Instant bank transfers | Robinhood (2024)

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

Select Account (person icon) → Menu (3 bars)
Select Transfers → Transfer Money
Enter the deposit details
Select Review → Transfer
Select Start instant transfer*
When you receive a notification from your bank, follow the instructions to accept the transfer
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

Select Account (person icon) → Menu (3 bars)
Select Transfers → Transfer Money
Enter transfer details
Select Instant transfers*
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 Transfers → Transfer 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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