How to Withdraw Cash from Robinhood: Transfers, Rollovers, & More

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Keep all of your money & avoid fees with this no-nonsense guide
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Robinhood does a lot of things right. They basically invented commission-free trades, and they were one of the first brokerages to prioritize their app over a dusty old website. But we’ll be honest—they don’t make withdrawing or transferring money a breeze when it comes to fees and procedures. Luckily, we’ve got your back. We’ll explain how you can get your money out, what it will cost, how to avoid fees, and what you need to do to move your positions alongside your cash. We've also included some expert tips from finance executive Andrew Lokenauth to help you make the most of investing with Robinhood.

How to Withdraw from Robinhood: Quick Steps

  1. Open the Robinhood app.
  2. Tap Account , then Menu , then Transfers .
  3. Tap the Withdrawal button and type in the amount you want to take out.
  4. Select which linked external account you’d like to send the money to.
  5. Confirm your transfer.
Section 1 of 10:

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  1. The Account button is the option with an icon that looks like a little person. [1]
    • On PC: Log in to your account on robinhood.com and click the Account button at the top right of the home screen.
    • Use this method when you want to withdraw earnings from your investment accounts.
  2. The menu button looks like three horizontal bars. [2]
    • On PC: Click the Transfer tab at the top of your account dashboard.
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  3. Type in how much you want to take out. You can enter any amount up to the total cash available listed on the screen for that account. [3]
    • If you’re withdrawing cash from a margin account, you may see a warning if you withdraw more than the margin account requires to stay above the margin call threshold. We recommend not taking more money out than you need to if you have an open margin loan.
  4. You can send the money to any authorized account you’ve already linked. If you haven’t linked any accounts, do that first in the Account menu. [4]
    • Warning: You'll be charged a 1.75% fee if you select the Instant Transfer option. If you can wait 1-3 days for the money to be moved, select that option for a fee-free transfer.
  5. Make sure that everything on your screen looks correct. If it does, tap the Transfer button, and your money will be transferred. [5]
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Section 2 of 10:

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  1. Open the Robinhood app or log in online. The Spending menu button on the app is the icon that looks like a dollar bill at the bottom of the screen. [6]
    • Use this method to withdraw money you deposited from an external account into your Spending account. The Spending account is separate from your brokerage account, where you accrue investment earnings.
  2. If you haven’t linked an external bank account, tap Linked Accounts at the bottom. Next, select the Add Account option. [7]
  3. 3
    Type in the amount you want to withdraw and submit the transfer. Make sure all the details are correct, including the account or debit card you're sending the money to and the dollar amount. Then tap the Submit button at the bottom of the screen. [8]
    • Unless you selected Instant Transfer , your transaction will take 3-5 business days to process.
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Section 3 of 10:

How to Cancel a Robinhood Withdrawal

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  1. 1
    Open the Robinhood app and tap Account, then Menu. The Account button icon looks like a small person, and the Menu button is 3 horizontal lines. [9]
  2. 2
    Tap History to find the pending withdrawal you want to cancel. Look under the list of Pending transactions. If the withdrawal you want cancelled is listed, simply select it and then tap Cancel transfer . [10]
    • You can only cancel Robinhood transfers up to a certain time. That time is based on the time of day you initially submitted the transfer. Here's a breakdown of the cutoff times, so you know whether you can successfully cancel the transaction:
      • If you submitted it from 3 PM-7 PM ET, the cutoff time is 7 PM ET the same day.
      • If you submitted it after 7 PM ET, the cutoff time is 3 PM ET the next day.
      • If you submitted it on a Saturday, Sunday, or a bank holiday, the cutoff time is 3 PM ET the next business day.
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Section 4 of 10:

Does Robinhood charge withdrawal fees?

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  1. If you want your money immediately, Robinhood will transfer your funds to a debit card or instantly to your bank account for a flat 1.75% fee. This fee will run a minimum of $1 and a maximum of $150 per transaction. So, if you want to go this route, it’s best to move all of the money you want to transfer in one transaction. [11]
    • Opt for a standard ACH bank transfer if you want to avoid fees. ACH transfers are the most popular bank-to-bank transfer option because they’re safe and free. All you need are your bank’s routing and account numbers to set up a transfer. [12]
Section 5 of 10:

Is there a limit on how much I can withdraw?

