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How to Withdraw Money From Robinhood

In today’s world, working an 8-hour job can no longer accommodate the rising cost of living or even ensure the path to financial freedom. The global financial market has significantly changed over recent years, and most recent developments suggest that investments have become mandatory for long-term financial security and freedom.

Thus, the present generation has started to invest their hard-earned money in stocks, options, futures, cryptocurrencies, and more and with proper strategies, reaping significant financial results. Then came the need for accessible financial brokers and creative, novel ways to invest in the market.

This also gave birth to large financial brokers and investing apps like Robinhood.

What’s Robinhood?

Robinhood started operating in 2013 and has proven to be one of the best financial platforms for cryptocurrency trading and stock investments. In particular, the platform’s one-click action makes it a user-friendly option, especially for novice traders.

That said, this feature is also available in Acorns, a micro-saving app suitable for small-time investors looking to invest only their spare change or extra cash easily. But is Acorns worth it and suitable for you? You can check out its comprehensive review.

Back to the point, as of 2022, Robinhood has over 18 million accounts. Robinhood specializes in free stock trades, cash management accounts, equity, options, cryptocurrency trading, and ETFs.

How to Withdraw From Robinhood

After taking your time to invest or trade with the Robinhood platform, you may be wondering how to get your money into your bank account.

Withdrawing from your Robinhood account is simple. However, the process is slightly different, depending on whether you’re using their website or the Robinhood app.

1. Withdrawing Money From Robinhood via the App

The Robinhood app is designed to make your life easier and allow you to deposit, trade, or withdraw on the go. To withdraw money using the Robinhood app, follow the directions below.

First, you need to open the Robinhood App. Log in to your account through the icon at the bottom-right corner of your mobile screen.

Once you’re logged in, find the “transfers” menu. Then, choose the “Transfer to Your Bank” option. Find the bank account you wish to transfer your money to. Then, enter the amount you want to withdraw.

Confirm you’re withdrawing to the right account and click “Submit.” After that, your withdrawal request will be processed, and you can wait for the money to be transferred to your bank account.

Take note that the above process applies to both Android and iOS phones.

2. Withdrawing Money From Robinhood Via Web

If you’re accustomed to using the web version, the withdrawal process will be just as simple as on the app, but slightly different.

Visit the official website of Robinhood and log into your account. After logging in, click on the “Account” tab from the top-right corner of your account.

Then, click on “Transfers” and enter the desired withdrawal amount. Double-check the details and confirm the transaction.

Canceling Your Robinhood Withdrawal

If you’ve already made a withdrawal but later on decided to leave the money in your Robinhood account for a little longer, you might be wondering how to cancel.

According to Robinhood, there are cutoff times for when you can cancel a withdrawal depending on when you initiated it. Once the cutoff time passes, you can’t cancel the transfer anymore.

  • If you initiate a withdrawal between 2:00 AM – 3:00 PM ET, you can cancel the transaction until 3:00 PM ET.
  • If you initiate a withdrawal between 3:00 PM – 7:00 PM ET, you can cancel the transaction until 7:00 PM ET.
  • If you initiate a withdrawal after 7:00 PM ET, you can cancel the transaction until 2:00 AM ET of the following trading day.
  • If you initiate a withdrawal on weekends, you can cancel the transaction until 2:00 AM ET of the following Monday.

You need to log in to your account, then go to “Account” and tap on the “Menu” icon (for Android users only). Go to “History,” and you’ll see the pending transactions. Tap the withdrawal transaction you want to cancel and hit the “Cancel Transfer” option.

Take Away

And there you have it!

As you can see, Robinhood is one of the best brokering platforms that makes it easy for you to invest your hard-earned money, as well as withdraw and enjoy the fruits of your trading activity. Whether you want to treat yourself after making profitable trades or need access to your funds for emergencies, you can follow the above steps to withdraw your money from Robinhood right away.

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