How to Withdraw Buying Power from Robinhood: A Step-by-Step Guide

 

Although Robinhood buying power can be a great tool for investing, you may need to move that money from Robinhood into your bank. For this you need to wait for the right time and take few simple steps for Robinhood buying power to bank withdrawal.

Moreover, before you withdraw funds from your Robinhood account, your transaction must settle. This can take up to two business days for equities, while it could be even longer for options. Money will be transfer directly into your bank account once the settlement is period is complete. So, let’s begin and learn more about how to withdraw money from Robinhood immediately.

 

What is the Robinhood Buying Power and Withdrawable Cash?

Robinhood buying and withdrawable cash are two terms which often confuse the users. Both terms refer to funds in your Robinhood Account, but they have different meanings. This includes funds from your deposits as well as the proceeds of recently sold shares that are not yet settled. Robinhood's "Buying Power" is the total amount that you can spend on the platform.

And the Robinhood withdrawable cash is the money that you can transfer to your bank. These are funds which have been settled, which means they are not tied to ongoing trades or deposit. You can easily withdraw the withdrawable cash on Robinhood.

 

How to Withdraw Robinhood Buying Power to Your Bank?

For Robinhood buying power to bank withdrawal, you need to take the steps mentioned below:

·         First, open the Robinhood app on your mobile phone.

·         Then check your available Robinhood buying power.

·         You will find the option Transfer to Your Bank in the Transfers section.

·         Next enter the amount you wish to withdraw.

·         After this should see the option to link a bank account if you have previously done so.

·         At last, verify all the details and confirm the withdrawal.

 

How Long Does It Take to Transfer Robinhood Buying Power to Bank?

The Robinhood buying power to bank transfer time depends on several factors such as bank processing time and the settlement period. Robinhood provides investors with several options to withdraw their funds including ATM withdrawals, direct deposits, and wire transfers. The withdrawal time may vary depending on the time of day, and whether you have invested in Robinhood.

The withdrawal of funds from Robinhood depends on the asset type. Generally, Robinhood funds are available for withdrawal within two business days after you have sold stocks. The T+2 rule dictates that the funds become available for withdrawal two days after the trade has been completed. The money will remain in your purchasing power until then but cannot be withdrawn.

 

Why Can't I Withdraw Money from Robinhood After Selling Stock?

Below mentioned are some of the reasons due to which you cannot withdraw money from Robinhood after selling stock:

·         If the funds remain unsettled for up to two days after a sale.

·         You may be restricted from withdrawing money if you use a margin account, such as Robinhood Gold.

·         You may have reached the Robinhood buying power to bank limit, this can also cause issues.

·         There can also issues with the Robinhood mobile app so update it now.  Get the latest version of the Robinhood mobile app from play store or apple store.

·         If you still can’t withdraw money from Robinhood, you need to contact the customer support team and resolve these issues.