Robinhood is one of the largest and most popular financial trading platforms today. Many young investors utilize this platform to get the best out of their investments. One can access this platform through Android and iOS apps or the online website. In recent times, huge numbers of people have become interested in Robinhood. As you start to use this platform now, are you wondering how to Withdraw Robinhood? If so, then this guide is specially designed for you. Read it until the end!
Is It Possible To Withdraw Money From Robinhood?
Yes! It is possible for those who have a Robinhood account to withdraw money. But, there are certain limitations you must be aware of before cashing out. It helps you to avoid many hassles at the time of withdrawing the cash. At first, you are allowed to make five withdrawals in your account each business day. It may look more if you are planning to cash out once. However, it can be big trouble if you decide to make investment choices throughout the day. So, plan your investment choices based on that to achieve the desired result.
Next, you can withdraw up to $50000 per business day. You will get a single dollar from your account once you cross the limit. Keep this in mind, especially when you grow your account for several months to withdraw the huge amount at once. You should plan around and take the money whenever possible to avoid troubles in the end. If you do not have more money, you will never confront this problem and use Robinhood properly.
How To Withdraw Money From Robinhood
Are you worried about how to Withdraw Robinhood? Remember that the withdrawal process is extremely simple. But, it is slightly different based on whether you access the desktop or mobile. So, you should be very careful and complete the procedure without making a huge blunder. Withdrawing money from the Robinhood account is not much difficult. You should be clear on how you withdraw the money from the app or computer. It is enough to complete the transaction quickly. If you face any kind of error to withdraw money from Robinhood, simple contact our Crypto Customer Care.
Withdraw Money Through Bank Transfer
Withdrawal through bank transfer is the most common option. Almost all the brokers provide this option, and thus, there is no exception for Robinhood regarding this. But, the major disadvantage of Robinhood is that it provides only bank transfers for withdrawal. On the other hand, many brokers render withdrawal to credit/debit cards and electronic wallets. Compared to deposit options, withdrawal is extremely quick. Without spending more time, you can cash out within a single day. Look below to know how to withdraw money from Robinhood.
- Log in to your Robinhood account
- Choose the withdrawal option from the appropriate menu
- Pick up the withdrawal method or choose the account to withdraw to (when you have more than one account)
- Enter the cash you wish to withdraw
- Submit the request. That’s enough!
Withdraw Funds from Robinhood via iOS Device
Do you access Robinhood from your iOS device? Then, you should follow these steps to cash out the money from your account immediately.
- Open the Robinhood app on your iOS device.
- Tap on the account icon located at the bottom right corner of your device screen
- Look for the three lines on the top right corner of the screen and tap on them.
- Find the transfer options located near the top of the drop-down menu.
- There, you will find the transfer money as the first option. Click on that.
- You have to enter the amount you want to withdraw from your account and then press continue.
- Select “Robinhood” on the transfer “From” field. Then, add your preferred bank in the Transfer “To” field.
- Check these things once again and confirm it by pressing transfer. It authorizes the withdrawal and lets you get the amount.
Withdraw Cash From Robinhood Using Android Device
If you have an android device and install Robinhood on that, you should follow the steps mentioned below. It may have a slight difference in certain steps, but you will easily withdraw the fund.
- As usual, you should open the Robinhood app to initiate the withdrawal.
- Tap on the account icon on the bottom right corner of the screen.
- Next, click on the transfers button.
- Now, it is time to choose the transfer to your bank option.
- Use the drop-down menu to choose the preferred account.
- Next, input the amount you want to withdraw from your account. Remember that withdrawal limit before entering the amount.
- Double-check the information you have submitted so far and then press confirm to authorize the withdrawal
Withdrawing Cash From Robinhood on Your Computer
Are you feeling a bit nervous because you are using the Robinhood platform on your computer instead of mobile? Do not worry! The transaction process will be as simple as on mobile devices. So here is what to follow!
- You should navigate to the Robinhood website
- Then, log in to your account by giving the required credentials
- Once you log in to your account, you have to search for the account option in the top-right corner of the site.
- Tap on the banking option and navigate to the withdrawal section
- After that, you should enter the amount you wish to withdraw
- Finally, you should confirm the transaction and wait for the money to reflect in your bank account.
Since the menus are the same, getting confused when switching from one platform to another is extremely normal. But, following the steps mentioned above properly will guide you to complete the transaction quickly and easily. If you find any trouble withdrawing the cash after following these steps, contact Robinhood Customer Service without hesitation.
Time Taken To Withdraw Money From Robinhood
Robinhood does not transfer the requested amount to your bank instantly. Therefore, the process of transferring money from your account may take some time. But, it is not because of the withdrawal process. Instead, it is because of the time it takes for the money to reflect in your bank account. As soon as you receive money into your account, it takes at least 1-2days to reflect into your account. After this period, your cash will turn into transferrable funds.
Things To Do When Making a Mistake During Withdrawal
You have the freedom of canceling the withdrawal once you find that you make a mess in your transaction. But, you should do it quickly. Or else the process will get into the next steps. If you want to know about your withdrawal, visit the accounts section and go through the history. You will find this option on the menu icon if you use Android devices. Here, you will know about the pending withdrawals. Then, choose the cancel transfer option to terminate the transaction. It will stop the withdrawal request immediately. If you cannot stop the transaction, you can use Robinhood Customer Service. The customer service executive will guide you to cancel the transaction or how to get out of the mess you made accidentally.
Overall, withdrawing money from Robinhood is simple and fast once you learn the right way to authorize the withdrawal regardless of the device you use.