How to Withdraw Money From Robinhood - A Detailed Guide

Hey there!

So you‘ve been using Robinhood to invest and trade, and now you want to withdraw some of your money. Don‘t worry, I‘ve got you covered!

Withdrawing funds from Robinhood is easy once you know the steps. In this detailed guide, I‘ll explain everything you need to know to successfully take money out of your Robinhood account.

Whether you want to transfer profits to your bank or need to pull out cash for an expense, this walkthrough has got you taken care of. I‘ll share tips I‘ve learned from my own experience withdrawing from Robinhood over the past couple years.

By the end, you‘ll be a pro at taking money out of Robinhood!

Let‘s get started.

Overview – How Robinhood Withdrawals Work

Before jumping in, let‘s quickly go over the basics of how withdrawing money from Robinhood works:

You can transfer funds to a linked U.S. bank account or debit card. No withdrawing crypto or stocks.
Only settled cash balances can be withdrawn, not your total account value.
Withdrawals take 1-3 days via ACH transfer, up to 30 minutes for debit card, or same day wire transfer.
Robinhood charges no fees for ACH or debit withdrawals – just a $25 fee for wire transfers.

Pretty straightforward right? Now let‘s dig into the step-by-step process.

Step 1: Link Your Bank Account

First things first, you need to have a bank account linked to your Robinhood account. This gives Robinhood somewhere to send your withdrawn funds.

You can link a bank in under 5 minutes:

In Robinhood, tap the account icon in the bottom right.
On the account page, select "Linked Accounts" under the Transfers section.
Tap "Link New Account" and enter your routing + account numbers.
Verify with the small trial deposits Robinhood sends to your bank.

Once your bank is linked up, you‘re ready to withdraw! Most people link their primary checking account.

You‘ll also want to link a debit card if you want instant transfers. More on that soon.

Step 2: Check Your Buying Power

Now here comes an important step – making sure you have sufficient settled cash to withdraw.

Your Robinhood account has two balances:

Total account value: The value of all your investments.

Settled cash balance: Cleared funds that can be withdrawn.

You can only withdraw the settled cash balance, which reflects the amount that has fully settled after selling stocks and options.

For example, say your total Robinhood account value is $10,000. But your settled cash balance is only $1,000.

In this case, you‘d only be able to withdraw the $1,000 in settled cash!

So first navigate to your Robinhood account page and check the settled cash amount. Make sure you have enough available to withdraw.

If not, you may need to sell some investments and wait a couple days for funds to settle before withdrawing.

Step 3: Pick Your Withdrawal Method

Alright, your bank account is linked and you‘ve confirmed available settled cash. Time to pick how you want to withdraw your funds.

Robinhood gives you three options:

ACH Transfer

This withdraws money directly to your linked bank account via ACH transfer, taking 1-3 business days.

ACH transfers are free and the most common withdrawal method. Nearly everyone uses this for larger transfers.

Debit Card Withdrawal

If you want your money instantly, link a debit card and use this method.

The cash will show up in your account almost immediately – usually within 30 minutes or less. Awesome for quick access!

You can withdraw up to $1,000 per day via debit card. It‘s free too.

Wire Transfer

Need same day withdrawal to your bank? Wire transfer is the fastest option.

However, Robinhood charges a $25 fee for wires. And the minimum is $1,000.

Wires are best for rapidly moving larger sums of money.

For most withdrawals, I recommend using ACH transfer to your bank account. It‘s free and pretty fast. Debit card is great if you need instant access or are taking out smaller amounts.

Okay, you know the withdrawal options – now let‘s walk through requesting one…

Step 4: Submitting a Robinhood Withdrawal

Requesting a withdrawal from Robinhood only takes a couple minutes. Here are the steps:

Tap "Transfers" on your Robinhood account page.
Select your transfer type: ACH, Debit, or Wire.
Enter the amount you want to withdraw.
Pick which linked bank account to send funds to.
Carefully review the details to confirm accuracy.
Submit the withdrawal request.

And that‘s it! Robinhood will process the transfer and send funds to your bank within the standard time frame.

For ACH, usually expect the money in your account within 1-3 business days. Debit card withdrawals hit even quicker.

Be sure to triple check the details before submitting. Most transfers can‘t be canceled!

And don‘t forget to account for the 2 day trade settlement period before withdrawing after selling investments.

Pro Tip: How to Speed Up Robinhood Withdrawals

Looking to get your money out of Robinhood even faster?

Here are some insider tips and tricks I use to speed up withdrawals:

Link a debit card – Instant access to funds during the day. Much quicker than standard ACH.
Withdraw early in the day – Transfers submitted by 10am ET typically hit bank accounts quicker.
Use wire transfer – If you need funds same day, pay the $25 wire fee for fastest withdrawal.
Avoid weekends – Withdrawals submitted on Fridays/weekends take longer to process.
Upgrade to Gold – Gain higher instant transfer limits and expedited access to funds.

Following these tips can help reduce the wait time by a day or more, getting your Robinhood money into your hands sooner!

Troubleshooting: Robinhood Withdrawal Not Working?

What if your Robinhood withdrawal isn‘t going through? Here are some common issues and fixes:

Not enough settled cash – Double check you have sufficient funds available to withdraw after trades settle.
Incorrect bank details – Make sure account and routing numbers match your linked bank‘s.
Account not verified – May need to re-verify newly linked bank account with trial deposits.
Pending issues – Contact Robinhood support for pending withdrawal problems or account restrictions.
Multi-factor authentication – Sometimes 2FA verification is needed if Robinhood flags withdrawal for security.
Temporary bank or app error – Could be temporary outage with Robinhood or your bank‘s apps/websites. Try again later.

The majority of the time, not having enough settled cash or inputting the wrong details causes withdrawal issues. But if problems persist, contacting Robinhood support can help get to the bottom of it.

FAQs About Robinhood Withdrawals

Here are answers to some of the most common questions about taking money out of Robinhood:

How long do ACH transfers from Robinhood take?

Typically 1-3 business days for ACH withdrawals to reach your bank account.

What‘s the fee for wire transfers on Robinhood?

Robinhood charges a $25 fee for domestic wire transfers. International wires are $50.

Can I withdraw crypto from Robinhood?

No, Robinhood does not allow withdrawing cryptocurrency directly – you need to sell to cash first.

What‘s the daily limit for debit card withdrawals?

Debit card withdrawals are capped at $1,000 per rolling 24 hour period.

Does Robinhood charge for debit card or ACH withdrawals?

Nope, debit and ACH transfers are completely free on Robinhood!

Can I withdraw stocks or options from my account?

You can only withdraw available cash balances – not transfer stocks, options contracts, or other securities.

What happens if I withdraw more than my settled cash balance?

The transaction will fail. Make sure to only withdraw your available settled funds.

How do I add a new bank account to withdraw to?

You can add banking or debit card accounts under the Linked Accounts section of the app. Takes 1-3 days to verify with trial deposits.

And there you have it – the complete lowdown on withdrawing your funds from Robinhood! Let me know if any other questions come up.

In Summary…

The key takeaways for easily taking money out of your Robinhood account:

Link a bank account or debit card
Check settled cash balance
Pick withdrawal method (ACH, debit, wire)
Submit transfer request for amount
Allow 1-3 days for ACH, or 30 minutes for debit
Only withdraw settled funds after trades complete
Contact support if any issues come up

Hope this guide gives you a great overview of how to withdraw from Robinhood! Let me know if you have any other questions.

Now you can take advantage of those profits and transfer funds from Robinhood back to your bank. Enjoy the cash!