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