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How to Deposit and Withdraw Money with the Robinhood App - YouTube
Channel: Honest Finance
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so I've been giving a lot of questions
regarding how to withdraw money and how
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to deposit money using the Robinhood
app so in this video I thought I'd just
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make a quick tutorial for you guys so
you can learn how to do that because
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honestly it's not that technical but I
feel like a lot of us are just getting
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confused because of how you're supposed
to do it and where it's located on the
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app so that's what we're gonna be
covering I'll cover just a few of the
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basics that you guys need to understand
and then from there we'll go right into
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my phone and I'll show you guys exactly
how to withdraw and how to deposit money
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using the Robinhood app so obviously if
you want to invest in the stock market
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you're gonna need money inside of your
Robin Hood account and the only way to
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do that is to deposit money from your
bank to Robinhood and it's really very
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simple you're just depositing cash that
you already have in your bank to Robin
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Hood and it sits inside your cash
account until you execute meaning you
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actually trade shares on the stock
market and that's all there is to it
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so typically the way it works is if you
deposit money from your bank account to
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a brokerage you're usually gonna have to
wait about three business days before
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you even have access to that money so
for instance if you move 200 bucks from
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your bank to the brokerage account you
can't trade with that no matter what the
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stock market is doing but the cool thing
about Robin Hood is that they have
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what's called instant buying power and
what this means is that they allow you
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up to a thousand dollars instantly
whenever you deposit to trade with that
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money so for instance if you move 200
bucks from your bank to Robin Hood then
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instantly you're gonna be able to trade
with that 200 dollars and you don't have
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to wait the 3 business days like you
normally do and then if you're
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subscribed to Robin Hood gold which is
currently 5 bucks a month you'll
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actually have access to five thousand
dollars instant deposit just for being a
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member and then you can actually have
access up to 50 thousand dollars if your
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account matches that amount of money so
for instance you've got to have fifty
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thousand dollars in your portfolio or in
your cash account but then you can match
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up to fifty thousand dollars instantly
as a Robin Hood gold number and then
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just make sure that if you are
depositing money from your bank account
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to Robin Hood then you actually have the
funds available because if you want a
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thousand dollars from your bank account
to go into Robin Hood but you only have
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seven hundred then that is a problem you
can't just borrow that money you
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actually have to have that in your bank
account in order for it to work properly
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or you're gonna have to pay a fee and
then on top of that you're not gonna
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have the instant buying power with
Robin Hood because you're obviously not
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gonna be in good standing with him so
just make sure that you've always got
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enough money in your bank account
whenever you need money to go inside
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with Robin Hood and then you don't have
to worry about anything and you'll
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always have access to their instant
buying power up to a thousand bucks now
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if you do have an interest in watching
more Robin Hood videos like for instance
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how to buy and sell shares or how their
dividends work and check out this
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playlist up here this is gonna be all
the different Robin Hood videos that
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I've made you can click that whenever
and you can learn more about them but
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for now we are gonna go right into my
phone and we're gonna learn exactly how
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you can withdraw and how to deposit
money using the Robin Hood app okay so
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in order to deposit and withdraw money
you just have to click the little person
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on the bottom right here and then from
here you just click the third option
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down which is transfers for deposits and
withdrawals so if we want to deposit
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money to Robin Hood you're just gonna
click the top one which is transfer to
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Robin Hood now from here all you do is
set the amount that you want to take
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from your bank account to Robin Hood and
you can select the specific make you
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want so if this isn't the one that you
want to do just click on change bank and
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then you can change banks so for
instance if we want to do $200 we'll
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just stick $200 here we'll click review
and you'll double check that your bank
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accounts correct you hit submit and that
is all you have to do and then that
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money is going to be instantly in your
account as long as you're in good
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standing with them and up to a thousand
dollars now if you want to withdraw
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money from Robin Hood to your bank just
click the second one down which is
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transferred to your bank and right here
if you look below you'll see that I have
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one thousand twelve dollars and ninety
nine cents available to withdraw so
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that's how much cash I have available in
my cash account now just keep in mind
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that if you've recently traded shares or
anything like that
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you do have to wait three trading days
in order for those to settle so for
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instance if you sold a thousand dollars
worth of shares yesterday you're not
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going to have access to that money for
another two days assuming that those are
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business days because they're obviously
closed on holidays and weekends
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so just keep that in mind so right now
if I wanted to withdraw a thousand
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dollars from my cash account I can I
just put that in here make sure that I'm
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sending it to the right bank account
obviously you can change that right here
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if you need to or you can add more bank
accounts you just click review and then
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from here you just double check
everything and as soon as you hit
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it that thousand dollars is gonna be
going from Robin Hood to your bank now
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just keep in mind that that is not going
to be instant you're not gonna see that
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money for a few days and that is
completely normal
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you have to wait a few business days
before that money gets to your bank so
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if you needed tomorrow that's not gonna
happen
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you just have to wait and that's all
there is when it comes to withdrawing
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and depositing money on the Robin Hood
app it really is super simple you just
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need to know where it is and how to do
it and now you guys do now if you just
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found this channel I'm Jason with honest
finance and I make a lot of videos on
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different topics that will give you life
and your finances more values so if you
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do have an interest in this type of
content feel free to subscribe but for
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now I'll just leave some more Robin Hood
videos you guys can watch over here but
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thank you for watching have a great day
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