Robinhood is one of the most renowned trading platforms for junior investors. However, apart from people being interested in this app, there have been rising inquiries on how one can withdrawing money from Robinhood. In addition, people have wondered whether it is possible to withdraw their money from Robinhood.
Yes; you can withdraw money from your Robinhood account. Withdrawing money from Robinhood is quite an easy process. You achieve this using your Android phone, iOS device, or the Robinhood website. If possible, withdraw your money into the same bank account you previously used to finance your account. Failure to may lead to Robinhood requesting extra documents to prove that the bank accounts is yours.
Can you withdraw money from your Robinhood account?
It is possible to withdraw money from your Robinhood account. In reality, you can make up to 5 withdrawals on each business day into your account; this is good. Robinhood lets you withdraw up to 50,000 dollars each business day. You only have to ensure that your withdrawal will go to the right account.
Robinhood withdrawals are made quite differently depending on the device you use to withdraw your money. If you are using your smartphone to withdraw money, then the process will unfold in a particular way. However, the steps are different when you use your Computer (PC) to withdraw money.
Withdrawing money from Robinhood using your phone
Using your phone to withdraw money from Robinhood is a very simple process. You only need to have your phone and the Robinhood application already installed on your device. This process remains the same whether you use an iOS or Android device. There might be some minor differences; however, the main steps are the same.
Step i. Open the Robinhood app. Then, choose the “Account” icon.
Step ii. Then go to the “Transfers” button
Step iii. Select the “Transfer to Your Bank” option.
Step iv. Choose the bank account you want to use.
Step v. Enter the amount you would like to from the Robinhood account.
Step vi. Double-check to ensure everything is okay, and then tap “submit.”
Withdrawing money from Robinhood using your Computer
When using your PC to transact money from Robinhood, the process is a bit different, but the process is still fast and straightforward. When using a computer, navigate the Robinhood official website, and you’ll be ready to proceed. Below are the steps to take:
Step i. Open the Robinhood website and log in to your account.
Step ii. After logging into your account, look for the “Account” option at the top-right corner of your PC on the Robinhood website.
Step iii. Select the “Banking” option.
Step iv. You will see a panel on the page you’ve opened. In this panel, you’ll have to enter the amount you’d like to withdraw from your Robinhood account. After entering the right amount of money, confirm the transaction and be ready to enjoy your money once it gets into your bank account.
Robinhood withdrawal rules
A Robinhood deposit can take up to 5 business days to complete. In such a case, withdrawing or using the finances would be difficult. You can only withdraw the money once it is marked completed.
When you sell or buy stock, the transaction has to “settle” before withdrawing to your bank account. The typical settlement period is normally the trade date plus two trading days.
Number of withdrawals per business day
With Robinhood, you can only make five withdrawals per business day. Therefore, if you have already reached this limit, you will have to wait till the next business day to make more transfers.
$50,000 withdrawal limit per business day
Robinhood only allows a withdrawal limit of 50,000 dollars. If your balance is larger, you’ll have to withdraw your money in lump sums.
Withdrawing money to a different bank account
For 60 days after a deposit, you may have to confirm extra information if you want to withdraw money to a different bank account other than the one you previously deposited it from.
Some of the information you will have to share include:
- A short description of why you are unwilling or unable to withdraw to the bank account you previously deposited funds from.
- A photo of your government ID.
- Bank statements proving that you are the owner of the two bank accounts.
Withdrawing money from your Robinhood account is quite simple. You can achieve this through different accounts, i.e., iOS phone, Android phone, and Computer. There are, however, some rules you need to follow to be eligible to withdraw money from your Robinhood account, as seen above. I recommend that you withdraw your money into the same bank account initially used to fund your Robinhood account. This will help you avoid the stress of switching to a different account.