Robinhood is a well known Financial mobile application that offers crypto services such as buying and selling cryptocurrency like Bitcoin, Ethereum, & Dogecoin. Investors can invest in stocks, options, and ETFs still with Robinhood. All these are commission-free and no minimum amounts only with Robinhood.
There are many stock exchange and trading apps in the market—however, Robinhood stands out to be the best app that offers these trading services at zero fees—meaning, trading features that happen to be paid on other mobile trading apps are commission-free with Robinhood.
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As a trader, you will love using this app as it secures your trades and keep your funds safe. When you have made sufficient amount of money from your trades, you will always want to withdraw or transfer your money from Robinhood to your bank account. No matter the reason of you wanting to transfer your Robinhood cash to your bank, we got you covered in this guide.
Don't know much of Robinhood yet? That's no problem—because in this article, we will work you through the basics you need to know about Robinhood and how you can easily transfer your money from Robinhood to your bank account.
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What is Robinhood and How Does it Work?
Robinhood Markets, Inc. is an American financial service company launched in March 2015 and headquartered in Menlo Park, Calif.—Known for pioneering fee-free trading in stocks, exchange-traded funds, and cryptocurrencies through a mobile application available on Android and iOS platform and that can be equally accessed through a web browser from PC.
Robinhood affords 100% commission-free stock, options, ETF and cryptocurrency trades, making it appealing to buyers that have a high trade frequency. Still, nowadays many recognized brokers additionally provide free trades, so its great you evaluate what each broker has to offer before going in for one.
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What to Consider Before Opening an Account With Robinhood and Similar Trading Apps
Robinhood is a free trading app and has several competitors offering same services as it does. These days, there are many stock trading apps that you can get from different sources. Buying and selling of stocks has become one of the best business you can do in the world.
However, before creating an account with Robinhood or any other, you should understand the risks involved in trading. Stocks rise in price and sometimes fall with a deep peak—you need to be prepared for uncertainties.
For instance, Bitcoin was sold at a very low price in its early days, at about $ 0.0008 to $ 0.08 per coin in July 2010,—as for the present date, a Bitcoin is worth $48,583.10 and its price keeps on fluctuating as the market value changes.
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How to Get Started With Robinhood
To open an account with Robinhood, there are many requirements you will need to have before you can be eligible to open a Robinhood account and enjoy all of its fees-free features. These requirements are as follows:
- You must be 18 years of age or above
- Must have a Social Security Number (SSN)
- Must have a U.S. residential address (Active U.S. military personnel stationed abroad are exempted)
- Be a U.S. citizen, have a valid U.S. visa, or a U.S. permanent resident.
Citizens living in places under the US sanctions such as North Korea, Cuba, Iran, Syria and Crimea in Ukraine cannot apply for the account.
In addition, if you are traveling to these locations while you are already registered, you won't access your account for any type of transaction.
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Robinhood operates fully on its mobile apps (Android and iOS) since these mobile platforms are gaining more users as days go on, they target the wide population of traders. Deposits and withdrawals to and from bank account are even easy with the mobile app.
However, you can ideally access your Robinhood account from your web browser. Below are the platforms to access your Robinhood account for Trading, Deposits, Withdrawals to and from your bank account:
For each of these platforms, we will see how you can transfer money from your Robinhood account to your bank account.
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How to Transfer/Withdraw Money from Robinhood to Bank on Android
To transfer your money from your Robinhood account to your bank account on Android, proceed as follows:
- Click the Account icon in the lower right corner
- Select "Transfers"
- Now choose "Transfer to Your Bank"
- Select the bank you will want to transfer your money to
- Enter the amount you want to transfer to your bank
- Finally, hit "Submit".
How to Transfer/Withdraw Money from Robinhood to Bank on iOS
The process is same as on Android. To transfer your money from your Robinhood account to your bank account on iOS, proceed as follows:
- Hit the Account icon in the lower right corner of your screen
- Now click on "Transfers"
- Then choose "Transfer to Your Bank"
- Select the bank you will want to transfer your money to
- Enter the amount you want to transfer to your bank
- Finally, click on "Submit".
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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:
- Hover and click on Account tab in the top right corner of the screen
- Next click on "Transfers"
- Initiate a transfer from Robinhood to your bank account using the panel on the right
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.
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How Long Does It Take To Transfer Money From Robinhood To Bank
Transfers of money involved with Robinhood takes 3 to 5 business days to complete—this is applicable both for Deposits and Withdrawals of money from Robinhood.
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 for you—However, you will be required to provide:
- A brief description of the reasons why you cannot or do not want to make a withdrawal 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.
- 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 afterwards, you will be able to withdraw the money from your Robinhood account. You will have up to 5 withdrawals to place of no more that $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 have passed
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Final Thoughts on How to Transfer Money from Robinhood to Bank
Robinhood is one great app for traders letting them do stock exchange, crypto services such as buying and selling of cryptocurrency coins without paying for commission. Though Robinhood offer free trading options that may look really attractive—just as 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 your should go in for first.
This article was on how to transfer money from Robinhood to your bank account from your Android, iOS and Web apps.
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