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  1. To be clear, there is no penalty or restriction on withdrawing $50,000 a day for consecutive days, so unless you’re moving millions of dollars, you should be able to move your money in a relatively reasonable amount of time. [13]
    • The limit is $250,000 a day for ACH transfers initiated by a bank, title company, or some other financial institution. This is the standard withdrawal limit among basically all brokerages because $250,000 is the maximum amount insurable by the FDIC, so banks are hesitant to move more than that amount at a time. [14]
      • If you need to move more than $250,000, you’ll need to do it over the course of multiple days.
    • The limit for debit card and instant ACH withdrawals varies day-to-day and resets daily at 12 AM ET. However, there's no limit on the number of times you can withdraw using these methods in a 24-hour period. Check your transfer amount limits by tapping the Transfers tab in the app and selecting Learn more about your transfer limits . [15]
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Section 6 of 10:

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  1. Taxable brokerage accounts are probably the most common option among Robinhood users. These are investing accounts where you can buy and sell stocks and bonds, but any capital gains are taxable at the end of the tax year. There are two types of taxable accounts—cash and margin. [16]
    • Cash Accounts: These are taxable investing accounts where you can only use the money you deposit to invest. Funds are subject to settlement periods, and you cannot trade options on these accounts.
      • Are there fees for withdrawing cash? No. You can freely transfer funds in or out of a Robinhood taxable account if you do a traditional bank-to-bank ACH transfer.
      • Can I transfer my holdings? Yes, but you’ll need to pay a $100 fee. [17]
    • Margin Accounts: These are taxable investing accounts that get around settlement issues via margin—funds you borrow from Robinhood for a small fee. This is the most popular account type for active traders.
      • Are there fees for withdrawing cash? No, but you may be charged if you withdraw more cash than you’re supposed to. You must hold a certain amount of cash in your margin account to cover any margin calls. Contact Robinhood at 1-650-761-7789 to have them take a closer look at your account. [18]
      • Can I transfer my holdings? Yes, but you’ll still need to pay a $100 fee. [19]
      • Key Notes: If you move all your cash and you’re borrowing anything via margin, Robinhood may start selling your positions without your permission to cover the loan.
    EXPERT TIP

    Andrew Lokenauth

    Finance Executive
    Andrew Lokenauth is a Finance Executive who has over 15 years of experience working on Wall St. and in Tech & Start-ups. Andrew helps management teams translate their financials into actionable business decisions. He has held positions at Goldman Sachs, Citi, and JPMorgan Asset Management. He is the founder of Fluent in Finance, a firm that provides resources to help others learn to build wealth, understand the importance of investing, create a healthy budget, strategize debt pay-off, develop a retirement roadmap, and create a personalized investing plan. His insights have been quoted in Forbes, TIME, Business Insider, Nasdaq, Yahoo Finance, BankRate, and U.S. News. Andrew has a Bachelor of Business Administration Degree (BBA), Accounting and Finance from Pace University.
    Andrew Lokenauth
    Finance Executive

    Diversify your portfolio. You don't want to put all your money in one particular investment. If you split it out between 5 to 10 investments, you reduce your risk of losing all your money because you won't have all your eggs in one basket.

