The way Robinhood works is very straightforward—you open an account and link a bank account.
For sure, this bank account is mainly for deposits, but it also lets you withdraw funds from your Robinhood account when needed.
In this guide, I'll show you how to transfer money from Robinhood to your bank account.
How to Transfer/Withdraw Money from Robinhood to Bank on Android and iOS
To transfer your money from your Robinhood account to your bank account on Android, proceed as follows:
- Select Account (person icon).
- Select Menu (3 bars).
- Select Transfers → Withdraw.
- Enter the amount you'd like to withdraw.
- Choose the Robinhood account you want to withdraw money from.
- Select a linked external account to withdraw to, and if your account qualifies, Instant transfers eligible will show next to the external account.
- Review the withdrawal and confirm any associated fees.
- Select Transfer.
How to Transfer/Withdraw Money from Robinhood to Bank on Web
To transfer your money from your Robinhood account to your bank account on the Web app, proceed as follows:
- Select Account.
- Select Transfer → Transfer money.
- Enter the amount you'd like to withdraw.
- Choose the Robinhood account you want to withdraw money from.
- Select a linked external account to withdraw to, and if your account qualifies, Instant transfers eligible will show under the external account.
- Review the withdrawal and confirm any associated fees.
- Select Transfer.
Important!
- You can perform up to five withdrawals each business day into your account.
- You can withdraw as much as $50,000 each business day from Robinhood.
How To Transfer Money From Robinhood To Bank Instantly
You can immediately withdraw money from Robinhood to your bank account through the instant transfer option. This will cost you 1.5% fees of the total amount to be transferred.
To transfer money from Robinhood to your bank instantly:
- Select Account (person icon)→ Menu (3 bars) or Settings (gear).
- Select Transfers → Transfer money.
- Choose the Robinhood account you want to withdraw money from.
- Select a linked account to withdraw to, and if your account qualifies, you'll see Instant transfers eligible next to the external account (in-app only).
- Enter the amount you'd like to transfer.
- Review the withdrawal and confirm any associated fees.
- Select Transfer.
You should know that the money that you'll be able to withdraw to your bank account should be the withdrawable cash, and this cash is only available when your funds have settled.
A settlement period is usually T+1, that is, the trade date + one trading day. Which makes a total of 2 days. And after your funds have settled, you should be able to withdraw them through the steps above.
How Long Does It Take To Transfer Money From Robinhood To Bank?
Standard transfers should take 1 to 3 business days to complete, but if you selected the Instant Transfer option, the funds should reach your bank account within a few minutes.
Withdrawing Money from Robinhood to a Different Bank Account
During the 60 days after depositing, you may need to verify additional information if you want to withdraw funds to a bank account other than the one you originally deposited funds from.
If the original bank account is closed or you cannot access it, you can always contact Robinhood's support team for assistance to help you withdraw your funds to another bank account—However, you will be required to provide:
- A brief description of why you cannot or do not want to withdraw to the bank account from which you originally deposited the funds.
- A photograph of the front and back side of your government-issued ID.
- Bank statements certifying that you are the holder of the two linked bank accounts. Photos or PDFs should be clear and easy to read.
- The amount and specific bank account you want to transfer the funds to.
Why Can't I Withdraw My Money From Robinhood?
The money gotten from each sale in your Robinhood account needs to "settle" before it can be transferred—this period is the sum of the trade date and two additional days—on the third day or afterward, you will be able to withdraw the money from your Robinhood account. You will have up to 5 withdrawals to a place of no more than $50,000 per business day.
Why is my Withdrawable Cash 0 on Robinhood?
Selling your free stock before the 30 days, hinder you from accessing those funds in your withdrawable cash. That's the main reason why your Withdrawable cash is 0. Take for instance, if you win a share worth $50 to your account, you will not be able to withdraw the $10 you receive by selling the stock until a period of 30 days has passed
Final Thoughts on How to Transfer Money from Robinhood to Bank
Robinhood is one great app for traders letting them do stock exchange, and crypto services such as buying and selling of cryptocurrency coins without paying for commission. Though Robinhood offers free trading options that may look really attractive—just like other similar trading apps, there are so many risks involved in the game such as value fluctuations, etc...
If you are just beginning with trading, and you are located in the United States, then Robinhood should be the choice you should go in for first.
This article was about transferring money from Robinhood to your bank account from your Android, iOS, and Web apps.
