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How to Transfer Brokerage Cash from Robinhood [Step by Step]
Robinhood is a popular brokerage platform that allows users to trade stocks, options, and cryptocurrencies with ease. While the platform is user-friendly, transfer brokerage cash from Robinhood to your bank account can sometimes be confusing. This comprehensive guide will walk you through the steps to successfully transfer your funds, address common issues, and provide tips for the fastest and most efficient way to access your money.
How to Transfer Brokerage Cash from Robinhood to a Bank Account
Transferring brokerage cash from your Robinhood account to your bank account is a straightforward process. Follow these steps to ensure a smooth transfer:
- Open the Robinhood App: Launch the Robinhood app
on your mobile device and log in to your account. - Navigate to the Account Tab: Tap on the account icon
located at the bottom right corner of the screen. - Select Transfers: In the account menu,
choose the “Transfers” option. - Choose Transfer to Your Bank: Select the option to
transfer funds to your linked bank account. - Enter the Transfer Amount: Input the amount of money
you wish to transfer from your brokerage account to your bank account. - Confirm the Transfer: Review the details and
confirm the transfer. The funds will typically be available in your bank
account within 1-3 business days.
How to Transfer Brokerage Cash from Robinhood
If you need to transfer brokerage cash within the Robinhood platform, such as moving funds from one Robinhood account to another, follow these steps:
- Ensure Both Accounts Are
Verified: Make
sure that both the source and destination Robinhood accounts are verified
and linked to your identity. - Initiate a Transfer Request: Contact Robinhood support
through the app or website to request the internal transfer of funds. - Provide Necessary Information: Be prepared to provide
details about both accounts and the amount you wish to transfer. - Await Confirmation: Robinhood support will
process your request and confirm the transfer. This process may take a few
business days.
Why Can’t I Withdraw Money from Robinhood After Selling?
After selling stocks or other securities on Robinhood, you may notice that the funds are not immediately available for withdrawal. This delay is due to the “settlement period.” Here’s why:
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- Settlement Period: The standard settlement
period for stocks and ETFs is T+2, which means the transaction will be
settled two business days after the trade date. During this time, the
proceeds from your sale are not yet considered “available cash”
for withdrawal.- Withdrawal Restrictions: Ensure that there are no
restrictions on your account, such as account holds or pending deposits,
which may prevent withdrawals.Fastest Way to Transfer Money from Robinhood to Bank
For the quickest way to transfer money from Robinhood to your bank account, consider the following tips:
- Use Instant Transfers: Robinhood offers an
instant transfer option for eligible accounts. This service allows you to
transfer funds to your bank account instantly for a small fee. - Ensure Bank Account
Verification:
Make sure your bank account is fully verified in the Robinhood app to
avoid delays. - Transfer Early in the Day: Initiate transfers early
in the business day to maximize the chances of same-day processing. - Avoid Weekends and Holidays: Transfers initiated on
weekends or holidays may be delayed due to non-business days.
Robinhood Withdrawable Cash
Withdrawable cash refers to the amount of money in your Robinhood account that is available for withdrawal to your bank account. This includes:
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- Settled Funds: Proceeds from the sale of
securities that have completed the settlement period.- Cash Deposits: Funds that you have
deposited into your Robinhood account, once they have cleared.To check your withdrawable cash balance:
- Open the Robinhood App.
- Navigate to the Account Tab.
- Select Transfers.
- View Available Cash: The available cash for
withdrawal will be displayed.
Transfer Brokerage Account to Robinhood
If you are looking to transfer your brokerage account from another brokerage to Robinhood, follow these steps:
- Initiate a Transfer Request: Log in to your Robinhood
account and navigate to the “Transfers” section. - Select Transfer Brokerage
Account:
Choose the option to transfer an external brokerage account to Robinhood. - Provide Account Details: Enter the details of your
existing brokerage account, including the account number and the name of
the brokerage. - Submit the Transfer Request: Follow the prompts to
submit your transfer request. Robinhood will handle the rest, including
contacting your existing brokerage to facilitate the transfer. This
process can take 5-7 business days.
I Sold Stock on Robinhood, Where is My Money?
After selling stock on Robinhood, you may wonder where your money is and when it will be available for withdrawal. Here’s what you need to know:
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- Settlement Period: As mentioned earlier,
stock transactions on Robinhood follow a T+2 settlement period. This means
the funds from your sale will be available two business days after the
trade date.- Pending Status: During the settlement
period, the proceeds from your sale will appear as “pending” in
your account.- Available Cash: Once the settlement period
is complete, the funds will move from “pending” to
“available cash” and can then be withdrawn.Can You Transfer Stocks from One Robinhood Account to Another Robinhood Account?
Currently, Robinhood does not support the direct transfer of stocks between two Robinhood accounts. If you need to move stocks, you would need to:
- Sell the Stocks: Sell the stocks in the
original Robinhood account. - Transfer the Proceeds: Transfer the cash proceeds
from the sale to your bank account. - Deposit the Funds: Deposit the funds into the
second Robinhood account. - Repurchase the Stocks: Use the deposited funds to
repurchase the stocks in the new account.
While this method involves additional steps and potential tax implications, it is currently the only way to transfer stocks between Robinhood accounts.
In conclusion, transferring brokerage cash from Robinhood to your bank account is a manageable process with the right knowledge. Understanding the settlement period, utilizing instant transfer options, and knowing the steps for internal and external transfers will ensure that you can access your funds efficiently and without unnecessary delays.
- Open the Robinhood App: Launch the Robinhood app
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