How long does it take to withdraw and transfer money from Robinhood?

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As 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 favorite 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. During this time, you will not be able to spend or withdraw these funds.

Settlement of funds

When you make a sale from your Robinhood account, it takes a while for the funds to settle before they can be sent to your bank account. The average time for this step of the process is two trading days.

Therefore, the funds for a Robinhood transaction are available for you to withdraw on the third day following a transaction.

Robinhood allows you to make up to five withdrawals per day, as long as they total less than $ 50,000.

Withdraw funds to another bank account

If you want to withdraw funds to a different bank account than the one you deposited into, you should contact the support team. If you cannot access your original bank account or if you closed it, you should share the following 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 into
  • A photo of the front and back of your identity card
  • Bank statements to prove you have both accounts
  • The bank account you want to transfer the funds to
  • The amount you want to transfer

Can you reverse a withdrawal?

You can cancel a withdrawal made within a certain window by its established cut-off time.

  • A transfer initiated between 2:00 a.m. and 3:00 p.m. EST may be canceled until 3:00 p.m. EST.
  • A transfer initiated between 3:00 p.m. and 7:00 p.m. EST may be canceled until 7:00 p.m. EST.
  • A transfer initiated after 7:00 p.m. EST may be canceled until 2:00 a.m. EST the next trading day.

If you initiate a transfer over the weekend, you can cancel it until 2:00 a.m. EST on Monday. Canceling the withdrawal is quite 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, press “Cancel transfer”.

This will cancel the withdrawal, provided you initiated the cancellation in the appropriate window. However, it would be wise to make a thoughtful decision about each withdrawal so that you don’t run against the clock to undo it.

Final take

Whether you want to transfer the money to your original account or to a new bank account, Robinhood has provisions for both and convenient cancellation options.

About the Author

Scott Jeffries is a seasoned Florida-based technology professional. He writes on the topics of business, technology, digital marketing and personal finance.
After earning his bachelor’s degree in management information systems with a minor in business, Scott worked for 15 years in the technology field. He has helped Fortune 100 company startups bring software products to life. When not writing or creating software, he can be found reading or spending time outdoors with his children.

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