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How To Withdraw Money From Robinhood To Your Bank
Robinhood is a commission-free trading app that allows users to trade stocks, ETFs, options, and cryptocurrencies.
If you need to withdraw money from your Robinhood account to your bank, you have multiple options, including traditional bank transfers and using the Robinhood debit card.
However, before initiating a withdrawal, it's essential to understand processing times, withdrawal limits, fees, and settlement periods to avoid delays or unexpected costs.
Additional fees: Some ATMs may impose their own fees; Robinhood does not reimburse these charges.
Settlement Periods for Withdrawals
If you recently sold stocks, ETFs, or options, the settlement period affects when your funds become available for withdrawal:
Stocks & ETFs: T+1 (Trade Date + 1 Trading Day)
Options Trades: T+1 (Trade Date + 1 Trading Day).
This means if you sell a stock on Monday, the cash from that sale will be available for withdrawal on Tuesday.
Restrictions & Considerations
Before withdrawing, keep these restrictions in mind:
Pending Deposits: Funds from a recent deposit must clear before they can be withdrawn.
Referral Stock Proceeds: If you received free stocks via Robinhood’s referral program, their cash value must remain in your account for at least 30 days before withdrawal.
Bank Account Changes: If you recently changed your linked bank account, Robinhood may impose a temporary withdrawal hold.
Recent Developments
Robinhood has introduced additional banking features, including:
Enhanced interest rates on uninvested cash for Robinhood Gold members.
Faster fund access for eligible users via their online banking platform.
On-demand cash delivery, allowing users to withdraw funds without waiting for bank transfers.
Article written by Ryan Scribner
Ryan Scribner is the Co-Founder of Investing Simple and author of the personal finance book ‘From Side Hustle To Main Hustle To Millionaire’ (available on Amazon and at Barnes & Noble). He is recognized as a Top 100 Money Expert by GoBankingRates.
Ryan Scribner runs a successful YouTube channel focused on money and investing, which he started in 2016. Scribner was exposed to the finance world early on with a dad who is a financial advisor. Before he started his YouTube channel, he was working and making a surplus of money which he began investing on his own. Then he started to document it on his YouTube channel, before launching the Investing Simple blog in 2018.
Ryan Scribner has used his own experiences with money to show others what he’s done to be successful so that they can learn from it. He has been featured in The Wall Street Journal in a publication on The Financial Gurus Millenials Listen To.
In addition, Ryan Scribner has been featured in MarketWatch, Business Insider and Forbes - where he was recognized as the #1 Must Watch YouTube Channel For Making Money.
Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood
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