Money transfer apps are apps that one can use to send and receive cash respectively to and from someone whether a family member, friend, or business partner.
There are several money transfer apps in the world right now and you can get any of them for yourself since money transfer apps have become one of the most recommended platforms.
Robinhood in it's specialty is one of the most liked trading platforms and a good money transfer app for any one who starts or is looking forward to investing into trading and into investments.
You can likely move money from Robinhood into your brokerage account at any time you wish or sell stocks and crypto currencies and then use your cash into any other bank account of your choice.
Well, withdrawing cash from Robinhood is not a big deal, but it is always adviced that one should not link his account to several accounts. That is, the account you use to send money into your brokerage, you should use that same account to receive money from your brokerage when you want to withdraw.
Well, in this article, we will be showing you how you can easily withdraw money from your Robinhood account and some other few things you should know about Robinhood and the withdrawal of money.
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How to Withdraw Cash from Robinhood Easily
What really is Robinhood Markets?
Robinhood is an online brokerage that one uses as a P2P money transfer app, or that you can still use it to trade online with money and crypto currencies. You can invest into Robinhood and be a great trader on this platform.
Robinhood markets, a smartphone app that was launched back in 2015 in Menlo Park in California, is an American financial service that enables commission-free trading of stocks, exchange-traded funds, and cryptocurrencies.
Can One Really Withdraw Cash from Robinhood?
Yes! Anyone with a Robinhood account can go for a withdrawal. You can surely make up to five withdrawals in one day one Robinhood and the only thing you have to make sure is intact, is the fact that you are sure into which account you are sending the cash. Even more, you are permitted to withdraw up to $50,000 per working day.
But withdrawal on Robinhood is not the same process on all devices whether on iOS, Android, or even PC, the methods are different and we'll be seeing it below;
How to Remove Cash from Robinhood Markets
As we said above, the processes are different depending on which device you use and we will be showing you the different methods on each device whether online on PC, or on the App on iOS or Android.
How to withdraw money from Robinhood on PC
Step 1 - On your pc, make sure you are connected to the internet(you can checkout our free internet tricks) and then go to your browser and login to your account.
Step 2 - When logged in, go to "Account" in the Menu(Situated at the top-right corner of your screen)
Step 3 - Then after that, tap on the option "Banking" once you see it.
Step 4 - On the page in front of you, you will see a panel. On that panel, you have to enter the transfer informations required and then click on "confirm" to complete the process.
How to Withdraw Cash From Robinhood on your Smartphone
On your phone, it is different though it won't differ a lot and we have that for your iOS device(iPhone, or iPad) and for your android.
Follow the steps below if you are using an iOS device for withdrawal;
- In the bottom right corner of your screen, tap the Account symbol.
- Then tap on Transfers
- Select Transfer to Your Bank.
- Select the bank account(your bank account) you want to send money to.
- Enter the sum you want to send to your bank.
- And finally hit "Submit"
This is how to withdraw money from Robinhood on your Android device
- Launch your App and in the bottom right corner, hit on the account symbol
- Then go to transfers and select "Transfer to your bank"
- Choose your bank account, enter the sum of money you want to send and the hit on the "submit" button.
Is Robinhood Really Safe?
Yes, Robinhood is surely safe. This is because Robinhood is a member of the SIPC and your money is insured up to $500,000 for securities and $250,000 for cash claims.
Furthermore, Robinhood is a securities brokerage, and as such, the Securities and Exchange Commission regulates securities brokerages (SEC).
How Long does Transfers take to be done?
Well, we did not say this security measure above because we had to say this here. Robinhood sends cash and takes about 2 to 3 days to be completed. Well, this is a security measure since they usually take time to analyse your account as the sender and to analyse the account receiving the cash.
They make sure the account receiving does not have report claims of fraud, is a clean account, is a completed account in terms of log in credentials, and many others just to make sure that you who sends the cash is safe from sending it to a fraud.
Well, but we know frauds are wise and they will always try to have a clean account and an account safe from reports and that is why we will advice you to keep safe by making sure you know who you are sending money to.
Should I expect fees?
Yes! you should expect fees and in fact, you should always expect fees even if we tell you they don't because all platforms have a way of gaining their cash and cutting fees is one of the most essential ways.
But platforms like Robinhood won't cash in a lot on your fees since they have very low fees. For bank transactions, you might not have to pay a fee, but for any other transaction, you should expect some fees.
How do I cancel a Withdrawal process on Robinhood?
It is something normal to want to cancel a payment. May be you put a wrong amount, may be you made a mistake with the sender, may be you did not send the money at the right time; and many others depending on the occasion.
- Up until 7:00 p.m. EST, a transfer that was started between 3:00 and 7:00 p.m. EST can be canceled.
- Up until 3:00 p.m. EST on the next trading day, a transfer started after 7:00 p.m. EST may be canceled.
- If you start a transfer during the weekend, you have until 3:00 p.m. EST on Monday to cancel it.
It is more advisable to cancel a payment on Robinhood using your smartphone since it is more straightforward there. And to do that, follow the steps below;
- Browse for the Account icon in your app, then click and open it.
- Then select the Menu icon.
- Click History.
- Here, you can observe the forthcoming transfer.
- Touch the one to cancel, and then select "Cancel Transfer."
Final Thoughts on How to Withdraw Robinhood Money
Withdrawing and sending money from your Robinhood to your bank account is quite easy and simple, but there are some things you need to make sure it is upright and okay.
- First of all, you cannot withdraw funds until five business days have passed since you last sent funds to Robinhood(since you last recharged your Robinhood account).
- Also, you cannot withdraw the money until three business days have passed after you sold your stocks, ETFs, or other options.