How To Take Brokerage Cash Out Of Robinhood
If you’ve been using Robinhood to make trades, you made have some cash sitting in your brokerage account. If you want to take that money out, there are a few steps you need to follow. Here is a step-by-step guide on how to take brokerage cash out of Robinhood.
Step 1: Open a Bank Account
To transfer cash out of Robinhood, you need to have a bank account linked to your account. If you haven’t already, set up a checking or savings account with a bank or credit union of your choice.
How do I link my bank account to Robinhood?
To link your bank account to Robinhood, follow these steps:
- Log in to your Robinhood account.
- Tap the Account icon in the bottom right corner of the app.
- Select “Banking” from the menu.
- Tap “Add New Account” and input your bank’s routing and account numbers.
Step 2: Transfer Funds
Now that you have a bank account linked to your Robinhood account, you can transfer funds out of Robinhood and into your bank account.
How do I transfer funds out of Robinhood?
To transfer funds out of Robinhood, follow these steps:
- Log in to your Robinhood account.
- Tap the Account icon in the bottom right corner of the app.
- Select “Banking” from the menu.
- Tap “Transfer to Your Bank” and choose the bank account you want to transfer funds to.
- Input the amount you want to transfer and confirm the transaction.
Step 3: Wait for Transfer to Complete
It may take a few business days for the transfer to complete and for the funds to show up in your bank account.
How long does it take for funds to transfer out of Robinhood?
It typically takes 2-5 business days for funds to transfer out of Robinhood and into your bank account.
FAQs
Is there a fee for transferring funds out of Robinhood?
No, there are no fees for transferring funds out of Robinhood.
Can I transfer partial or full account balance out of Robinhood?
Yes, you can transfer either a partial or full account balance out of Robinhood.
Can I transfer funds to a different bank account than the one I linked to Robinhood?
No, you can only transfer funds out of Robinhood to the bank account you have linked to your account.
What happens to my investments when I transfer funds out of Robinhood?
Your investments will remain in your Robinhood account after you transfer funds out. If you want to sell your investments and transfer the cash, you will need to do so before transferring funds out.
Can I transfer funds out of Robinhood on the website instead of the app?
Yes, you can transfer funds out of Robinhood on the website. Simply log in to your account on robinhood.com and follow the same steps as you would on the app.
Conclusion
Taking brokerage cash out of Robinhood is a simple process as long as you have a bank account linked to your account. Follow the steps outlined above to transfer your funds, and make sure to wait a few business days for the transfer to complete. If you have any further questions or issues, contact Robinhood customer support for assistance.