  2. Retirement accounts, like 401(k)s, 529 accounts, IRAs, and HSAs, are investing accounts where the government can't tax your gains the way they normally would in a taxable account. Robinhood only offers Individual Retirement Accounts (IRAs), which allow you to invest for retirement. Withdrawing or transferring funds out of a retirement account can trigger serious tax events and penalties, so don't withdraw without checking the rules first. [20]
    • Traditional IRAs: Traditional IRAs tax the funds when they’re withdrawn after retirement and reduce your taxable income when you fund them. You can only upload $7,000 a year to a traditional IRA.
      • Are there fees for withdrawing cash? No, but if you withdraw the cash, there will be taxes and penalties.
      • Can I transfer my holdings? Only if you roll them over to another traditional IRA or 401(k) plan. There may be rollover fees at the brokerage you send your account to.
      • Key Notes: Instead of withdrawing anything, consider rolling the entire account over if you want to keep it at another brokerage.
    • Roth IRAs: Roth IRAs are the opposite of traditional IRAs regarding when the funds are taxed. Roth IRA funds are taxed on the way into the account, but whatever grows inside that account grows tax-free. It also won’t be subject to capital gains when you withdraw.
      • Are there fees for withdrawing cash? No. However, you can only withdraw the initial deposits into the account. You cannot withdraw more than the total deposits, or you’ll trigger IRS penalties. [21]
      • Can I transfer my holdings? Yes, but you must roll them over . There may be rollover fees at the brokerage you transfer the account to.
  3. Robinhood also offers what they call a “Spending Account.” It’s just a traditional debit account with a few quirky features. For example, you can opt into “round-ups” where spare change is invested automatically. You can also get “paid early” with a loan before your paycheck clears. [22]
    • Spending Account: This is functionally just a regular bank account.
      • Are there fees for withdrawing cash? No.
  4. Robinhood offers one investment account exclusively for crypto, which they aptly named "crypto account."
    • Crypto Accounts: This is Robinhood’s only option if you want to buy or sell cryptocurrencies. Notably, this is a custodial account, which means any crypto in the account isn’t exclusively in your possession. You need to create a crypto wallet if you want to be the sole holder of your crypto. [23]
      • Are there fees for withdrawing cash? No. However, you will need to pay a gas fee if you’re withdrawing Ethereum (ETH).
      • Can I transfer my holdings? Yes, but you will need to verify your identity and add two-factor authentication to your account first. [24]
    EXPERT TIP

    Andrew Lokenauth

    Finance Executive
    Andrew Lokenauth is a Finance Executive who has over 15 years of experience working on Wall St. and in Tech & Start-ups. Andrew helps management teams translate their financials into actionable business decisions. He has held positions at Goldman Sachs, Citi, and JPMorgan Asset Management. He is the founder of Fluent in Finance, a firm that provides resources to help others learn to build wealth, understand the importance of investing, create a healthy budget, strategize debt pay-off, develop a retirement roadmap, and create a personalized investing plan. His insights have been quoted in Forbes, TIME, Business Insider, Nasdaq, Yahoo Finance, BankRate, and U.S. News. Andrew has a Bachelor of Business Administration Degree (BBA), Accounting and Finance from Pace University.
    Andrew Lokenauth
    Finance Executive

    Educate yourself about the types of trades you're making. Being more informed about what you're trading, the investment accounts Robinhood offers, and how the app works in general will reduce your risk of losing money.

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Section 7 of 10:

Why can’t I withdraw money from Robinhood

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  1. When you sell a stock, bond, or ETF, the funds from that sale are held by the brokerage for 1-3 days. This is called T+1 or T+2 (trading day + 1 day/2 day). It’s a regulatory issue, so there’s no way around it. Robinhood must wait for all your funds to settle before converting them to transferable cash. [25]
    • What if I have a margin account? Margin accounts ignore T+1 or T+2 when it comes to using the funds inside the account. But if you’re withdrawing money, everything must settle like normal first.
    • Robinhood may let you enter the transfer order, but the money won’t move until all funds are settled first.
  2. 2
    You may have exceeded your transfer limit. If you try to withdraw more than $50,000 a day using an ACH transfer, Robinhood will stop you in your tracks. If you're withdrawing to a debit card or using Instant Transfer, your withdrawal limit changes daily. Check Transfer Limits under the Transfer tab on the app to see if you simply tried to take out too much money at once. If so, wait until the debit card and Instant Transfer limits reset at 12 AM ET or 24 hours after your last withdrawal. [26]
  3. 3
    You may be trying to withdraw money to a new bank account. For 60 days after you deposit money into your Robinhood account from an external bank account, Robinhood restricts where you can withdraw that money. If, for example, you try to withdraw that money and deposit it in a new external account, Robinhood will ask you for more information. They put this safeguard in place to protect their customers against fraud. Robinhood may ask you for: https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/
    • A photo of your government-issued ID
    • An explanation of why you can't withdraw the money back to the account you used to deposit it
    • Bank statements showing you're the owner of both the original account and the new one
    • The amount you're withdrawing, along with your bank account number
  4. 4
    Your Robinhood account may be restricted. Robinhood restricts accounts for several different reasons. One is if you identify yourself as a control person for your company, in which case, you're barred from trading your own company's stock. Another is if you cancelled a transfer and Robinhood unlinked your external bank account. To fix this error, simply relink the account. Finally, you might be restricted if your bank account information is out-of-date or inaccurate, your account is under a fraud inquiry, or your account is being levied for money owed. [27]
    • For any questions about restrictions (or any other withdrawal issues), contact Robinhood online or by calling 1 (650) 761-7789. To use the app, tap the Menu button, select Settings , tap Robinhood Support , then Customer Support . From there, you can start a live chat with a Robinhood support agent. [28]
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Section 8 of 10:

Are there fees for transferring to another brokerage account?

