Robinhood has experienced a massive surge in activity in recent months, with many people wondering, how do I withdraw money from my Robinhood account? It’s actually quite a simple process, and we will show you how to do it.
But first, a word.
A great way of keeping the money you withdraw from Robinhood is using a Wise multi-currency account. You can send money abroad using the mid-market rate and in 55+ currencies. No hidden markups, just a small and fair fee – and it takes just minutes to open an account for free.
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It’s actually quite easy to withdraw money from Robinhood. The following process applies to both iOS and Android, because other than a few minor tweaks, it’s basically the same app.
- Simply tap the “Account” icon, located in the bottom-right corner of the application.
- Tap the “Transfers” button.
- Select the option to “Transfer to Your Bank”
- Find your bank account on the list.
- Input the amount that you want to withdraw from your Robinhood account to your bank account.
- Double-check the amount and hit “confirm”.
The Robinhood app is designed to make your life easier whether you’re depositing, trading, or withdrawing, but doing it on your computer can be just as straightforward. To withdraw money using the Robinhood website, just follow these steps:
- Log in to your Robinhood account.
- Look for the “Account” option in the top-right corner of the Robinhood website.
- Click the “Banking” option.
- Using the panel displayed on this page, enter the amount you wish to withdraw and confirm the transaction.
If you act quick enough, you can cancel a withdrawal made through Robinhood, allowing you to use those funds to make other trades:
- Visit your “Account”.
- Look for “History” (if you’re using Android, you’ll need to hit the “Menu” Icon first)
- Find your pending withdrawal and click or tap it.
- Select the “Cancel Transfer” option.
Of course, you can only cancel the withdrawal if you catch it before it is processed, and this usually happens very quickly. This table is showing you how quick you need to be, depending on the time of the day:
|If your transfer is processed||Cancel your Robinhood withdrawal|
|Between 2 AM and 3 PM||Up to 3 PM (on trading days)|
|Between 3 PM and 7 PM||Up to 3 PM (on trading days)|
|After 7 PM||Up to 2 AM the next trading day|
All times are ET.
Before you can process any withdrawals through Robinhood, your funds need to “settle”, which means that at least 2 trading days need to pass before your sale funds will turn into withdrawable funds.
If you withdraw to a different bank account from the one that you deposited from, you may be asked for additional information. The waiting times will also likely extend as you wait for this period to pass. This is standard practice, and it’s there to prevent money laundering and fraud.
These issues aside, bank withdrawals are usually relatively fast and painless and Robinhood will allow you to withdraw up to $50,000 a day.¹
Whether you’re withdrawing using iOS, Android or on desktop, Wise can be a great alternative to a bank account for managing the cash you’ve withdrawn from Robinhood.
Wise is one of the fastest and easiest ways to manage, send, and receive money in multiple different currencies. You can use it whether you’re collecting money from trading applications like Robinhood, sending money to friends and family, or collecting invoice payments from international clients.
With Wise, there are no hidden fees, no extortionate mark-ups, and absolutely no-nonsense. When was the last time you were able to say that about your bank?
If you still have a few questions about making withdrawals through Robinhood, take a look at the following frequently asked questions:
Robinhood prides itself on charging very little money for its services, and it does not charge for bank transfers. There are limitations, and there are also other areas in which you may be charged a fee, but you won’t be hit with a charge when withdrawing from your Robinhood account to your bank account.²
Robinhood won’t close your account unless your balance is $0. To reach this point, you simply need to close all of your trades and withdraw your balance. You can then visit the Account section of the app or website, click “Account Information” and look for the “Deactivate Account” option.³
All sources checked on 10 March 2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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