In recent years, Robinhood has become a popular trading platform, known for driving the trend of commission-free trading. Robinhood has made it easy for anyone to deposit money to start investing and trading stocks, cryptocurrencies, and ETFs. But how do you withdraw money from Robinhood to spend it elsewhere? In this step-by-step guide, we’ll walk you through how to withdraw money from Robinhood on all platforms and transfer your cash to your bank account or debit card.

Can Money Be Withdrawn from Robinhood?

Yes, you can withdraw your money from Robinhood. You can transfer cash from Robinhood through two methods, either withdrawing money to your (1) bank account or (2) external debit card. Whatever method you choose, you can complete this withdrawal using the online web platform on your computer browser, or the iOS or Android apps.

If you don’t withdraw your cash on Robinhood, you will automatically earn a 1.5% annual percentage yield (APY) on your uninvested cash. Robinhood Gold members will earn a 5% APY on uninvested cash.

How to Withdraw Money from Robinhood to Bank?

If you choose to withdraw money from Robinhood to your bank account, you can do it on the web, iOS app, or Android app. There’s no fee for standard bank transfers which take 4 to 5 business days.

If you are using the app, you can also check whether your account qualifies for an instant transfer (withdrawal). If it does, the option will show up on the withdrawal page. Making an instant transfer to your bank is an app-only feature and cannot be done on the web. 

Beware: instant bank transfers will always incur a 1.5% fee that’s deducted directly from your withdrawal amount.

For withdrawals to your bank, there is a daily $50,000 withdrawal limit, with a transaction limit of 5 withdrawals per day.

How to Withdraw Money from Robinhood to Bank on the Web?

If you want to transfer money from Robinhood on the web, follow these steps:

Currently, you cannot withdraw money by sending a wire transfer from Robinhood to your bank. However, you can send a wire transfer from your bank to Robinhood to deposit cash.

How to Withdraw Money from Robinhood to Bank on iOS App?

To transfer money from Robinhood on the iOS app, the process is slightly different. Follow these steps:

How to Withdraw Money from Robinhood to Bank on Android App?

Withdraw Money from Robinhood to Bank on Android App using the Android app can be done by following these steps:

How to Withdraw Money from Robinhood to Debit Card?

You can also withdraw money from Robinhood to your external debit card. On Robinhood, withdrawing to a debit card will incur a 1.5% fee, with a minimum fee of $1 and a maximum fee of up to $150. 

A Robinhood debit card withdrawal is instant, usually taking at most 30 minutes for a transfer to complete.

To complete a withdrawal from Robinhood to your debit card, you can follow these steps:-

How Long Does it Take to Withdraw Money from Robinhood?

If you have submitted a standard withdrawal from Robinhood to your bank, it will take around 4 to 5 business days for the money to show up in your account. If your external bank account qualifies for an instant transfer with Robinhood, it should show up immediately.  If you are transferring your Robinhood cash to a debit card, the transfer should be instant.

How Soon After Selling Stock Can I Withdraw My Money From Robinhood?

If you just sold stock or ETFs on Robinhood and wish to withdraw your money, you need to wait at least two days for your trade to settle. Stocks and ETFs typically have a settlement period of two trading days, after which your cash will be available for withdrawal.

If you are withdrawing to a bank account that is different from the ones you used to deposit cash from, then you be requested for additional information. These waiting periods will vary based on the time it takes Robinhood to review this information. This is meant to prevent any fraud or money laundering and is for your protection. 

Are There Fees to Withdraw or Transfer Money from Robinhood?

There are no fees for withdrawing money from Robinhood if you are transferring cash to your bank account. However, any instant withdrawals will incur a fee. Instant transfers to an external debit card will incur a 1.5% fee, with a maximum fee of $150. 

Can I Cancel a Robinhood Withdrawal?

You may be able to cancel a withdrawal made through Robinhood if you act quickly enough. To do this:

Sometimes, a withdrawal is processed immediately and you may not be able to cancel it. In these situations, we recommend getting in touch with Robinhood’s customer support team. 

Final Thoughts

Congratulations, now you’re fully equipped with the knowledge on how to withdraw money from Robinhood across different platforms.

Just remember, instant transfers and withdrawals on Robinhood will always cost a fee. Plan accordingly if you want to avoid this fee since standard bank transfers are free but require waiting a few business days for your cash to show up.