Why cant i withdraw brokerage cash robinhood

How to Withdraw Your Money From Robinhood

The withdrawal process is relatively simple, but it is slightly different depending on whether you’re a mobile user or a desktop user.

Withdrawing Money From Robinhood on Your Phone

If you’re using your smartphone, then the process is very simple. All you need is your phone, the Robinhood app, and access to your account.

1. Open the Robinhood app and access your account via the icon at the bottom-right corner of the screen.
2. Find the “Transfers” menu, then select “Transfer to Your Bank.”
3. Find your bank account in the list and choose it.
4. Enter the amount that you want to withdraw.
5. Check that all of your details are correct, then tap “Confirm.”

And there you have it - a simple and straightforward way to withdraw money into your bank account from Robinhood.

Withdrawing Money From Robinhood on Your Computer

If you’re accustomed to using computers, the transaction process will be just as simple as on mobile devices, if a little different.

1. Navigate to the Robinhood website and log in to your account.
2. Once logged in, search for the “Account” option in the top-right corner of the website.
3. Click the “Banking” option. Locate the withdrawals section and enter the amount that you want to withdraw.
4. Confirm the transaction and wait for the money to appear in your bank account.

While the menus are similar, it’s normal to be a little confused if you switch from one platform to another.

How Long Does It Take To Withdraw Money From Robinhood?

Some people may be disappointed to see that the money from their Robinhood account doesn’t instantly transfer to their bank account.

However, this isn’t actually Robinhood’s fault - bank transfers just inherently take a long time.

This is because there are many steps that your transfer goes through in order to reduce the possibility of fraud. It’s essentially a security feature that helps to protect your bank account.

In most cases, a withdrawal from Robinhood should take no more than two to three days. This is about the average amount of time it takes for a regular bank transfer, but you might occasionally see much faster times.

Even so, be prepared for a reasonable wait until your Robinhood funds reach your bank account.

Can I Choose Which Account To Cash Out To?

Robinhood uses your depositing account as your withdrawal account to make things simple. However, you can choose to withdraw to a different account if you want to.

If you decide to cash out on Robinhood into another account, you may need to go through a security check to ensure that the account is yours. This can be a slow process, but remember that it’s there to protect you, your account, and your funds.

Why Can’t I Withdraw My Money From Robinhood?

There may be a number of reasons why you can’t withdraw money from Robinhood. Here are some of the most common ones:

• You’ve already hit the withdrawal limit.
• The money hasn’t settled in your account yet.
• You may have an account restriction.

Remember that the Robinhood withdrawal limit is set at $50,000 or five withdrawal transactions each day. If you try to make more withdrawals than this, you may see an error when you try to withdraw your funds.

Robinhood also requires the money in your account to settle before it can be withdrawn.

Whenever you make a sale, it takes roughly two to three days for the funds to settle into your account, at which point they can be withdrawn into a bank account of your choice.

So if you’ve just made a successful trade and are looking to cash out, you won’t be able to do it immediately.

Lastly, account restrictions aren’t common, but they could be why you can’t withdraw money. Common reasons for an account restriction include unusual trading patterns, changing your linked bank account, or a security breach on the platform.

If none of these points answers your question, or you’re still confused about why you can’t withdraw money from your Robinhood account, then it’s best to contact Robinhood’s customer support directly.

How Much Does It Cost To Withdraw Money From Robinhood?

Robinhood typically won’t have transfer fees, but there may be exceptions depending on the circumstances.

For example, there may be small regulatory trading fees, trading activity fees, and you’ll also have to pay a fee if you decide to move your money from Robinhood to another competing brokerage firm.

However, even if you have to pay fees, you can be sure that they’ll be very low.

Last updated: Nov 7, 2022 • 5 min read

Robinhood has managed to become one of the most trustable investing platforms of them all.

If you are into the finance world, then you have probably heard of this website or the Robinhood app.

The trading process is not usually for beginners, but when you master this art, you can get a nice cash revenue in your accounts.

