Have you heard about Robinhood to withdraw money or invest money for trading? If not heard, then no worries! I am happy to tell you because I found a fantastic app and researched it well. Robinhood is one of the most useful trading platforms for young investors. In addition, if you want to switch your Robinhood investment to a top-ranked investment app, you can directly transfer securities out of Robinhood into your Brokerage account. Or you can sell your stocks and transfer them into your bank account. But everybody has a different mindset, so everyone is unhappy with this app.
It is good to withdraw your cash into the same bank account which is used to fund your account. Furthermore, it is quite easy to withdraw your money from your *Robinhood account on your android or iOS device or via the website. The article will guide you to withdraw the money from various devices, and how long does it take to withdraw your money?
What Is Robinhood App (Money Withdraw)
Robinhood is a USA-based app that offers commission-free trading. It was founded in 2014 in California by two roommates, Baiju Bhatt & Vlad Tenev. It provides a website and mobile-based financial service platform that allow people to invest in and trade to make double money. Robinhood allows users to invest in a cryptocurrency’s platform based on their geographical location. It was the first finance app to win an Apple Design Award and is the fastest-growing brokerage in history.
Robinhood launched a $10/ month subscription and many users can get instant deposits for trading just before the market is open. And just after it has closed. On the other hand, the company expanded into China via a partnership with Baidu. And allows Chinese citizens to buy and sell US stock through an app integration.
How to Withdraw Cash from Robinhood on Your PC?
All you need to do to withdraw the money is get on the official Robinhood website and perform a transaction process through your computer. It is a quick process, and ready to do that. The following steps will allow you to go on.
- Go to the Robinhood website and log in to your personal account.
- After logging in, search for the account option, which is located in the top right corner of the screen on the Robinhood website.
- Then, click on the “Banking” option when you see it.
- Now, you will see the panel page in Infront of you and enter the amount you want to withdraw from Robinhood.
- After entering the right amount of money, confirmthe transaction and be ready to enjoy your money once you receive it in your bank account.
How to Withdraw Money from Robinhood on Your Android Or iOS?
Withdrawing money from the Robinhood app is relatively so easy. The difference is minor between them and almost it’s basically the same app. The following process applies to both devices: iOS or Android.
- Click on the account icon, which appears at the right corner of the application.
- Then click on the Transfer button and choose the “Transfer to your Bank” option.
- Now, the list will have appeared where you have to find out the bank account name.
- Add the withdrawal amount from your Robinhood account to the bank account you want to add.
- Make sure the amount is correct and click “confirm.”
How Long Does It Take to Withdraw Money from Robinhood?
When you start to transfer the cash in a Robinhood account, it takes a while to transfer and withdraw the cash. Generally, when you transfer the funds to your Robinson account, you will have to wait for 2 trading days. This is the time when the required money is settled down into your account and after it turns into the withdrawal funds.
You may have the possibility of withdrawing to the same bank account you used to make the deposit and using another bank account. But if you prefer another one, it will slow down the whole process. I am pretty sure; it is the way to protect money from laundering and fraud. You can also cancel the transaction if you mistake putting wrong numbers in the transaction, but you have to do much fast.
May I Cancel the Robinhood Withdrawal?
If you withdraw the money mistakenly, you may cancel the withdrawal through Robinhood, and it allows you to make funds with other trades.
- Go to the websiteand visit your account.
- Click on the history button(if you are using Android, then tap on the Menu icon)
- Find your pendingwithdrawal and tap on it.
- Choose the “Cancel Transfer” option.
Of course, you can cancel the withdrawal before the withdrawal proceeding, and it generally happens quickly. If your transfer proceeds between 2 AM to 3 PM, you can cancel your Robinhood withdrawal up to 3 PM on trading days.
If you love to trade, the Robinhood app is really good for trading. And you can easily transfer the money out of the Robinhood into your bank account. But there is a problem; you cannot take money from the Robinhood account until 5 days after you have transferred the money into Robinhood. In addition, you have to wait for 3 business days after selling stock ETFs before you may withdraw the proceeds. Furthermore, you can also use this app by making an account on Android or iOS and computer. And start the trading on your handy mobile or device. Let us know in the comment box if you are a previous user of Robinhood and how helpful it is.