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How to withdraw money from Robinhood
2022 was a rough year for investing. A downturn in the stock market combined with a myriad of collapses in the cryptocurrency industry made a lot of people poorer. If you made it through 2022 with some of your portfolio intact then you’re doing better than some, and you couldn’t be blamed for wanting out. We’ll try to help by explaining how to withdraw money from Robinhood.
See also: The best Robinhood alternatives
THE SHORT ANSWER
To withdraw your money from Robinhood, go to the Account menu and select Transfer. Specify whether you want to withdraw to a bank account or debit card, then input the amount. Review the withdrawal and press Submit.
Is there a fee to withdraw money from Robinhood?
It depends on the method by which you want to withdraw money from Robinhood. If you’re withdrawing to a bank account, there are no fees. But Robinhood charges a fee of 1.5% to withdraw to a debit card, which is deducted from the requested total when the withdrawal is processed.
There are daily withdrawal limits for both methods.
Robinhood states that this extra fee is due to the debit card transfer being instant (more on that below) but there are no fees for depositing funds onto the broker using either method. It might be that Robinhood wants to incentive deposits more than withdrawals, but you can draw your own conclusions.
You should be aware that there are daily withdrawal limits for both methods. For a bank account, you can withdraw up to $50,000 per day plus a further $5,000 in instant transfers. You can also only make up to five withdrawals per day. You can withdraw $5,000 per day to a debit card account.
How to withdraw money from the Robinhood app
It is quick and easy to withdraw your money from Robinhood, assuming your account is not restricted in some way. You might also have to wait for the money to be available. This could sound obvious, but for example, equities transactions need to settle before the proceeds can be withdrawn and this takes a couple of days.
See also: 10 best stock market apps for Android
All being well, you can withdraw money from the Robinhood app using the following steps:
- From the home screen on the app, tap the Account button in the bottom-right corner of the screen.
- Tap the Menu button in the top-right corner of the next screen, represented by three horizontal lines.
- Select Transfers.
- Choose whether to transfer money to your debit card or bank account. If you are withdrawing to a bank account and it qualifies for instant transfers, you can select this preference here (for a 1.5% fee.)
- Enter the amount you’d like to withdraw.
- Review the withdrawal. If there is a fee associated with the withdrawal, then it will be calculated and shown here.
- Confirm by pressing Transfer.
How to withdraw money from the Robinhood website
The steps to withdraw money from the Robinhood website are almost exactly the same as the app:
- Find the Account icon in the top-right corner of the site while you’re logged in.
- On the dropdown menu that you see, hit Transfers.
- Fill in the details of the withdrawal you want to make on the next screen. This will include inputting the amount and choosing the bank account or debit card you want to withdraw to.
- Click Submit to confirm the transfer.
How long does it take to withdraw money from Robinhood?
Withdrawing your money from Robinhood to your bank account can take up to five trading days, which essentially means five business days. If withdrawing to your bank or debit card using the instant transfer option the process usually takes from 10-30 minutes, though it’s possible that your bank could take longer to reflect the funds in your account.
See also: 10 best cryptocurrency apps for Android
There are instances in which you aren’t able to withdraw your money within these time frames. For example, you can get free stock from Robinhood when you successfully make a referral, which is known as referral stock. If you sell this referral stock, then you are unable to withdraw the proceeds of the sale for at least 30 days.
You also may face a longer wait if you wish to withdraw money to a bank account that is not the same as the one from which you deposited. If you attempt to do this within 60 days of the deposit, then you will likely have to provide further details and documentation to the support team. As annoying as this could be, it is understandable to stop money from being laundered through a brokerage account.
Why can’t I withdraw my money from Robinhood?
There are a number of reasons why you may not be able to withdraw your money from Robinhood, some of which have already been covered in this article. Here are some possibilities:
- You’ve hit your withdrawal limit for the day or reached the maximum number of withdrawals you can make in one day.
- The money you are trying to withdraw may be the proceeds of a transaction that requires a wait time. This could be the referral stock mentioned above, or money from an equities sale. The latter transaction needs to “settle” before the funds can be withdrawn, which takes two days.
- You just deposited the money from the bank. It takes five trading days for this money to become available for transactions and withdrawal.
- You have already requested to withdraw the money and the request is being processed.
- You are withdrawing to a different bank account within 60 days of the initial deposit, as outlined in the section above.
- Your account has been restricted for any reason.
In the last two examples, you may be required to contact Robinhood customer service to resolve the issues. Otherwise, it’s probably just a matter of waiting.
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