Instant bank transfers | Robinhood

Instant bank transfers

Deposits

The deposit option with an Instant bank transfer lets you deposit money from your bank to your Robinhood account in minutes instead of days with no Robinhood fees.

Keep in mind

Deposits with Instant bank transfer are only supported for select banks at this time.

Deposit with Instant bank transfer

  1. Select Account (person icon) → Menu (3 bars)
  2. Select TransfersTransfer Money
  3. Enter the deposit details
  4. Select ReviewTransfer
  5. Select Start instant transfer*
  6. When you receive a notification from your bank, follow the instructions to accept the transfer
  7. Once accepted, the money settles in your Robinhood account within 10 minutes (sometimes longer depending on your bank)

*You’ll only see this option if your bank is eligible, you link your bank account with Plaid, and the transfer amount is within the limit.

Note

The request will automatically be canceled after 30 minutes if you don’t accept the transfer.

Withdrawals

The withdrawal option with Instant bank transfer offers you a faster way to move money to your bank.

In comparison to the free option that takes 4-5 business days to complete, an instant transfer typically takes 10 minutes (sometimes longer depending on your bank).

If your bank is eligible for instant bank transfer - withdrawals, and you link your bank account with Plaid, you’ll see the Instant transfer option after you enter your withdrawal details.

Keep in mind

Instant bank transfer - withdrawals are only supported for select banks at this time.

Withdraw with Instant bank transfer

  1. Select Account (person icon) → Menu (3 bars)
  2. Select TransfersTransfer Money
  3. Enter transfer details
  4. Select Instant transfers*
  5. Follow the prompts to submit the transfer

Similar to a debit card withdrawal, the fee can be up to 1.75% of the withdrawal amount, which is deducted from the requested amount when it’s transferred. The minimum fee is $1 and the maximum fee is $150 that’s charged for this type of withdrawal.

*You’ll only see this option if your bank is eligible, you link your bank account with Plaid, and the transfer amount is within the limit.

Example

If you request $100 to transfer, and then select the Instant transfer option, the total transfer amount will change to deduct the fee, such as to $98.25.

Note

If we don’t receive confirmation from your bank within 24 hours of the request, any incomplete withdrawals with the instant transfer option will expire with no fees. To make a withdrawal, you'll need to request a new transfer.

Limits

For instant bank transfers:

  • Your transfer limits (amount and frequency) may vary and reset at 12 AM ET
  • You’ll see your daily deposit and withdrawal limit (amount and frequency) before you submit your transfer or by going to TransfersTransfer limits

Disclosures

Any links to third-party sites are being provided for informational purposes only. Robinhood isn't responsible for the content of any third-party website or the collection or use of any information. Robinhood isn't affiliated with Plaid or The Clearing House.

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The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. RHF, RHY, RHC and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC and RHS are not banks. Securities products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. Cryptocurrencies held in RHC accounts are not covered by FDIC or SIPC protections and are not regulated by FINRA. RHY products are not subject to SIPC coverage but funds held in the Robinhood Money spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

Commission-free trading of stocks, ETFs and options refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed securities and certain OTC securities electronically. Keep in mind, other fees such as trading (non-commission) fees, Gold subscription fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial's Fee Schedule to learn more.

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All investing involves risk.

Brokerage services are offered through Robinhood Financial LLC, (“RHF”) a registered broker-dealer (member SIPC) and clearing services through Robinhood Securities, LLC, (“RHS”) a registered broker dealer (member SIPC). Cryptocurrency services are offered through Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840). The Robinhood Money spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Credit card products are offered by Robinhood Credit, Inc. (“RCT“) (NMLS ID: 1781911 and issued by Coastal Community Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. RHF, RHY, RHC and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC and RHS are not banks. Securities products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. Cryptocurrencies held in RHC accounts are not covered by FDIC or SIPC protections and are not regulated by FINRA. RHY products are not subject to SIPC coverage but funds held in the Robinhood Money spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

Commission-free trading of stocks, ETFs and options refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed securities and certain OTC securities electronically. Keep in mind, other fees such as trading (non-commission) fees, Gold subscription fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial's Fee Schedule to learn more.

© 2024 Robinhood. All rights reserved.