Through the course of this article, we will understand all about the necessary steps involved with how to withdraw money from Robinhood.
Robinhood is one of the most popular financial platforms recently, with an increasing number of people interested in its offer.
Both Wall Street and Main Street are baffled by Robinhood’s increasing popularity. Currently, the trading platform is the favored alternative for millions of traders, most of whom are young.
The company, based in the United States, began operations in 2013. The firm made a net loss of $278 million in 2019. According to the SEC, Robinhood made $959 million in income in 2020.
Options Trading accounts accounted for 38% of total revenue. Cryptocurrency trading contributed 17% of the company’s revenue, while equity accounts brought in 25%.
Robinhood decided to file for its eagerly anticipated first public offering (IPO) in January 2022. Before its initial public offering, the rapidly expanding corporation had $80 billion in assets, and its current market capitalization is $20 billion.
The trading platform in the United States will have over 18 million accounts in 2022. As per CNBC, the number of funded accounts increased by 151 percent over the past year.
The brokerage firm hoped to raise $100 million with the NASDAQ debut. JPMorgan Chase, Citigroup, and Goldman Sachs were among the underwriters for the IPO. The IPO remains one of Wall Street’s major success stories in the year 2022.
Is It Possible To Withdraw Money From Robinhood?
It is possible to withdraw funds from Robinhood. In fact, you can make up to 5 withdrawals into your account per business day, which is fantastic. Users on the platform can withdraw up to $50,000 in a single business day. The only point that needs to be certain is that the money is withdrawn to the correct account.
Withdrawals are handled differently depending on the investor’s device to make them. Having stated that, the process will progress in a specific way if you withdraw from your smartphone, but the processes will be different if the user withdraws using a desktop computer.
How to Withdraw Money from Robinhood Platform
The most popular withdrawal process is bank transfer, and it’s available through almost all brokers, including Robinhood.
On the other hand, Robinhood only offers bank transfers as a withdrawal option, placing it at a disadvantage against brokers that additionally provide withdrawals via credit/debit cards or e-wallets.
It’s also important to be swift. Withdrawals are seldom instant, unlike other payment options. Your money will arrive in a minimum of one business day, but more frequently than not, many business days.
Here is a step-by-step guide on how to withdraw money from Robinhood for all users and investors on this platform:
- Please sign in to your account.
- From the applicable menu, select ‘Withdrawal’ or ‘Withdraw funds.’
- Choose a withdrawal method and also an account to which you want to transfer the funds (if more than one option is available)
- Set the amount to be withdrawn, as well as a brief reason or description if required.
- Send your request.
- Please keep in mind that you can only withdraw funds from registered accounts in your name.
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How Long Does It Take to Withdraw Money From Robinhood?
Money transfers can take a long time, not because of the withdrawal process you started on the Robinhood website, but because of the time it takes for the money to arrive in the user’s account.
Normally, you must wait at least two trading days after receiving funds in your Robinhood account. This is the amount of time it takes for the money to deposit into the user’s account and become available for withdrawal.
You can withdraw to the same bank account that is used to make the deposit, or you can use a different bank account.
You can also reverse withdrawals if you make a mistake or want to withdraw a larger amount instead of two smaller ones. However, you will need to act quickly to cancel the transaction.
It’s possible to do so by heading to your account and then looking through your History. This option is available on Android phones by tapping the “Menu” icon. The pending withdrawal will then be shown, and you will have the option to click it. There is a “Cancel Transfer” option there that you can use afterward. Obviously, you should be aware that this will immediately halt your withdrawal and cause the entire procedure to be delayed.
Is It Possible to Withdraw Money from Robinhood Without Paying a Fee?
You may be charged fees at specific periods when you make a withdrawal. Fortunately, the app doesn’t charge a lot for withdrawals, which is fantastic. There will be no charge for bank transfers. However, there are some restrictions, and you may be charged a small fee if you withdraw funds from your Robinhood account.
Here are Robinhood’s withdrawal rates:
- Wire transfers cost $25 to complete. Withdrawals made via ACH are absolutely free.
- An international bank withdrawal from Robinhood costs $50. This is slightly more expensive than its nearest competitors, WeBull and SoFI Invest.
Can Robinhood Close Accounts?
Normally, this brokerage does not close your accounts unless there is a legitimate reason. The only time you’ll be forced to close your account is if your balance reaches zero. Go over to the ‘Account Information’ option and look for the ‘Deactivate my Account’ link if you wish to take a break from the financial markets.
The Robinhood Market has seen many ups and downs in the financial market but has continued in an upward surge gaining more investors and users.
Investors and users need to do basic research before choosing any exchange in the financial market as this would help users make the best decisions and maximize profit in the long-run.
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