Introduction
Robinhood is an online investing platform that allows users to buy and sell stocks, ETFs, options, and cryptocurrency. It is one of the leading investment apps in the US, and it has become even more popular due to its free stock trading capabilities. While it’s easy to buy and sell securities on Robinhood, it can be a bit trickier when it comes to taking money out of the app. In this article, we’ll look at how to take money out of Robinhood, including transferring funds to a bank account or prepaid debit card, setting up direct deposit, using an online money transfer service, contacting Robinhood customer service, and selling stocks.
Transfer Funds from Robinhood App to Bank Account
One way to take money out of Robinhood is to transfer funds directly from the app to your bank account. To do this, you’ll need to link your bank account to your Robinhood account. Once you’ve linked your bank account, you can transfer funds by following these steps:
- Log into the Robinhood app.
- Tap the “Transfer” button.
- Select the bank account you want to transfer funds to.
- Enter the amount you want to transfer.
- Confirm the transfer.
The benefit of this method is that it’s quick and easy. Transfers typically take 1-3 business days to complete, and there are no fees associated with transfers to a bank account.
Set up Direct Deposit from Robinhood to Bank Account
Another way to take money out of Robinhood is to set up direct deposit from the app to your bank account. To do this, you’ll need to link your bank account to your Robinhood account. Once you’ve linked your bank account, you can set up direct deposit by following these steps:
- Log into the Robinhood app.
- Tap the “Transfer” button.
- Select the “Direct Deposit” option.
- Enter the amount you want to transfer.
- Confirm the transfer.
The benefit of this method is that it’s fast and convenient. Direct deposits typically take 1-2 business days to complete, and there are no fees associated with direct deposits.
Transfer Funds from Robinhood to Prepaid Debit Card
You can also transfer funds from Robinhood to a prepaid debit card. To do this, you’ll need to link your prepaid debit card to your Robinhood account. Once you’ve linked your prepaid debit card, you can transfer funds by following these steps:
- Log into the Robinhood app.
- Tap the “Transfer” button.
- Select the prepaid debit card you want to transfer funds to.
- Enter the amount you want to transfer.
- Confirm the transfer.
The benefit of this method is that it’s fast and secure. Transfers typically take 2-3 business days to complete, and there are no fees associated with transfers to a prepaid debit card.
Use an Online Money Transfer Service
You can also use an online money transfer service such as PayPal, Venmo, or Cash App to take money out of Robinhood. To do this, you’ll need to link your online money transfer service to your Robinhood account. Once you’ve linked your online money transfer service, you can transfer funds by following these steps:
- Log into the Robinhood app.
- Tap the “Transfer” button.
- Select the online money transfer service you want to transfer funds to.
- Enter the amount you want to transfer.
- Confirm the transfer.
The benefit of this method is that it’s fast and secure. Transfers typically take 1-2 business days to complete, and there are usually no fees associated with transfers to an online money transfer service.
Contact Robinhood Customer Service and Request a Check
You can also contact Robinhood customer service and request a check to take money out of Robinhood. To do this, you’ll need to contact Robinhood customer service and provide them with your bank account information. Once you’ve provided your bank account information, you can request a check by following these steps:
- Log into the Robinhood app.
- Tap the “Customer Support” button.
- Select the “Request a Check” option.
- Enter the amount you want to transfer.
- Confirm the transfer.
The benefit of this method is that it’s secure and reliable. Checks typically take 5-7 business days to arrive, and there are no fees associated with requesting a check.
Sell Stocks and Use Proceeds to Fund Your Bank Account
Finally, you can also sell stocks and use the proceeds to fund your bank account. To do this, you’ll need to have stocks in your Robinhood portfolio. Once you have stocks in your portfolio, you can sell them by following these steps:
- Log into the Robinhood app.
- Tap the “Sell” button.
- Select the stock you want to sell.
- Enter the amount you want to sell.
- Confirm the sale.
The benefit of this method is that it’s fast and efficient. Sales typically take 1-2 business days to complete, and there are no fees associated with selling stocks.
Conclusion
In conclusion, there are several ways to take money out of Robinhood, including transferring funds to a bank account or prepaid debit card, setting up direct deposit, using an online money transfer service, contacting Robinhood customer service, and selling stocks. Each of these methods has its own benefits, so it’s important to choose the one that best fits your needs. No matter which method you choose, you’ll be able to quickly and easily access your funds.