Robinhood is one of the famous stock investing apps. Robinhood has an easy-to-use interface. It is easy for anyone to operate Robinhood. Though it is easy to operate Robinhood the withdrawal part can be a little challenging. In this article, we will share how you can withdraw your money from Robinhood.
Before we begin, here are some rules and limitations of Robinhood:
Withdrawal limit: You can make only five transfers per business day.
Daily Limit: You can withdraw up to $50,000 per day. If you want to withdraw more, then you have to do lump sum withdrawals.
Deposit wait time: Once you deposit money in the Robinhood account, then it may take up to five days to withdraw the amount. You can use that deposit amount to trade, but you can’t move that cash easily.
How can we withdraw money from Robinhood?
There are two ways to withdraw money from Robinhood: by debit card or by bank account.
How to withdraw with a debit card?
You can use your Robinhood debit card to pay online or by cash and also to make cash withdrawals from the ATMs.
You can get speedy withdrawals with your Robinhood debit card for up to $5000 per day, but you will have to pay a fee for it, and that is 1.5%.
How do you withdraw from a bank account?
You can withdraw money from your Robinhood with a bank account for free, but it may take a few business days to complete. It may take up to five business days, and your daily withdrawal limit from your bank account will be $50,000.
How do you withdraw money from Robinhood on your phone?
To withdraw money from Robinhood using your mobile phone, you will have to follow the following steps:
Tap on “Account”
Tap on “Transfers”
Click on “Transfer to your bank” or “Transfer to debit card”
Enter the amount you wish to withdraw
Confirm the details and the amount
Tap on “Transfer”
How do you withdraw money from Robinhood using your desktop?
To withdraw money from Robinhood using your desktop, you have to follow the following steps:
Tap on “Account”
Tap on “Transfers”
Click on “Transfer to your bank” or “Transfer to debit card”
Enter the amount you wish to withdraw.
Confirm the details and the amount.
Tap on “Transfer”
This is how you can withdraw money from your Robinhood account. It may take two to five business days for the whole withdrawal process to complete.
Why can't I withdraw my money from Robinhood?
It may be because your funds are still unsettled. You can only withdraw settled funds, money that has not been transacted in the last two business days.