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Cash Management. Deposit Money into Your Robinhood Account. Link Your Bank Account. How to Prevent Bank Transfer Reversals. Withdraw Money From Robinhood. Unlink Your Bank Account. Instant Transfers: Common Concerns. General Questions. To transfer your funds to your bank account on your iOS app: Tap the Account icon in the bottom right corner. Tap Transfers. Tap Transfer to Your Bank.
Enter the amount you'd like to transfer to your bank. Tap Submit. To transfer your funds to your bank account on your Android app: Tap the Account icon in the bottom right corner. To transfer your funds to your bank account on your web app: Click Account in the upper right corner of the screen. Click Banking. Initiate a transfer from Robinhood to your bank account using the panel on the right. Deposit Pending A deposit can take up to five trading days to complete and you will not be able to withdraw or spend the funds while it is in flight.
One of the main appeals to owning crypto assets is that you can store it in an offline wallet, with no intermediary needed. Unfortunately, Robinhood makes this process impossible because they sell the ability to invest in crypto but not the actual tokens. This means that in order to securely store crypto in a wallet, you will have to sell your position on Robinhood and repurchase it at a physically delivered crypto exchange.
If you want to keep your position in a cryptocurrency on Robinhood and secure it at the same time, here are a few steps that you should know in order to minimize losses. It is not as simple as selling your crypto position on Robinhood, repurchasing elsewhere and sending it to a wallet, because there are time restrictions and verification processes on each exchange.
First, you will want to find an exchange that sells the crypto you are wanting to store, then go through their verification processes. This process usually takes hours on a business day. After you know where your crypto is available, go to that exchange, sign up and be ready to give them everything needed to verify your identity. It is good to get this process out of the way before you sell your tokens so that you can optimize your time.
Make sure that you are able to withdraw from these exchanges after you sign up. It takes about 72 hours from when you sell your position to when funds are available to withdraw on Robinhood, not counting the weekends.
Waiting until Thursday would keep you out of your position until Monday. On top of this, banks sometimes take 24 hours to make the withdrawals available to spend. On the third day, those funds will go into your buying power and will appear as withdrawable cash.
If you trust both the exchange that you are planning to purchase crypto from and Robinhood, then you can optimize time spent in no positions further by beginning the verification process the same day that you sell your crypto.