Transferring money from your Robinhood account to your bank account is a straightforward process. However, there are certain rules and requirements you need to be aware of. In this blog post, we will guide you through the steps to transfer money from Robinhood to your bank account.
Step 1: Understand the Rules and Requirements
Before initiating a transfer, it’s important to familiarize yourself with the rules and requirements set by Robinhood. Here are some key points to keep in mind:
- You may be required to wait up to five business days after depositing funds.
- After selling stock, you must wait for the trade to settle.
- You can make only five withdrawals per business day.
- You can withdraw only $50,000 per business day.
- You have to wait 30 days to withdraw funds from selling free stock.
- Special rules apply if you’re switching bank accounts.
- You may not be able to withdraw money while your account is restricted.
Step 2: Withdraw Money from Robinhood on iOS or Android
To withdraw money from Robinhood using the mobile app, follow these steps:
On iOS:
- Tap the account icon in the bottom-right corner.
- Click on the three lines located in the top right corner (often called a “hamburger”).
- Select “Transfers”.
- Tap “Transfer Money”.
- Enter the dollar amount, select Robinhood for the “From” field, choose your bank account for the “To” field, and then select “Transfer”.
On Android:
- Tap the account icon in the bottom-right corner.
- Click on the three lines located in the top right corner.
- Tap “Transfers”.
- Tap “Transfer to Your Bank”.
- Enter the dollar amount, select Robinhood for the “From” field, choose your bank account for the “To” field, and then select “Transfer”.
Step 3: Withdraw Money from Robinhood on the Web
To withdraw money from Robinhood using the web platform, follow these steps:
- Navigate to the Transfers screen.
- Fill in the transfer details, including selecting Robinhood for the “From” field and your bank account for the “To” field.
- Select the dollar amount and review the transfer.
- Click “Submit” to initiate the transfer.
How To Transfer Money From Robinhood To Bank Account Instantly
Robinhood lets you instantly transfer your funds to your external debit card or bank account. However, instant withdrawals to a debit card or bank account can incur a 1.5% fee.
To transfer money from Robinhood to bank account 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
Conclusion
Transferring money from your Robinhood account to your bank account is a straightforward process. While Robinhood does not currently offer instant transfers, you can initiate a transfer through the Robinhood app or website. It’s important to be aware of the standard transfer time, which typically takes 1-5 business days for the funds to appear in your bank account.
Remember to review and comply with any rules and requirements set by Robinhood, such as trade settlement periods, withdrawal limits, and any restrictions on withdrawing funds from selling free stock. Additionally, keep in mind that transfer times may vary depending on your bank and other factors.
If you have any specific questions or concerns regarding transferring money from Robinhood to your bank account, it’s recommended to reach out to Robinhood customer support for further assistance. They will be able to provide you with the most accurate and up-to-date information based on your individual circumstances.
Overall, by following the necessary steps and being aware of the transfer timeframes, you can successfully transfer funds from your Robinhood account to your bank account.
