinhood
The coitus interruptus procedure is relatively elementary, but it is slightly unlike depending on whether you ’ re a mobile drug user or a background drug user .
Withdrawing Money From Robinhood on Your Phone
If you ’ re using your smartphone, then the march is very elementary. All you need is your earphone, the Robinhood app, and access to your account .
- Open the Robinhood app and access your account via the icon at the bottom-right corner of the screen.
- Find the “Transfers” menu, then select “Transfer to Your Bank.”
- Find your bank account in the list and choose it.
- Enter the amount that you want to withdraw.
- Check that all of your details are correct, then tap “Confirm.”
And there you have it – a childlike and straightforward way to withdraw money into your bank account from Robinhood .
Withdrawing Money From Robinhood on Your Computer
If you ’ re accustomed to using computers, the transaction serve will be precisely a simple as on mobile devices, if a little different .
- Navigate to the Robinhood website and log in to your account.
- Once logged in, search for the “Account” option in the top-right corner of the website.
- Click the “Banking” option. Locate the withdrawals section and enter the amount that you want to withdraw.
- Confirm the transaction and wait for the money to appear in your bank account.
While the menus are similar, it ’ south normal to be a little confuse if you switch from one chopine to another .
How Long Does It Take To Withdraw Money From Robinhood?
Some people may be disappointed to see that the money from their Robinhood report doesn ’ triiodothyronine immediately transfer to their deposit account .
however, this international relations and security network ’ t actually Robinhood ’ s blame – bank transfers just inherently take a long time.
This is because there are many steps that your transfer goes through in order to reduce the possibility of fraud. It ’ s basically a security feature that helps to protect your bank report .
In most cases, a coitus interruptus from Robinhood should take no more than two to three days. This is about the median total of time it takes for a regular bank transfer, but you might occasionally see much faster times .
even thus, be prepared for a reasonable delay until your Robinhood funds reach your bank report .
Can I Choose Which Account To Cash Out To?
Robinhood uses your depositing account as your withdrawal account to make things dim-witted. however, you can choose to withdraw to a different report if you want to .
If you decide to cash out on Robinhood into another account, you may need to go through a security check to ensure that the account is yours. This can be a boring process, but remember that it ’ sulfur there to protect you, your explanation, and your funds .
Why Can’t I Withdraw My Money From Robinhood?
There may be a act of reasons why you can ’ metric ton withdraw money from Robinhood. here are some of the most coarse ones :
- You’ve already hit the withdrawal limit.
- The money hasn’t settled in your account yet.
- You may have an account restriction.
Remember that the Robinhood withdrawal restrict is set at $ 50,000 or five coitus interruptus transactions each day. If you try to make more withdrawals than this, you may see an erroneousness when you try to withdraw your funds .
Robinhood besides requires the money in your score to settle before it can be withdrawn .
Whenever you make a sale, it takes roughly two to three days for the funds to settle into your report, at which point they can be withdrawn into a bank score of your choice .
therefore if you ’ ve precisely made a successful trade wind and are looking to cash out, you won ’ thyroxine be able to do it immediately .
last, account restrictions aren ’ t coarse, but they could be why you can ’ t adjourn money. Common reasons for an account limitation include unusual trade patterns, changing your yoke bank bill, or a security breach on the platform .
If none of these points answers your wonder, or you ’ re still confused about why you can ’ metric ton adjourn money from your Robinhood score, then it ’ south best to contact Robinhood ’ s customer support directly.
How Much Does It Cost To Withdraw Money From Robinhood?
Robinhood typically won ’ t have transfer fees, but there may be exceptions depending on the circumstances .
For exemplar, there may be minor regulative trade fees, trading bodily process fees, and you ’ ll besides have to pay a tip if you decide to move your money from Robinhood to another competing brokerage firm .
however, even if you have to pay fees, you can be indisputable that they ’ ll be identical humble .
