Robinhood has become one of the most famous and preferred trading platforms among young investors. You can access it via android, iOS, and through an online website as well. Over the last few months, a huge number of people have become interested in Robinhood and what they can gain from it. People want to know how to deal with stocks and cryptocurrency successfully. With all the ongoing hype around the platform, interested parties have been wondering how to withdraw money from Robinhood. The process of withdrawing money from Robinhood is not as difficult as you may think. You can only make five withdrawals in a day and a maximum of $ 50,000 in a business day. Let’s take a look at how to withdraw funds from Robinhood using either an iOS device, an Android smartphone, or from your computer. We also touch on withdrawal fees and what to do when you make a mistake during the withdrawal process.
How to withdraw funds from Robinhood
Withdrawal of funds from Robinhood is possible and very simple. According to Robinhood, the process of withdrawing your money from an account will vary with the device in use. The steps are different when it comes to each device, so it’s essential to complete the procedure without making a mistake. Withdrawing money from your Robinhood account using your device is not a difficult process. All that’s required is the Robinhood app that’s installed on your device. This process applies to both android and iOS smartphones; however, a few steps may differ.
How to withdraw funds from Robinhood using an iOS Device
Open the Robinhood app on your device and tap on the account icon that’s located at the bottom right corner of your screen.
Tap on three lines (looks like a hamburger) located on the top right corner of your screen.
Find the Transfers option that’s near the top of the drop-down menu.
Here, you will find ‘Transfer Money’ as the first option in the Transfers menu. Click on it.
This is where you enter the amount you want to withdraw from your account and press ‘Continue.’ Choose the option ‘Robinhood’ on the Transfer ‘From’ field and then add your preferred bank in the Transfer ‘To’ field. Click Transfer to authorize the withdrawal.
How to withdraw funds from Robinhood using an Android Device
Open the Robinhood App and tap on the account icon that’s on the bottom right corner of the screen.
Next, tap on the “Transfers” button.
Choose the Transfer to your Bank option.
A drop-down list containing bank accounts will appear. Choose your preferred account.
Next, input the amount of money you wish to withdraw from your account. You can do this fully or in small parts.
Double-check the information you’ve submitted and tap ‘Confirm’ to authorize the withdrawal.
How to withdraw funds from Robinhood using a computer
First, you will need to access the Robinhood platform by logging in to your account on the website.
Once logged in, search for the ‘Accounts’ option located at the top right corner of the website on your computer screen.
Next, locate the ‘Banking’ option and tap on it. This will open a new panel on your screen.
Once you spot the panel, enter the amount you wish to withdraw from your Robinhood account. Once you’ve keyed in the amount, confirm the transaction details and simply confirm to authorize the withdrawal process.
Does Robinhood charge any extra fee to make a withdrawal?
At Robinhood, whether or not you will be charged any withdrawal fees depends on making the payment. If you are transferring funds using domestic or international wire transfer to a regular bank account, there will be no charge at all on the withdrawal.However, in the case where you are looking to transfer funds to another broker account, you’ll be charged an ACATS fee of $ 75.
How long does it take for money to be withdrawn from Robinhood?
Robinhood doesn’t instantly transfer the amount requested to your bank. The process of transferring money from your Robinhood account may take a while. However, this is not because of the withdrawal process on Robinhood’s end; Rather, it’s due to the time it takes for the money to settle in your bank account. Once you receive money into your Robinhood account, it takes at least two trading days for the money to settle into your account. After this period” your money turns into transferable funds. Something worth noting is that when withdrawing money, you have the option of using the exact account you used to deposit into Robinhood. Still, it’s a totally different story when you choose a different bank account. This will prompt Robinhood to request extra information, which slows down the entire withdrawal process. This is mainly to promote security and avoid fraud and money laundering cases. Additionally, if your account is restricted, you may be unable to withdraw funds from your Robinhood account.
What to do when you make a mistake while making a withdrawal?
According to Robinhood, you can cancel the withdrawal once you realize that you may have made a mess in your transaction. However, you need to be quite quick on this. Simply visit the ‘Accounts’ section and go through your history. This option can be found on the ‘Menu’ icon when using android devices. Here, you will find the pending withdrawals. Click or tap on it to access the ‘Cancel Transfer’ option. This will immediately stop your withdrawal request and, in turn, delay the entire process.
Withdrawing money from Robinhood is a fast and simple process once you learn the steps required to authorize a withdrawal. No matter the device you are using, the above guidelines will ensure that you have a smooth withdrawal process.
Written by Allen Lee
Read more posts by Allen Lee