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One of the most well-liked trading platforms for new investors is Robinhood, however not all consumers are satisfied. You can either directly move assets out of Robinhood into your new brokerage account or sell your stocks and cryptocurrency and transfer the proceeds to your bank account if you wish to switch from Robinhood to one of Insider's top-ranked investment apps.
Using the internet or an iOS or Android mobile device to withdraw money from Robinhood is simple. It's better to deposit your funds into the same bank account that you used to finance your account, if you can. In any other case, Robinhood can require you to provide further proof of your ownership of the bank accounts in question.
One of the financial platforms that has recently gained popularity is called Robinhood, with more and more people becoming interested in it and what it has to offer. But in addition to their curiosity in the app, consumers also had a query about how to withdraw money from Robinhood. In addition, is it even feasible to take money out of Robinhood? Well, this essay will teach you the solution.
How to Withdraw Funds from Robinhood
What is Robinhood Markets and what is it all abut?
Through a smartphone app launched in March 2015, Robinhood Markets, Inc., an American financial services company with its main office in Menlo Park, California, enables commission-free trading of stocks, exchange-traded funds, and cryptocurrencies.
A broker-dealer subject to FINRA regulation and U.S. registration is Robinhood. In addition to being a member of the Securities Investor Protection Corporation, the Securities and Exchange Commission.
Interest on cash balances of customers, selling order information to high-frequency traders (a practice for which the SEC started an investigation into the company in September 2020), and margin lending are the three main sources of the company's revenue.
Robinhood had 15.9 million monthly active users as of March 2022, and 22.8 million funded accounts. Robinhood released a cryptocurrency wallet to more than 2 million consumers in April 2022.
Can Money be Really withdrawn from Robinhood?
It is possible to withdraw money from Robinhood. You may actually make up to 5 withdrawals into your account each working day, which is fantastic. Even more, you are permitted to withdraw up to $50,000 per working day. You merely need to make sure you withdraw money into the correct account.
Depending on the device you are using to withdraw from, withdrawals are handled slightly differently. The stages will be different when you withdraw from your computer, but the process will proceed in a certain way if you retire from your smartphone.
But is Robinhood safe?
Yes, Robinhood is utterly secure. Because Robinhood is a member of the SIPC, your money is insured up to $500,000 for securities and $250,000 for cash claims. Additionally, Robinhood is a securities brokerage, and as such, the Securities and Exchange Commission regulates securities brokerages (SEC).
Well, now that you know how safe it is to use Robinhood, let's quickly kick off the procedure and show you how to withdraw money from Robinhood.
How to Withdraw Money from Robinhood 2022
To withdraw money from Robinhood, the steps are quite easy to follow and you will notice it while you follow the procedure. And the procedure was modified a little depending on your device and where you are withdrawing from.
But we believe if you are trying to withdraw cash from Robinhood, then you should have either an android, an iOS, or a computer device at your disposal. And that is why we will classify these methods depending on your device to be used.
1. How to Withdraw Money from Robinhood on Your Phone
It's quite easy to withdraw money from Robinhood on your phone. All you need is, of course, your smartphone, and the Robinhood app conveniently loaded on your device.
Regardless of whether you use an iOS or Android phone, this process works. Although there could be a few little variations here and there, the fundamental procedures remain the same.
Though they are almost the same, we decided to separate the methods for you to easily follow the guide and get quickly the process easily. And so, to withdraw money from your Robinhood on your phone, just follow the steps below;
On iOS Phone
Using your iOS app, send money to your bank account to withdraw your Robinhood money:
- In the bottom right corner, tap the Account symbol.
- Transfers through Tap
- Select Transfer to Your Bank.
- Select the bank account you want to send money to.
- Enter the sum you want to send to your bank.
- Hit "Submit"
On Android Phone
To transfer money from your Android app to your bank account:
- In the bottom right corner, tap the Account symbol.
- Transfers through Tap
- Select Transfer to Your Bank.
- Select the bank account you want to send money to.
- Enter the sum you want to send to your bank.
- Hit "Submit"
You have to note that to withdraw money while using a phone, then you have to download the Robinhood app. On app store for iOS devices and on Play store for android devices.
How to Withdraw Money from Robinhood on Your Computer
Even if carrying out the transaction on your computer may differ a little, the procedure is still simple and fast. You can start moving forward as soon as you visit the official Robinhood website. The steps you must follow are as follows:
Step 1 - First, go to the Robinhood website. then access your individual account.
Step 2 - Once you've logged in, look for the "Account" menu item. On the Robinhood website, it is situated in the upper-right corner of the screen.
Step 3 - When you come across the "Banking" option, tap it.
Step 4 - On the page in front of you, you will see a panel. You must enter the amount you wish to withdraw from Robinhood in this window. Once you have entered the correct amount of money, you just need to confirm the transaction before you can start using your money.
How Long Does the Withdrawal Process Take to Finish?
The fact that money from a Robinhood account doesn't immediately move to a bank account may disappoint some customers.
However, bank transfers simply take a lengthy time by nature; this isn't Robinhood's fault. This is due to the numerous stages your transfer goes through to minimize the likelihood of fraud. It functions fundamentally as a security measure to safeguard your bank account.
A Robinhood withdrawal should typically take no longer than two to three days. This is roughly how long a typical bank transfer takes, though occasionally you may see substantially faster times.
However, anticipate a brief delay before your Robinhood funds appear in your bank account.
Can I Cancel a Withdrawal from taking place?
A withdrawal made during a specific window may be canceled by the specified cutoff time.
- Up until 7:00 p.m. EST, a transfer that was started between 3:00 and 7:00 p.m. EST can be canceled.
- Up until 3:00 p.m. EST on the next trading day, a transfer started after 7:00 p.m. EST may be canceled.
If you start a transfer during the weekend, you have until 3:00 p.m. EST on Monday to cancel it. You can cancel the withdrawal using a mobile phone app, which is a rather straightforward process.
And so, to cancel this withdrawal, follow the steps below;
- Browse for the Account icon, then click and open it.
- On an Android device, select the Menu icon.
- Click History.
- Here, you can observe the forthcoming transfer. Touch it.
- Then select "Cancel Transfer."
If you've started the cancellation within the proper window, doing so will cancel the withdrawal. To avoid having to decide quickly whether to cancel a withdrawal, it would be prudent to give each one careful thought.
Are There Fees to Withdraw Money from Robinhood?
There could occasionally be charges associated with withdrawals. Fortunately, the app doesn't charge much for withdrawals, which is fantastic. There won't be any fees for bank transfers. However, there are restrictions in some places, and you can also incur a small fee when you take money out of your Robinhood account.
Wrapping Up the step by step Guide on How to Withdraw Robinhood Money
Money can be quickly transferred from Robinhood to a bank account. However, there are several caveats. Most importantly, you cannot withdraw funds until five business days have passed since you sent funds to Robinhood. Additionally, you cannot withdraw the proceeds until three business days have passed after you sold your stocks, ETFs, or options.
Start the iOS or Android app by tapping the "Account" button, which resembles a cartoon person, in the bottom right corner of the screen. Start by clicking "Account" in the top right corner of your browser window, followed by "Transfers."