How Long Does It Take To Withdraw and Transfer Money From Robinhood?
Being an online broker, Robinhood allows users to buy and sell cryptocurrencies and stocks without a trading commission. Since it offers free stock trading in addition to crypto, it has become a go-to place for investors.
But how long does it take to transfer money from Robinhood to the bank?
Below, we answer this question in detail.
How Long Does It Take To Withdraw Money from Robinhood?
A pending deposit on Robinhood can take five trading days to complete. During this time, you will be unable to spend or withdraw these funds.
Settling the Funds
When you make a sale from your Robinhood account, it takes a while for the funds to settle before you can send them to your bank account. The average time for this stage of the process is two trading days.
Therefore, the funds from a Robinhood transaction are available for you to withdraw on the third day following a trade.
Robinhood allows you to make up to five withdrawals per day, so long as they total less than $50,000.
Withdrawing Funds to a Different Bank Account
If you want to withdraw funds to a different bank account than you deposited from, you need to contact the support team. In case you cannot access your original bank account or have closed it, you need to share the following things with the support team:
- A description of why you are withdrawing funds to a new bank account rather than the one you deposited the funds from
- A front and back photo of your ID card
- Bank statements to prove that you hold both accounts
- The bank account you want to transfer the funds to
- The amount you want to transfer
Can You Cancel a Withdrawal?
You can cancel a withdrawal made within a certain window by its established cutoff time.
- A transfer initiated between 2:00 a.m. – 3:00 p.m. EST can be canceled up to 3:00 p.m. EST.
- A transfer initiated between 3:00 p.m. – 7:00 p.m. EST can be canceled up to 7:00 p.m. EST.
- A transfer initiated after 7:00 p.m. EST can be canceled up to 2:00 a.m. EST the next trading day.
If you initiate a transfer during the weekend, you can cancel it up to 2:00 a.m. EST on Monday. Canceling the withdrawal is pretty simple as you can do it using your mobile phone app.
- Go to the Account icon.
- If you are an Android user, tap the Menu icon.
- Tap History.
- You will see the pending transfer here. Tap on it.
- Finally, Tap “Cancel Transfer.”
Doing so will cancel the withdrawal, provided you have initiated the cancellation within the appropriate window. However, the wise thing would be to make a considered decision about every withdrawal so that you are not racing against time to cancel it.
Whether you want to transfer the money to your original account or a new bank account, Robinhood has provisions for both and handy cancellation options.