Now, one thing is using the Robinhood app (Android app or iOS App) for trading stock or following someone else’s financial advice, and another thing is getting the cash into your bank accounts.

Withdrawals are a fundamental part of all exchanges and financial platforms out there, so it’s fundamental to learn how to use this feature.

So, if you can’t transfer to your bank because an issue keeps happening, then keep reading to learn more about:

• Why can’t I withdraw money from Robinhood?;
• What to do if you can’t access the withdrawal feature on Robinhood;
• Best ways to solve deposit problems on the Robinhood platform.

Withdrawing Money from Your Robinhood Account

Free stock trading, cryptocurrencies, safety measures… Robinhood seems to have it all!

That’s why it now has more than 13 million users all over the world.

Usually, getting your money transferred from the platform to your bank account is elementary.

Nonetheless, if you are trying to transfer money, but the feature is not working as it should, then we have a problem here.

Withdrawing Money from Robinhood shouldn’t be a big deal if your information is properly verified.

Hence, before you spend your money on this business model, make sure you know what you are doing.

Why Cant I Withdraw Money from Robinhood?

There are five main reasons why you can’t withdraw money from Robinhood.

As we mentioned before, funds withdrawals are normally pretty easy, so identifying the root cause of the problem isn’t as hard as someone might believe.

Read Also: Binance follows a similar business model as Robinhood. You can transfer funds, deposit money, buy and sell cryptocurrency, get stock advice, and more.

Nonetheless, Binance withdrawals being suspended might as well happen in your profile due to different reasons.

1. Wait for the Settlement Period

Firstly, you need to know what the settlement period is. This period is defined as the trade date plus two trading days.

After the final trading day finishes, hence the third day finishes, you’ll be able to withdraw the funds.

The money needs to settle in order to be on your buying power.

Have some patience - it will be worth it!

2. Withdrawal Limit Exceeded

You can make up to five withdrawals in the same business day.

What’s more, you can only withdraw up to $50,000 in the same period of time.

Make sure that your withdrawable cash available doesn’t exceed these limitations.

Otherwise, the platform will simply cancel the funds transfer.

3. Pending Withdrawal on Your Account

A pending withdrawal in Robinhood can take up to five trading days (or business days) to be processed.

The platform needs to protect itself against fraud and other suspicious activity, so the only thing left to do here is to wait for these days to pass.

4. Trying to Withdraw Funds to a Different Bank Account

If you want to transfer funds to a different bank account, you can do so as well, but you will need to verify it all over again.

It doesn’t matter if you already verified your previous bank account - if you want to withdraw funds to a new one, Robinhood will ask you for all the documents related to this new account.

Later on, you will need to wait for 1 business day (or 2, depending on how busy they are) for your new account to be approved.

5. You Are Facing Account Restriction

Perhaps your account is restricted and the support team has blocked your ability to withdraw funds.

If this happens to you, you need to contact customer service as soon as you can.

Likewise, a Robinhood Account Restricted from Purchasing requires you to understand the reasons behind this restriction in order to fix it.

The support team will most likely take between one business day up to three before they answer you back.

In any case, you should get a message explaining the reasons for your restriction.

That’s all for today!

You’ll be able to withdraw money from Robinhood sooner than you imagine, so do not despair!

For more Robinhood content, check our related articles.

Cant I Withdraw Money From Robinhood FAQ

Is Robinhood an Online Broker?

Yes, it is. Users can have a Robinhood Gold account, which requires them to have at least $2,000 of cash value there before even thinking about making transfers to their account below this margin.

Learn more about the Robinhood brokerage account value by clicking here.

Can I Cancel Transfers from Robinhood to Bank Account?

Yes, you need to click account icon or menu icon at the bottom right corner of the screen, go to transfers, tap “History,” and then select “Cancel Transfer.”

Nonetheless, this can only be done before certain times and hours that are clearly mentioned on Robinhood Official Website.

How do I get my brokerage cash out of Robinhood?

Why can I not withdraw my brokerage cash?

Why does my Robinhood say brokerage cash?