In recent years, more and more people have become interested in trading stocks and cryptocurrencies, thanks to the ease and continued success of Robinhood.

However, if you’re new to the platform, you might be curious about how to withdraw money from Robinhood.

This guide will walk you through the Robinhood withdrawal process on any platform, as well as how to cancel a withdrawal and the rules Robinhood has for withdrawing funds.

Robinhood Withdrawal Rules

Like other cryptocurrency platforms, Robinhood has rules regarding the withdrawal process.

If you can’t withdraw from Robinhood, it may be because you’ve hit your daily $50,000 limit, or your five withdrawals per business day limit.

If you don’t think this is the case, read through Robinhood’s withdrawal rules below to further understand the process of transferring funds to your personal bank account. 

Pending Deposits

You cannot withdraw or use the money in your Robinhood wallet while it is in flight.

Deposits can take up to five business days to complete. It will be ready for withdrawal after the transaction has finished.

Settlement Period

The sale must first “settle” in your brokerage account before you can withdraw the funds to your bank account.

The settlement period, also known as regular-way settlement, is defined as the trade date plus two trading days (T+2).

This money will become part of your purchasing power and become available for withdrawal on the third day.

Account Restrictions

If your account has a restriction on it, you might not be able to withdraw any funds.

You will have to contact Robinhood’s customer service to find out what restrictions your account might have so they can remove them if possible.

Withdrawing From A Different Bank Account

You may be asked to verify extra information for up to 60 days after a deposit if you want to withdraw money to an account other than the one you deposited it from.

If the primary bank account has been closed or you are unable to access it.

Robinhood’s customer service staff can assist you in starting a withdrawal to a different bank account. Be advised that you might be asked to share:

  • A picture of your government-issued ID’s front and back.
  • Bank records attesting to your ownership of the two linked bank accounts. Clear and simple-to-read images and PDFs are required.
  • A brief explanation of why you are unable or unwilling to make a withdrawal to the bank account that you used to make the initial deposit of money.
  • The amount of funds and the bank account to which you want to transfer money.

Referral Stock

Your brokerage account must hold the cash worth of a referral stock for at least 30 calendar days.

You won’t be able to use the money in your withdrawable cash if you sell your free shares before the 30-day period.

There are no restrictions on the proceeds after the 30-day deadline has passed.

For instance, if you win a share worth $50 in your brokerage account, you cannot withdraw the $50 until 30 days have passed after selling the share.

The price of the stock at the time you received it determines the stock’s cash worth.

The stock’s value can be found in your “History” tab on Robinhood’s web, iOS, or Android app.

How To Withdraw From Different Platforms

How To Withdraw From Different Platforms

Web Browser

To transfer your funds to your bank account using your web browser:

  • Click “Account” in the upper right corner of the screen
  • Click “Transfers”
  • Initiate a transfer from Robinhood to your bank account using the panel on the right

iOS

To transfer your funds to your bank account on your iOS app:

  • Tap the “Account” icon in the bottom right corner
  • Tap “Transfers”
  • Tap “Transfer to Your Bank”
  • Choose the bank account you’d like to transfer to
  • Enter the amount you’d like to transfer to your bank
  • Tap “Submit”

Android

To transfer your funds to your bank account on your Android app:

  • Tap the “Account” icon in the bottom right corner
  • Tap “Transfers”
  • Tap “Transfer to Your Bank”
  • Choose the bank account you’d like to transfer to
  • Enter the amount you’d like to transfer to your bank
  • Tap “Submit”

Canceling A Withdrawal

To cancel a pending withdrawal in one of Robinhood’s mobile apps:

  • Tap the “Account” icon in the bottom right corner
  • Tap the “Menu” icon in the top right if you are an Android user or have more than one Robinhood account
  • Tap “History”
  • Tap the pending withdrawal you want to cancel
  • Tap “Cancel Transfer”

Depending on when you started the transfer, there are three possible deadlines for cancellation on trade days.

You will have to wait for the transfer to finish once the cutoff time has passed since you won’t be able to cancel it any longer.

When starting a transfer between 3:00 PM and 7:00 PM ET, you have until 7:00 PM ET the same day to cancel it.

If you start a transfer after 7:00 PM ET, you have until 3:00 PM ET the next trading day to stop it.

Frequently Asked Questions

How Long Do Robinhood Withdrawals Take?

A withdrawal from Robinhood usually takes two to three business days. However, depending on the situation, this may be either longer or shorter.

For instance, you can be subject to security checks before the transfer is completed if you change the account you are withdrawing from.

How Much Does It Cost To Withdraw Funds From Robinhood?

There may be exceptions depending on the situation, but transfer fees are normally not charged by Robinhood.

For example, there might be minimal regulatory trading fees, trading activity fees, and a price if you elect to transfer your funds from Robinhood to a rival brokerage service.

Can I Withdraw Money From Robinhood Without A Bank Account?

Unfortunately there is no way to use Robinhood without a bank account, as you’ll need one to deposit money into your wallet and withdraw funds from it.

In Conclusion

Withdrawing funds from your Robinhood account is quick and easy from any of Robinhood’s apps.

If you are struggling to do this, or can’t seem to withdraw your money, then you can refer to this guide to help your cash from your crypto investment.