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  1. Most brokerages don’t charge you money to rollover a retirement fund, but Robinhood does appear to have this language in their policies. Robinhood uses an Automated Customer Account Transfer Service (ACATS) to move specific shares of stock, bonds, or ETFs to other institutions. It charges a $100 fee for this service, regardless of whether you’re moving everything in your account or just a handful of shares. [29]
    • Pro tip: Call the brokerage where you’re transferring your holdings. Explain that you’d love to move over to their platform, but you can’t afford the $100 fee Robinhood wants to charge. The other brokerage will probably cover the fee for you in exchange for your business. To highlight how common this is, Robinhood does it !
Section 9 of 10:

How do I transfer an IRA out of Robinhood?

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  1. Rollovers are not automated, so this isn’t the kind of thing you can do by pressing buttons online. You must contact the brokerage you’re moving the account to, and ask them, “How do I rollover an IRA from Robinhood to your platform?” They’ll provide you with the brokerage-specific paperwork you need to fill out. Then, contact Robinhood at 1-650-761-7789 and explain that you want to roll the funds over. They’ll fulfill your order. [30]
    • Because IRAs are tax-sheltered, the federal government monitors IRAs very closely. You can’t just roll an account on your own—the brokerages have to do it.
    • You may be given an option to liquidate the IRA or withdraw it to your custody first. Do not do this if you don’t want to pay penalties or taxes. The account can only avoid being penalized if it goes directly from one brokerage to another. [31]
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Section 10 of 10:

Bottom Line

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  1. Withdrawing money from Robinhood can be simple or complex. The difficulty level depends on what kind of account you're withdrawing from, whether you're transferring to a bank account, a debit card, or some other account, and whether you want the money immediately or can wait a few business days.

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      References

      1. ↑ https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/
      2. ↑ https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/
      3. ↑ https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/
      4. ↑ https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/
      5. ↑ https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/
      6. ↑ https://robinhood.com/us/en/support/articles/spending-transfers/
      7. ↑ https://robinhood.com/us/en/support/articles/link-your-accounts/
      8. ↑ https://robinhood.com/us/en/support/articles/spending-transfers/
      9. ↑ https://robinhood.com/us/en/support/articles/how-to-cancel-a-transfer
      1. ↑ https://robinhood.com/us/en/support/articles/how-to-cancel-a-transfer
      2. ↑ https://robinhood.com/us/en/support/articles/are-there-fees-for-transfers/
      3. ↑ https://robinhood.com/us/en/support/articles/spending-transfers/
      4. ↑ https://robinhood.com/us/en/support/articles/spending-limits/
      5. ↑ https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance
      6. ↑ https://robinhood.com/us/en/support/articles/instant-bank-transfers/
      7. ↑ https://robinhood.com/us/en/support/articles/robinhood-accounts/
      8. ↑ https://robinhood.com/us/en/support/articles/transfer-your-assets-out/
      9. ↑ https://robinhood.com/us/en/support/articles/transfer-your-assets-out/
      10. ↑ https://robinhood.com/us/en/support/articles/transfer-your-assets-out/
      11. ↑ https://robinhood.com/us/en/support/articles/ira-overview/
      12. ↑ https://www.nerdwallet.com/article/investing/roth-ira-withdrawal-rules
      13. ↑ https://robinhood.com/us/en/support/articles/what-is-a-robinhood-spending-account/
      14. ↑ https://robinhood.com/us/en/about/crypto/
      15. ↑ https://robinhood.com/us/en/support/articles/crypto-transfers/
      16. ↑ https://www.investopedia.com/ask/answers/what-do-t1-t2-and-t3-mean/
      17. ↑ https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/
      18. ↑ https://robinhood.com/us/en/support/articles/account-restrictions/
      19. ↑ https://robinhood.com/us/en/support/articles/how-to-contact-support/
      20. ↑ https://robinhood.com/us/en/support/articles/transfer-your-assets-out/
      21. ↑ https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions
      22. ↑ https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions

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