Are there fees for transfers? | Robinhood (2024)

FAQs

Are there fees for transfers? | Robinhood? ›

When withdrawing money from your spending or investing account, it depends on what type of account you're transferring money to: Standard bank transfer: No fee for withdrawals. External debit card account: Withdrawals have up to a 1.75% fee based on the amount being transferred out.

Banks typically charge for outgoing and incoming wire transfers. Fees range from $0 to more than $50.

There's no fee for bank transfers. However, instant withdrawals to a debit card or bank account can incur up to a 1.75% fee.

There's no commission fee to buy or sell options, nor is there a monthly fee.

You can send money without a fee by using P2P payment apps such as Cash App, Google Pay, PayPal, Venmo and Zelle. Note that you may have to pay a fee if you fund your transfer with a credit card, and the recipient may have to pay a fee if they choose to receive the money instantly in their bank account or debit card.

Sending limits usually range from $500 to $5,000 per day and $10,000 to $20,000 per month, though some banks may allow you to increase your limits. If your bank wasn't on our list, you can typically confirm your Zelle transaction limits through your online banking account or by calling your bank.

After you complete a full ACATS transfer, we'll put your account on hold. We charge a $100 fee for a partial or full ACATS out of Robinhood. Currently, fractional security shares with RHF and crypto held with RHC aren't transferable to other brokerages.

Fidelity doesn't charge a fee for sending or receiving EFTs, but the receiving bank may charge a fee. Fidelity also doesn't charge fees to process wire transfers to a bank or other recipient.

We don't charge you fees to open or maintain your account. However, the following regulatory organizations charge Robinhood fees for trading that we do pass on to you to cover our costs: The Financial Industry Regulatory Authority (FINRA) charges a regulatory transaction fee and trading activity fee for sell orders.

How to avoid transfer fees between banks? ›

Banks tend to charge similar fees for sending outgoing wire transfers, but they vary from bank to bank. For instance, Fidelity, a brokerage, doesn't charge a wire transfer fee, while some banks, such as Citi, may waive the fee for customers who have certain types of accounts.

Are there any fees to send money using Zelle®? Zelle^® doesn't charge a fee to send or receive money. We recommend confirming with your bank or credit union that there are no fees for Zelle^® transactions.

Deciding between Fidelity vs. Robinhood isn't an easy choice as both have a lot to offer. Those who want no-fee options contracts, cryptocurrency trading, or an IRA match may prefer Robinhood. Fidelity could be a better fit for retirement investors or those looking for mutual funds.

Standard bank transfer: No fee for withdrawals. External debit card account: Withdrawals have up to a 1.75% fee based on the amount being transferred out. You'll see the calculated fee when you initiate the withdrawal, so you'll know the amount up front.

Online transfers are generally free, though some banks do charge, and transfers usually take up to three business days to complete. Check with your institution when setting up a transfer to know when to expect funds to arrive and whether there are fees. Link the two accounts. Provide external account information.

How much are balance transfer fees? Balance transfer fees are typically 3 percent or 5 percent of the total balance you transfer to your new card. So, for every $10,000 in debt you move to a balance transfer credit card, you'll owe an additional $300 or $500.

Intra-Scheme Money Transfer

Sending to account holder Minimum of N50 subject to 1% of transaction value or N300, whichever is lower. Sending to non-account holder Minimum of N50 subject to 1.5% of transaction value or N500, whichever is lower.