Finance

How To Transfer Money From Robinhood to Bank Account With $0 Fee

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Robinhood has immensely improved its usability in the recent years. Now you can learn how to transfer money from Robinhood to bank account using mobile apps as well as online account.

What Will We Talk About here?
1. You can transfer money from Robinhood to bank using mobile app by Account > Transfer > Transfer Bank > Bank Account > Amount of Money > Confirm.
2. You can send money from Robinhood to bank account by Robinhood Account > Account > Banking > Amount of Money > Confirm.
3. It is also possible to cancel a withdrawal by Robinhood Account > History > Pending Withdrawal > Cancel.

…and Much More!

Transfer Money From Robinhood To Bank Using iOS or Android

Robinhood app lets you withdraw money quite easily. You just need to press the right buttons.

  1. Click on Account option at the top-right corner of the screen.
  2. Then tap Transfer.
  3. After that you need to select Transfer to Your Bank.
  4. Choose your Bank Account from the list.
  5. Enter the amount of money that you want to send from Robinhood to bank.
  6. Re-check the amount and Confirm the transactions.
Note! Robinhood lets you withdraw up to $50,000 per day.

Online Transfer of Money From Robinhood To Bank

Although a majority of the users opt for app instead of web platform, the later is just as convenient to use when transferring money from Robinhood to bank.

  1. Connect the internet and use web browser to login Robinhood account.
  2. Tap on Account option at the top-right corner of the page.
  3. Then click on Banking.
  4. Enter the amount that you want to transfer.
  5. Confirm the transaction.

Extra Reading

How To Cancel Robinhood Withdrawal?

Good to know that Robinhood does allow you to cancel money transfers but only if you initiate the process timely.

Here’s how you can get this done.

  1. Open your Robinhood Account.
  2. Tap on History if you are using it online or click on Menu first and then History when using Android app.
  3. Click on the pending withdrawal that you wish to cancel.
  4. Tap on cancel transfer.

Since you need to choose a pending transfer, it is not possible to take back a transaction that has already been processed.

How Long Can It Take the Withdrawal To Complete?

On the list of things that you can do with Robinhood unsettled funds, unfortunately, it is not possible withdraw money. Therefore, you need to settle the funds before making such a transfer.

  • It needs at least 2 trading days to convert sale funds to funds that can be withdrawn.

Furthermore, you need to provide extra information and time when making a transfer to bank account that is different from the one used to send money.

Therefore, a number of factors can delay the period it takes to complete the withdrawal.

The Bottom Line

It is essential to be aware of the process before withdrawing money from Robinhood. Good understanding would help you complete the transfer without any hassle.

Hopefully, this guide would allow you to transfer the money from Robinhood to bank account seamlessly!

Frequently Asked Questions About Transfer of Money From Robinhood to Bank Account

Does it charge a lot to withdraw money from Robinhood to another account?

Robinhood does not charge a high fee for its transfer services. However, there are some limitations and other sort of transactions that can come with considerable fee. Nonetheless, there is no fee when transferring money from Robinhood to a bank account.

How can I close my Robinhood account?

You can only close your Robinhood account once the funds are emptied. In order to do that, cancel all the trades and withdraw the remaining balance. With $0 in your account, click on Account and tap on Account Information. Then select Deactivate Account and your Robinhood would be closed.