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In this guide, we show you how to withdraw money from your Robinhood brokerage account. While the user experience has attracted a new generation of investors, Robinhood is still a new company that poses more restrictions and wait time compared to other larger, traditional brokerages.
What Are the Robinhood Withdrawal Options?Many brokerages support withdrawal via ACH (Automated Clearing House) and via a Bank wire which is a faster direct-to-direct transfer. At this time, Robinhood only supports ACH withdrawals but does make it easy to complete the process.
You can withdraw either by using the mobile app or online. There isn’t a difference in the limitations or features between the two, only the user experience.
There are 2 Robinhood withdrawal limits to be aware of:-
The number of withdrawals per day – 5
The total sum of withdrawals per day – $50,000The other withdrawal impact to be aware of is if you are using a margin account with Robinhood Gold. You must leave at least $2,000 in your account not counting any cryptocurrency positions, or disable margin investing in your settings to withdraw below $2,000. This is a FINRA requirement for margin investing.
Robinhood Withdrawal Fee
Withdrawing money from Robinhood by ACH is free of charge. Using a wire transfer incurs a $25 fee.Withdraw Money via Robinhood Mobile App
The most familiar option for many is with the mobile app. After opening the Robinhood app on your device, tap on the 2nd icon in the bottom tab navigation bar. The icon looks like a stack of cash.You will be navigated to the cash dashboard which gives you options to manage your cash within Robinhood. To start the transfer request, click the green “Transfer” button to take you to the “Transfers” screen.
On the transfer screen, you can transfer money to and from Robinhood and manage the bank accounts associated with your Robinhood account. If you want to transfer to a different bank than already linked, you can set that up now or when selecting the account to transfer to. Keep in mind that it may result in additional delays if you are withdrawing to a different bank than you have deposited from within 60 days of the last deposit.
Adding a bank account, uses Plaid, a 3rd party provider that integrates with many popular banks. Tap “Continue” to select your bank.
The most popular banks are shown by default, but Plaid supports many different banks so just search for your bank. If it’s not found, you will have to verify it manually in which you get 2 small deposits and have to enter the amount. This could take 48 hours for the transfers to show in your bank adding delays.
Once the bank you want to deposit to has been verified, you can complete the transfer process by tapping on “Transfer money”, the first option on the “Transfers” screen taking you to the “Transfer money” screen shown below.
Tap the “Select an account” under the “From” section and select your Robinhood account. This will show how much cash is available to withdraw as well.
You repeat the same process in selecting your destination bank where you want the funds to go to and can also add a different bank at this step as well. Then, enter the amount you want to transfer and tap “Review” taking you to the confirmation screen shown below. To complete the request, tap “Transfer”
Note: Robinhood is transparent about the typical time it takes indicating the funds will be immediately unavailable from your account but can take up to 5 business days to reach your bank account.
How Long Does Robinhood Withdrawals Take?
Robinhood doesn’t support Wire withdrawals at this time and estimates that withdrawals may take up to 5 business days. This doesn’t include the amount of time to wait for transactions to settle.
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