Various Methods to Withdraw Money from Robinhood

 

Withdrawing money from Robinhood is a simple process, whether you're cashing out your stocks, transferring funds to a bank, or moving cryptocurrency to another platform like Coinbase. In this comprehensive guide, we’ll walk you through the various methods to withdraw money from your Robinhood account, transfer stocks, and more. Following these steps will ensure a smooth and secure experience for getting your funds where they need to be.

How Do I Get My Money Out of Robinhood?

To withdraw money from Robinhood, you'll need to follow these steps:

  1. Log into Your Robinhood Account: Begin by opening the Robinhood app or website and logging into your account.
  2. Navigate to the Transfers Section: Once you're in your account, tap the "Account" icon in the bottom right of the app, and select "Transfers."
  3. Choose Transfer to Your Bank: Click on "Transfer to Your Bank" to initiate a bank transfer from your Robinhood account to your linked external bank account.
  4. Select the Amount: Enter the amount you wish to transfer. Keep in mind that Robinhood instant transfers allow you to move up to $50,000 per day.
  5. Confirm the Transfer: After entering the transfer amount, confirm the details to finalize the transaction.

Funds typically take 3 to 5 business days to reflect in your bank account. If you require faster access to your funds, Robinhood Instant Transfer may be available for eligible users.

Transfer Crypto from Robinhood to Coinbase?

Transferring cryptocurrency from Robinhood to Coinbase is another common request. As of now, Robinhood supports the ability to transfer cryptocurrency out of the platform, making it possible for users to transfer crypto assets like Bitcoin, Ethereum, and others to external wallets like Coinbase.

Here's how to transfer crypto from Robinhood to Coinbase:

  1. Open the Robinhood App and navigate to your crypto holdings.
  2. Initiate the Transfer: Select the cryptocurrency you want to transfer, then choose "Send" and input the amount.
  3. Enter the Coinbase Wallet Address: In the recipient field, enter the Coinbase wallet address where you want to send your cryptocurrency. Always double-check the wallet address to avoid sending your funds to the wrong place.
  4. Confirm the Transaction: Once the address is entered, confirm the transfer. Robinhood will process the transaction, and it may take a few minutes to a couple of hours for the crypto to appear in your Coinbase wallet.

How Long Does It Take to Transfer Crypto from Robinhood to Coinbase?

The transfer of crypto from Robinhood to Coinbase is typically completed within minutes, but it can sometimes take a few hours depending on network congestion. Robinhood does not charge a fee for these crypto transfers, which is a key benefit.

How to Transfer Money from Robinhood to Bank?

To transfer money from Robinhood to a bank account:

  1. Open the Robinhood App or Website and log in.
  2. Tap the Transfers Section: In the app, click on the "Account" icon and select "Transfers."
  3. Select Your Linked Bank: Choose the bank account linked to your Robinhood account.
  4. Enter the Transfer Amount: Input the amount of money you'd like to withdraw from Robinhood to your bank.
  5. Confirm the Transaction: After entering the amount, confirm the details and complete the transfer.

Robinhood does not charge any fees for bank transfers. The typical withdrawal process takes about 3-5 business days unless you are eligible for an instant transfer.

How to Transfer Buying Power from Robinhood to Bank?

Buying power refers to the amount of money available to buy stocks or crypto in your Robinhood account. If you want to transfer your Robinhood buying power to your bank account, you will first need to sell your investments.

Here's the process:

  1. Sell the Stock or Crypto: Navigate to the asset you wish to sell and complete the sale.
  2. Wait for Settlement: It typically takes two trading days for the sale to settle. Once it settles, the funds will become part of your "buying power."
  3. Transfer to Bank: Follow the steps outlined in the previous section to transfer the buying power (now cash) to your bank account.

How to Transfer Brokerage Cash from Robinhood?

Transferring brokerage cash—the cash available in your Robinhood brokerage account—is straightforward. Here's how you do it:

  1. Go to the Transfers Section: Open the app and head to the "Transfers" option.
  2. Select Transfer to Bank: Choose your bank account from the options.
  3. Enter the Amount: Input the amount of brokerage cash you'd like to transfer.
  4. Confirm and Wait: Once confirmed, your brokerage cash should arrive in your bank account within a few business days.

How to Transfer Stocks from Robinhood to Fidelity?

To transfer stocks from Robinhood to Fidelity, you will need to initiate an Automated Customer Account Transfer Service (ACATS) transfer. Fidelity supports the transfer of assets from Robinhood, but keep in mind there is a $75 Robinhood transfer out fee for transferring your assets to another brokerage.

Here's how you can transfer stocks from Robinhood to Fidelity:

  1. Contact Fidelity: Begin by contacting Fidelity and initiating an account transfer request.
  2. Complete the Transfer Form: Fidelity will guide you through filling out an ACATS transfer form to move your stocks.
  3. Submit the Request: Once the form is complete, Fidelity will manage the process on their end, transferring your stocks from Robinhood to Fidelity.

This process can take anywhere from 5 to 7 business days to complete.

How to Transfer Stocks from Robinhood?

Transferring stocks from Robinhood to another brokerage, like Fidelity, Charles Schwab, or others, follows the same ACATS transfer process outlined above. Remember, Robinhood will charge a $75 fee for outgoing transfers of stocks or other assets.

Simply contact your new brokerage, fill out the transfer request form, and they will handle the process of transferring your stocks.

Conclusion

Withdrawing money or transferring assets from Robinhood is a simple but structured process. Whether you want to withdraw cash, transfer stocks, or move crypto to another wallet like Coinbase, the steps outlined above will help you navigate these transactions seamlessly. Always be sure to follow best practices, such as double-checking account details, to ensure smooth transactions without any errors.

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