What Is The Fastest Way To Withdraw Money From Robinhood?

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What Is the Fastest Way to Withdraw Money From Robinhood?

Robinhood has instant deposits. But does it have instant withdrawals? Many users are wondering what the fastest way to withdraw money from the website.

By Andrew MoranAndrew Moran

Andrew Moran has over a decade of experience reporting internationally on business and economics. He is a seasoned financial news writer with expertise in investing.

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Published June 4, 2021

With Robinhood, you may be given up to $1,000 in Instant Deposits once you start the deposit process. However, we also want to know if they have instant withdrawals.

According to Robinhood, it could take up to four business days once you initiate your withdrawal.

However, if you have submitted your withdrawal before 4 p.m. EST (when the market closes), the funds will typically reach your bank account the following business day.

How to Withdraw Money

We use the following procedure to withdraw money from your Robinhood account:

1. Access your account,
2. Hit transfers,
3. Tap Transfer to Your Bank
4. Select the bank account and the amount of funds you would like to transfer to your financial institution.
5. Submit.

Here is something else to note: You are allowed up to five withdrawals per business day and up to $50,000 each business day.

Overall, the settlement time for any pending deposit balance greater than $1,000 will be up to five business days.

In the End

It is a common concern among Robinhood users that the platform does not support instant withdrawals. Once the company goes public, this is something that the top brass could consider. Yet, with so many liquidity worries happening in the aftermath of GameStop, AMC, and the myriad of other meme stocks, you should not hold your breath.

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