In order to withdraw money, you will need to click on the account icon, go to the menu, select the “transfer” button and enter the required data about your transaction.
How To Cash Out On Robinhood
Robinhood is a fairly popular trading platform for young investors, but some users are still switching to other investment applications that better suit their desires and needs.
So, if you are looking to withdraw money from Robinhood, you can easily do so through their website or using your mobile device. It is important to note that if you have the opportunity, it is better to withdraw money to the same bank account that was used before. If you do not have access to that account, you may need some additional documentation to ensure that you own it.
Robinhood Withdrawal Rules
If you want to know how to cash out Robinhood, you must first pay attention to several rules and restrictions:
- Once you deposit funds to Robinhood, it may take up to 5 days before you can withdraw funds. Thus, you will not be able to withdraw money back from Robinhood immediately, so you will most likely have to wait a couple of days before you can do this.
- Please note that you can only make five withdrawals per day. If you have already reached the limit, then you can only withdraw money on the next working day.
- After the sale, you will need to wait until the end of the transaction (which usually takes three business days).
- Robinhood also has a withdrawal limit, so you can only withdraw $ 50,000 per day. Thus, if your balance is more than this amount, you will need to wait for the next business day.
- Please note that you will need to wait 30 days in order to withdraw funds from selling free stock. You can trade these stocks whenever you want, but their cash value must remain in your account for 30 days.
- If your account is restricted then you will not be able to withdraw money from Robinhood. In such a situation, you will need to contact Robinhood in order to clarify the situation before you can withdraw money.
Robinhood Withdrawal on iOS, Android, And Web
As said, you can withdraw money from Robinhood using on the web, on Android, and iPhone. Let’s take a look at the basic steps on how to do this.
- How to withdraw on iOS
- Click on the account icon in the lower right corner and click on the three horizontal lines in the upper right corner. This will open the account menu.
- Next, you need to click on the “transfer” button in the menu and click on the first offered option “transfer money”.
- Here you need to select the dollar amount and hit “continue”. Next, you will once again see the transfer amount and other data, after which you will need to click the “transfer” button.
- How to withdraw on Android
- Also, tap the account icon in the lower right corner and click on the three horizontal lines in the upper right corner.
- Next, you need to select the “transfers” button and click “transfer money”.
- After you enter the dollar amount, click “Continue”. In the “from” column, select Robinhood and in the “to” column, select your bank account, then click “transfer”.
- How to withdraw on the web
- First of all, you need to click on the “account” button in the upper right corner, then select “transfers”.
- Next, you will need to specify transfer details and click on the “review transfer” button.
- After making sure that all the data is entered correctly, you will need to click “submit”.
Robinhood Withdrawal Limit
You should also note that the maximum amount you can withdraw is $ 50,000 per day. If you have more money on your account, you need to wait until the next business day in order to withdraw the rest.