Why Can’t I Withdraw Money From Robinhood
Robinhood has managed to become one of the most trustable investing platforms of them all.
If you are into the finance world, then you have probably heard of this website or the Robinhood app.
The trading process is not usually for beginners, but when you master this art, you can get a nice cash revenue in your accounts.
Now, one thing is using the Robinhood app (Android app or iOS App) for trading stock or following someone else’s financial advice, and another thing is getting the cash into your bank accounts.
Withdrawals are a fundamental part of all exchanges and financial platforms out there, so it’s fundamental to learn how to use this feature.
So, if you can’t transfer to your bank because an issue keeps happening, then keep reading to learn more about:
- Why can’t I withdraw money from Robinhood?;
- What to do if you can’t access the withdrawal feature on Robinhood;
- Best ways to solve deposit problems on the Robinhood platform.
Withdrawing Money from Your Robinhood Account
Free stock trading, cryptocurrencies, safety measures… Robinhood seems to have it all!
That’s why it now has more than 13 million users all over the world.
Usually, getting your money transferred from the platform to your bank account is elementary.
Nonetheless, if you are trying to transfer money, but the feature is not working as it should, then we have a problem here.
Withdrawing Money from Robinhood shouldn’t be a big deal if your information is properly verified.
Hence, before you spend your money on this business model, make sure you know what you are doing.
Why Cant I Withdraw Money from Robinhood?
There are five main reasons why you can’t withdraw money from Robinhood.
As we mentioned before, funds withdrawals are normally pretty easy, so identifying the root cause of the problem isn’t as hard as someone might believe.
Read Also: Binance follows a similar business model as Robinhood. You can transfer funds, deposit money, buy and sell cryptocurrency, get stock advice, and more.
Nonetheless, Binance withdrawals being suspended might as well happen in your profile due to different reasons.
1. Wait for the Settlement Period
Firstly, you need to know what the settlement period is. This period is defined as the trade date plus two trading days.
After the final trading day finishes, hence the third day finishes, you’ll be able to withdraw the funds.
The money needs to settle in order to be on your buying power.
Have some patience - it will be worth it!
2. Withdrawal Limit Exceeded
You can make up to five withdrawals in the same business day.
What’s more, you can only withdraw up to $50,000 in the same period of time.
Make sure that your withdrawable cash available doesn’t exceed these limitations.
Otherwise, the platform will simply cancel the funds transfer.
3. Pending Withdrawal on Your Account
A pending withdrawal in Robinhood can take up to five trading days (or business days) to be processed.
The platform needs to protect itself against fraud and other suspicious activity, so the only thing left to do here is to wait for these days to pass.
4. Trying to Withdraw Funds to a Different Bank Account
If you want to transfer funds to a different bank account, you can do so as well, but you will need to verify it all over again.
It doesn’t matter if you already verified your previous bank account - if you want to withdraw funds to a new one, Robinhood will ask you for all the documents related to this new account.
Later on, you will need to wait for 1 business day (or 2, depending on how busy they are) for your new account to be approved.
5. You Are Facing Account Restriction
Perhaps your account is restricted and the support team has blocked your ability to withdraw funds.
If this happens to you, you need to contact customer service as soon as you can.
Likewise, a Robinhood Account Restricted from Purchasing requires you to understand the reasons behind this restriction in order to fix it.
The support team will most likely take between one business day up to three before they answer you back.
In any case, you should get a message explaining the reasons for your restriction.
That’s all for today!
You’ll be able to withdraw money from Robinhood sooner than you imagine, so do not despair!
For more Robinhood content, check our related articles.
Cant I Withdraw Money From Robinhood FAQ
Is Robinhood an Online Broker?
Yes, it is. Users can have a Robinhood Gold account, which requires them to have at least $2,000 of cash value there before even thinking about making transfers to their account below this margin.
Learn more about the Robinhood brokerage account value by clicking here.
Can I Cancel Transfers from Robinhood to Bank Account?
Yes, you need to click account icon or menu icon at the bottom right corner of the screen, go to transfers, tap “History,” and then select “Cancel Transfer.”
Nonetheless, this can only be done before certain times and hours that are clearly mentioned on Robinhood Official Website.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.