Robinhood has commission-free investing and tools to help shape your financial future. You can also sign up and get your first stock free.
Robinhood makes it easy to deposit and invest, but withdrawing money from Robinhood is a bit difficult. Today in this post we will tell you how you can easily withdraw money from Robinhood.
So, first of all, we are talking about how to withdraw money from Robinhood on your phone.
Withdrawing money from the Robinhood app is a 7-step process that is identical for both iOS and Android applications.
Here are the steps to follow to withdraw money from Robinhood to your bank account on your phone:-
Tap “Account”
Tap “Transfers”
Select “Transfer to your bank” (or “Transfer to debit card”)
Select your bank account (or debit card)
Enter the amount you’d like to withdraw
Confirm the amount and details
Tap “Transfer”
After that, we should also know how to withdraw money from Robinhood on your computer.
To withdraw money from Robinhood online, follow these steps:-
Click “Account” (top right corner)
Click “Transfer”
Select “Transfer to your bank” (or “Transfer to debit card”)
Select your bank account (or debit card)
Enter the amount you want to withdraw
Confirm the amount and details
Click “Transfer”
And in the last, we will also tell you how to withdraw money from a brokerage account.
When you want to withdraw money from a brokerage account, do so as follows:
Log into your account on your broker's site.
Go to the Transfers page. Where you'll find this option depends on the broker you use, but it's usually on the main navigation bar.
Choose the amount and withdrawal method. You can transfer the money to a bank account, wire it, or request a physical check. Most brokers, even the best online brokers that don't charge a lot of fees, charge a fee for a wire transfer. This type of transfer is faster than a standard electronic funds transfer.
You can only withdraw cash from your brokerage account. If you want to withdraw more cash than you have available, you'll need to sell stocks or other investments first. If you want to move your investments from one account to another, check out our guide on how to transfer brokerage accounts.
Keep in mind that after you sell a stock, you'll need to wait for the trade to settle before you can withdraw money from your brokerage account. This usually takes two business days. After your trade is settled, you can follow the withdrawal process mentioned above to get your cash. If you make a profit, you will still have to pay taxes after selling the stock.
One last thing to note is that if you have a margin account, your broker may allow you to cash out before your trade is settled. However, you may be charged margin interest for the period between when you submit a withdrawal request to your brokerage account and when the settled funds reach your account. Always check with your broker before setting up an automatic withdrawal to ensure you don't get hit with interest charges or other fees in a hurry.