Robinhood is a very famous trading and investing platform for young people as the platform offers a lot of features however, while there are many people who find the application very good and useful, there are some people who are not very pleased with the application. The reason behind this is the transfer features of the application. If people are interested in switching from Robinhood to some other investment application then, they need to transfer their securities to a new brokerage account or they have to sell the stocks and cryptocurrency with them.
This is one of the main reasons why people are interested in knowing how to withdraw money from robinhood. Users can very easily withdraw money from their account in the form of cash and if you are also interested in knowing the same then, you simply need to adhere to all the information that we are giving in this guide.
Important Pointers to know before withdrawing money from Robinhood
There are some important rules that users should know and remember when they want to withdraw cash from their Robinhood account as these rules may or may not change their plans of withdrawing the money.
- There is a waiting period of five days before you can withdraw the funds that you have deposited.
- It is also required to wait for the complete trade to settle once, you have sold your stocks.
- The application only allows five withdrawals from the application in one day.
- There is a limit on the amount that you can get from your account in one day which is $50,000.
- If you have sold a free stock then, you need to wait for 30 days before you can extract the amount from your account.
What is the process to withdraw Money from your Robinhood Account?
Now that you know the important rules that are laid out by the application, let’s know the process with which you can get robinhood withdrawable cash in your bank account.
- Launch the application on your mobile application where you need to click on the account option to access your profile.
- Now, you need to click on the hamburger icon to open the side menu on your mobile phone.
- Choose the option that says ‘Transfers’ after which, you further need to choose ‘Transfers to your Bank’.
- Now, the application will ask you to enter the amount that you want to transfer to your bank account in dollars and choose ‘Robinhood’ in the from category.
- Press the Transfer button and you will see that the transaction will be made.
These are the steps that you need to adhere to when you want to transfer money from your Robinhood account to your bank account. The process is similar for both Android and iOS devices save for a few minor changes so, we hope that you have understood all the details shared. Use the website Themoneyflow when you want to know more about the application and its features.
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