How to Withdraw Money from Robinhood – An Easy Step By Step Guide

In this article, we will understand how to withdraw money from Robinhood through some easy step-by-step guide.

Robinhood has recently become one of the most commonly used financial platforms, with a growing number of users interested in what it has to offer.

The soaring popularity of Robinhood perplexes both Wall Street and Main Street. Presently, the trading platform is the preferred option for millions of traders, the majority of them being young adults.

The company was founded in 2013 and is situated in the United States. In 2019, the company had a net loss of $278 million. According to the Securities and Exchange Commission, Robinhood earned $959 million in the following year.

How to Withdraw Money from Robinhood
Photocredit: Forbes

The revenue from options trading accounts accounted for 38% of overall revenue. Cryptocurrency trading accounted for 17% of the company’s revenue, while stock accounts accounted for 25%.

In January 2022, Robinhood filed for its much-anticipated initial public offering (IPO). The rapidly developing firm had $80 billion in assets prior to its initial public offering, and its current market valuation is $20 billion.

In the United States, the trading platform has over 18 million accounts in 2022. According to CNBC, the number of financed accounts has surged by 151% in the last year.

The brokerage company hoped to raise $100 million with the NASDAQ debut. The IPO’s underwriters included JPMorgan Chase, Citigroup, and Goldman Sachs. In the year 2022, the IPO remains one of Wall Street’s biggest success examples.

Is It Possible to Withdraw Money from Robinhood?

It is possible to withdraw money from Robinhood. In fact, you have the option of making up to 5 withdrawals per business day, which is amazing. In a single business day, members on the platform can withdraw up to $50,000. The only thing that must be guaranteed is to withdraw the funds to the appropriate account.

Withdrawals are processed differently based on the investor’s device used to make them. If you withdraw from your smartphone, the procedure will proceed in a certain way, but if you withdraw from a desktop computer, the process will proceed in a different way.

How to Withdraw Money from the Robinhood Platform

Bank transfer is the most common method of withdrawal, and it’s accessible from almost all brokers, such as Robinhood.

Robinhood, on the other part, only offers bank transfers as a withdrawal method, putting it at a disadvantage when compared to brokers who also offer withdrawals using credit/debit cards or e-wallets.

It’s also critical to be fast. In contrast to other payment methods, withdrawals are rarely instant. Your money will arrive in as little as one business day, but more often than not, it will take several days.

For all users and investors on the Robinhood platform, here is a step-by-step guideline on how to withdraw money:

  • Please enter your username and password to access your account.
  • Click ‘Withdrawal’ or ‘Withdraw money’ from the appropriate option.
  • Select a withdrawal method as well as an account to which the payments will be transferred (if more than one option is available)
  • Enter the amount to be withdrawn as well as a brief explanation or statement if necessary.
  • Fill out and submit your request.
  • Please remember that you can only withdraw money from registered accounts in your name.

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What Time Does it Take to Withdraw Money from Robinhood?

Transfer of funds can take a long time, not because of the withdrawal process you began on the Robinhood website, but because of the time required for the funds to reach the user’s account.

After getting payments in your Robinhood account, you should typically wait at least two trading days. This is the time it takes for money to be deposited into a user’s account and accessible for withdrawal.

You have the option of withdrawing to the same or a different bank account from which you made the deposit.

You can reverse withdrawals if you make a mistake or want to withdraw a greater amount instead of two smaller ones. To cancel the purchase, you will need to act swiftly.

You can do so by going to your account and then checking through your History. On Android phones, tap the “Menu” icon to access this option. The pending withdrawal will then be displayed, and you can choose to click on it. You can then utilize the “Cancel Transfer” option to cancel the transfer. You should be informed that this will halt your withdrawal instantly and cause the entire transaction to be halted.

Is It Possible to Withdraw Money from Robinhood Without Any Service Fee?

When you withdraw money from Robinhood, you may be charged fees at specified times. The platform, thankfully, does not charge much for withdrawals, which is great. Bank transfers will be free of charge. There are some conditions, and if you withdraw funds from your Robinhood account, you may be charged a small fee.

The following are the withdrawal fees for Robinhood:

  • Wire transfers will cost at least $25. Withdrawals made via the Automated Clearing House (ACH) are completely free.
  • A Robinhood international bank withdrawal costs $50. This is significantly more expensive than WeBull and SoFI Invest, which are its closest competitors.

Is It Possible for Robinhood to Close Accounts?

Normally, unless there is a valid reason, this brokerage will not close your accounts. Only if your balance hits 0 will you be compelled to terminate your account. If you want to take a break from the financial markets, go to the ‘Account Information’ tab and search for the ‘Deactivate my Account’ link.

The Robinhood Market has experienced numerous highs and lows in the financial market, but it has continued to grow in popularity, attracting more investors and users.

Before picking any exchange in the financial market, investors and users should conduct basic research in order to make the best judgments and maximize profits in the long run.

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