It can take a few days to withdraw money from Robinhood (for free) to your bank account. Daily Robinhood withdrawals are capped at $50,000.
Robinhood is an online brokerage platform that allows you to buy and sell stocks, cryptocurrencies, and other securities without paying a trading commission. The ability to trade stocks for free has made Robinhood a go-to platform for novice investors.
While you may already be aware of the various Robinhood account types, how a Robinhood debit card works, and how to purchase fractional shares on the platform, you may not know how to withdraw money from Robinhood.
Let's say you just completed profitable trades and want to take some cash out to spend on other things outside the platform. How do you do this? The process of withdrawing money from Robinhood is quite simple. Read on to find out how it works and how long it takes for the funds to hit your bank account.
How long does it take to withdraw money from Robinhood?
You can withdraw money from Robinhood to your bank account for free. However, certain rules will apply to Robinhood withdrawals. The applicable rules depend on whether you want to withdraw money from a Robinhood deposit, trade proceeds, or the sale of the free referral stock Robinhood gives new members when they open an account.
To withdraw money from a deposit, you will have to wait until the deposit hits your Robinhood account, which can take up to five days. Withdrawing money from Robinhood sales proceeds requires waiting a few days for the funds to settle in your account. It takes two business days for Robinhood to settle a transaction fully.
Once it is marked complete, you can quickly access your Robinhood funds by having them transferred to a debit card. It typically takes between 10 minutes and 30 minutes for the money to make it to your bank. You may incur a 1.5 percent fee for immediate transfers to a debit card.
Also, funds from a sale transaction would be available for withdrawal on the third day after a trade. If you sell the free referral stock Robinhood gives to new members, 30 days must pass before you can withdraw the funds.
It's worth noting that it may take up to five business days for Robinhood withdrawals to reach your bank account. However, withdrawals initiated before 4:00 p.m. EST usually reach a bank account the next business day. Robinhood's daily withdrawal limit is $50,000.
Technical problems have been known to get in the way and delay depositing and withdrawing money from Robinhood.
To withdraw money from Robinhood
ccount." Click "Banking" and a panel will appear on the right. Choose the recipient's bank account and enter the transfer amount. Use the panel to withdraw the money from Robinhood.
While the process to withdraw money Robinhood is a smooth one, it does take some time before the money reaches your bank.