2019: does Robinhood offer ACH, Wite Transfers (domestic, international), and Check Writing service?

Funding Options

If you’ve just opened your Robinhood account and are ready to fund it and begin trading you’re probably wondering what your options are. Robinhood’s app is known for its simplicity, and it’s no different when it comes to funding your account. This article will walk you through the funding process on the app.

Most brokers offer a few different funding options (i.e. ACH and wire transfers and even physical checks). The time it takes for funds to settle varies depending on the method you choose, with wires generally settling next day and electronic/ACH transfers settling in three days. While ACH transfers are generally free to send and receive, the sending institution of a wire transfer generally charges a fee since this is a faster service. With Robinhood, you won’t need to worry about choosing a method though because they only support ACH transfers.

How to Initiate an ACH Transfer

From the account menu in the Robinhood app, you want to select the “Transfers” option, which will take you to the menu below. Here you can manage the checking and savings accounts you have linked to your Robinhood account (via “Linked Accounts”) and initiate one-time deposits (“Transfer to Robinhood”) and withdrawals (“Transfer to Your Bank”). You can also setup recurring deposits if you want, which we’ll get into later.


Robin Hood Money transfer options

Making a One-Time Deposit

For one-time deposits, we’ll select the “Transfer to Robinhood” option, which will bring us to the below screen. You just need to enter the amount you’d like to deposit and confirm that the bank account it shows to the right is the account you’d like to take the funds from. If it isn’t, click on the “Change Bank” link to choose the correct account from the ones you’ve linked. Then just review your deposit request and click “Submit”.


Robin Hood Money transfer


Things to Remember When Making an ACH Transfer

Robinhood Financial advises that you should make sure you have the necessary funds in your bank account for at least four to five days after you initiate the request to make sure it doesn’t get reversed as it can take a few days for the bank to process and send the money. Once you make a deposit, the first $1,000 will be available for you to trade instantly, but any deposited funds above $1,000 won’t be available until they settle in roughly four to five days. Robinhood allows you to deposit up to $50,000 into your account each day.

Setting up Recurring Deposits

If you would like to setup a recurring ACH deposit into your Robinhood Financial account, simply select the “Automatic Deposits” option. You will then choose the amount of the recurring deposit and the frequency – you can choose from weekly, twice a month, monthly, or quarterly. All weekly deposits are made on Monday, while the bi-monthly deposits are made on the 1st and 15th of each month. Monthly and quarterly deposits are made on the 1st of each month and quarter respectively. Note that Robinhood only allows you to create one recurring deposit for each unique combination of frequency and bank account.


Robin Hood Schedule transfer


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