You may be one of many Robinhood customers who want to transfer money from their Robinhood account to their bank. Therefore, you must know the limitations and steps involved in withdrawing money from Robinhood. Tap on the Account Icon after logging in to Robinhood. Choose either Bank Account or Debit Card from the Transfers menu and follow the on-screen instructions.
Robinhood also offers an alternative method of withdrawing money: an ACH transfer between your retirement or investment account and another brokerage who supports it. For this feature to work, you must have a minimum of $2,000 in your investment or retirement account. This includes any commissions that were paid as well as collateral held for assignment. These transfers usually take five business days.
Why You Might Want to Withdraw Money from Robinhood?
It is important that you understand the reasons why you may need to withdraw your money from Robinhood before attempting to follow the steps. Robinhood allows users to trade stocks, options, and ETFs. It also offers cryptocurrency trading. It is simple to trade on the platform. However, you may want to withdraw funds for a variety of reasons.
- After a successful purchase, you are ready to transfer your profits to your bank.
- You may need emergency funds if you face unforeseen circumstances.
- You may want to diversify your investments and move them out of Robinhood into other platforms or types of investment.
- Transferring funds to an account linked to personal accounts: You may want to transfer money to a bank that you have connected to your savings or spending account.
How to Withdraw Money from Robinhood to Bank?
It is easy to withdraw money from Robinhood into your bank account. There are some important details that you need to know to avoid any issues. Here are steps on how to withdraw money from Robinhood:
Step 1: Link a Bank Account to Your Robinhood Account
You must have a bank account linked to your Robinhood account before you can withdraw money. You can skip Step 2 if you already have a linked bank account. Here is how you can link your Robinhood account with your bank:
- Log in to your Robinhood account by opening the Robinhood App.
- Click on the Account icon in the lower-right corner.
- Select “Transfers” by scrolling down.
- Tap “Linked Accounts” under “Bank Accounts”.
- Follow the instructions on screen to enter your bank details.
- It may be necessary to verify your account by micro-deposits, or to use the login credentials of your bank to link it.
- You can withdraw funds from Robinhood once your bank account has been linked.
Step 2: Start the withdrawal
Here is how to withdraw money from your linked bank account:
- Tap on the Account icon once more when you open the Robinhood App.
- Click on “Transfers”, under “Banking”.
- Tap “Withdraw to Your Bank”.
- Choose the bank account where you wish to send the money.
- Enter the amount that you want to withdraw. You can withdraw your entire balance or just a portion.
- Confirm all transfer details including the amount, destination account and the date.
- Tap “Submit”, to complete the withdrawal.
Step 3: You must wait for the transfer to complete.
Robinhood processes withdrawals in 1-3 days. It may take 1-2 additional business days depending on your bank for your funds to show up in your account.
Step 4: Confirm the Funds in Your Bank Account
After the funds have been sent and transferred, they should show up in your account. Check your bank account regularly to make sure the money has been deposited properly. Contact Robinhood Support if you experience any problems or delays.
How to Transfer Crypto from Robinhood to Coinbase?
Robinhood lets users buy and sell cryptos such as Bitcoin, Ethereum and others. However, it does not permit withdrawals of cryptos to external platforms or wallets. You will need to take a few extra steps to transfer crypto from a Robinhood or Coinbase.
Robinhood currently does not allow direct crypto withdrawals to Coinbase or other external wallets. You can still sell your crypto through Robinhood and transfer the USD to your bank account. Then, purchase crypto from Coinbase using that balance. Here is how to transfer crypto from Robinhood to Coinbase indirectly:
- Sell Crypto on Robinhood:
- Go to the Robinhood app, and click on your crypto holdings.
- Choose the cryptocurrency that you wish to sell (e.g. Bitcoin or Ethereum).
- Click “Sell” and confirm the amount to complete the transaction.
Buy Crypto on Coinbase:
- Log into your Coinbase Account once the USD funds have arrived in your account.
- You can use the funds deposited to buy the cryptocurrency you want.
- This is the only method currently available for Robinhood users to transfer their crypto investments from one platform to another, such as Coinbase.
To cash out, you must sell your Robinhood investments and transfer the proceeds to your bank account. You have options to cash out Robinhood:
Sell investments:
- Go to the “Portfolios” tab in the Robinhood App.
- Choose the ETF or cryptocurrency that you wish to sell.
- Click “Sell” and enter the amount to complete the sale.
Withdraw Funds:
- The funds will be credited to your Robinhood account as “cash”.
- You can withdraw the money from your linked account by following these steps.
- There are no fees associated with cashing out of Robinhood. However, depending on the amount you earn, selling your investments could have tax implications.
FAQ
How to transfer crypto from a Robinhood or Coinbase?
Currently, Robinhood does not allow crypto transfers directly to external exchanges or wallets such as Coinbase. This involves selling your cryptocurrency on Robinhood and withdrawing your USD balance into your bank account. Then, you purchase the crypto from Coinbase.
How to transfer money out of Robinhood?
To withdraw money from Robinhood, you can sell your investments (if not already done) and then transfer the money to your bank account linked by following the “Withdraw Money Process”.
How to get brokerage cash out of Robinhood?
You will need to sell your stocks, ETFs, or crypto holdings before you can withdraw any brokerage cash. After you sell your assets, the money will appear in your account and can be transferred to your linked account.
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