“How long does it take to transfer money to Robinhood?” You asked. I will give you answer to that question here. I will also show you how to transfer money from Robinhood to bank and from your bank account back to Robinhood. Read on!
Stock trading has been around for decades, but commission free stock trading is an innovation which came around not quite long ago. It came about in 2015, and the pioneer of this wonderful innovation is Robinhood. We are not taking about the commonly known classical Robinhood that robs the rich to give to the poor here, we are talking of Robinhood Markets Incorporated.
What You Need To Know About Robinhood
Robinhood Market Incorporated is a financial services company with headquarters located at 85, Willow Road, Menlo Park, CA 94025, United States of America.
Its subsidiaries include Robinhood Securitie LLC, Robinhood Crypto LLC, and Robinhood Financial LLC. It is the first company to offer online and app based commission free stock trading.
Robinhood was actually founded on the 18th of April 2013 by Vladimir Tenef and Baiju Bhatt, classmates and roommates from days in Stanford. These two have built superb trading platforms for financial institutions before founding Robinhood.
Their goal for founding Robinhood is that they want to democratize finance for everyone. Currently Tenef is said to be worth an estimated $2.9billion while Bhat is worth around $3.3 billion.
In 2020, Robinhood generated $7.45million in net income, with the company’s net worth around $200 billion according to Forbes. Forbes also sets assets managed by Robinhood to be worth around $60 billion.
Products and Services Offered By Robinhood
Exchange Trust Fund (ETF) and Stock Trading
Commission free ETF and stock trading is the core product of Robinhood, the bedrock reason for the company’s set-up. This is the icing on the cake that makes Robinhood caught the eye of stock traders.
Competitors such as Charles Schwab, E Trade, TD Ameritrade, noticing Robinhood is taking it all with its free stock trading package also announce trading fees elimination in October 2019.
Robinhood uses ACH transfer in previous years therefore funds will normally take three days to appear, however, instant deposits were introduced in September 2016, which allows for the platform users to get credited with their deposits even as high as a thousand US dollars in minutes.
Robinhood launched this feature in 2019, however the interest rate ended up being a fraction of its earlier promise at launch, no thanks to a federal rate cut.
Crytpto trading was announced in January 2018, with its waitlist growing to about 1.25 million in a single day.
The Crypto trading started with Bitcoin and Etherum to users in areas such as Missouri, California, Montana, and Massachusetts.
Nevada and Hawaii are the only states still excluded from Robinhood Crypto trading as all other states are covered.
Also, other Cryptocurrencies such as Etherun Classic, Bitcoin Cash, Dodgecoin got supported on the Robinhood platform. And currently, it’s been hinted by Tenev that plans are underway to add more coins.
How To Transfer Money From Robinhood To Bank
The process of transferring money from Robinhood to your bank account is not complicated.
Just go to the accounts Icon, (you will find that at the bottom right corner), and click on “transfer”, then ” transfer to bank”, then select the bank account you want to transfer to and then enter the amount to transfer and click submit.
A maximum of 5 withdrawals per day is permitted by Robinhood, if the total amount does not exceed $50,000.
How Long Does It Take To Transfer Money To Robinhood?
The duration it takes to complete a transfer from bank account to Robinhood is determined by the transfer method or process employed.
If the user uses the deposit option, the funds arrive immediately in the users Robinhood account, however, the maximum transaction amount that can be deposited with this method is $1,000.
If a user wants to deposit more than $1000, he has to use the Automated Clearing House (ACH) transfer option. You may decide to use this option for lower amounts too if you so wish.
Funds deposited through this process will take about 1 to 2 business days to arrive in your Robinhood account.
Whichever of the two methods you decide to use, Robinhood does not charge any fee for depositing. It’s absolutely free. One of the company’s aims is to cut this fee burdens as much as possible anyway.
Final Words On How Long It Takes To Transfer Money To Robinhood
That is it about how long it takes to transfer money to Robinhood. Trust you got your question answered. Please share for others to learn.
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