Robinhood Market is a financial service provider company with its head office in Menlo Park, California. It was founded approximately 9 years ago on 18 April 2013. The Robinhood market enables users' commission-free trade of stocks through its mobile application introduced in 2015. Recent data shows Robinhood has 15.9 million monthly active users and 22.8 million active funded accounts.
In this blog, we will discuss the time required to withdraw the money and its cancellation period.
The withdrawal time on Robinhood
Eventually, the time for any withdrawal depends upon the type of funds and the amount you are planning to withdraw.
Given below is a list of types of funds you can withdraw and their time.
- Deposited Cash Withdrawal
After Robinhood login to your account if there is a pending deposit in your account then the minimum days that it will take to complete the transaction is 5 days.
But remember that during this period you will not be able to use this money in any way.
If you have any Instant Deposits in your account, then you can easily withdraw money up to $1000 without any waiting period.
- Referral Stock Withdrawal
If you have referred the platform to any person then Robinhood offers some rewards in the stock. But you will not be able to access those funds until 30 days are over. And if you traded those stocks before 30 days are over then the funds must be present in the account on the 31st day and you will not be able to utilize them until the restrictions that have been applied to you are lifted.
- Withdrawal from a different bank account
If you want to withdraw funds from a different bank account rather than your initial bank account, then you will have to get in touch with customer support services. And if you have closed your previous bank account then the bank will ask for some details which are mentioned as follows:
- Photo of your id card
- Bank statements of both accounts.
- Details of that account in which you want to transfer.
- Amount of transfer.
- The reason you are transferring to a different account is.
Cancellation process of a withdrawal
There is a specific time limit up to which you can cancel your withdrawal process and is explained as follows:
- If the transfer was made on weekend, then you can cancel it up to 3 pm ET on Monday.
- Transfer after 7 pm can be revoked until 3 pm ET of the next working day.
- A transfer between 3 pm to 7 pm can be canceled till 7 pm ET.
Final Thoughts
Cryptocurrency trading on Robinhood is not available in Hawaii and Nevada. The company earns its revenue from three sources interest on the cash balance available to its customers, margin lending, and selling order information of higher frequency to traders. In November 2019, Vladimir Tenev (founder of Robinhood) announced its expansion in the United States. Robinhood offers transfer to any other account and for its cancellation also. After Robinhood login, you will be able to access these options easily.
