Robinhood is a platform that many people use because of its user-friendly interface and commission free trading. However, one you have made the profit or want to access to your funds the next question is- how to withdraw money from Robinhood? The process of withdrawing money from Robinhood can be done on the deposit website or mobile app. First, verify that you have linked a bank account to Robinhood. To do this, select Account in the bottom right corner and then “Transfers” from the Robinhood app. Fill in the required details to view estimated transfer fees based on the type of the transaction.
After this Robinhood will review and process your withdrawal request once it has been submitted. If there are any issues with your transfer request the clearing firm of Robinhood may reject or delay it. You will be notified via email if this happens. If you want to avoid delays in withdrawing money, try to resolve any outstanding issues or negative balances first on your Robinhood account. It is also important to be aware of the timelines involved in your withdrawal. It can take five days to withdraw money from a bank. Instant bank transfers usually only take 10-30 minutes. So, let’s begin and learn more about how do I withdraw money from Robinhood.
How Do I Withdraw Money from Robinhood?
To withdraw money from Robinhood, you need to take the steps mentioned below:
- First, log in to your Robinhood Account by using the Robinhood app on your smartphone or the Robinhood official website.
- Click on the Account icon at the bottom-right corner of the app or the upper-right corner of the website.
- Here you will find all your deposit and withdrawal options. To initiate the withdrawal, click on Transfer to Your Bank.
- After this you will be asked to enter the amount, you want to withdraw. If you have not already linked a bank account then link it now.
- At last, confirm the transfer after selecting the amount to withdraw and the account.
How Long Does It Take to Withdraw Money from Robinhood?
Investors often ask, “how long does it usually take to withdraw funds from Robinhood”. The Robinhood transfers usually take 1 to 5 business days. Although Robinhood will process your request quickly and deposit the money into your account, the bank’s policies may affect the amount of time it takes.
Moreover, the processing time for Robinhood withdrawable cash initiated on weekends or holidays may be longer. Normally, financial institutions do not process transfers during non-business hours. You will not be able to withdraw funds if you recently sold stock until the settlement is complete. This could take two business days.
How to Manage Your Withdrawals from Robinhood?
To efficiently mange your withdrawals from Robinhood, you need to take the steps mentioned below:
- You must reinvest your funds in Robinhood in other parts of your portfolio instead of withdrawing it all.
- Also do not ignore potential tax liabilities if you have sold stocks at a profit. You should set aside some of the money you withdraw to pay any possible capital gains tax.
- Keep cash on hand for future investments.
FAQ
How do I cash out stocks on Robinhood?
To cash out stocks on Robinhood, you must first sell it. After this you need to wait for the settlement period and then withdraw the funds from your Robinhood account.
Why is my Robinhood cash not withdrawable?
There are several reasons due to which your Robinhood cash is not withdrawable such as having unresolved funds, or the settlement is not over.
How long after selling stock can you withdraw Robinhood?
Generally, it takes 2 to 3 business days after selling for the funds to settle. Once this settlement period is over, you can withdraw your funds and transfer them into your linked account.