How to Transfer Money From Ameritrade to Bank Account
TD Ameritrade withdrawal at a glance
Whether you are using an online broker for short-term trading or for longer-term investments, there will come a point when you may want to enjoy the fruits of your trading activity if you've been making profitable transactions, or you just need access to your funds for any reason. To do that, first you have to withdraw money from your broker account.
That doesn't sound very complicated, but brokers differ considerably in what withdrawal options they offer (such as bank transfer or credit/debit cards), as well as in the speed and convenience of withdrawal. And while withdrawal at many brokers is free in most cases, some brokers and some types of withdrawals may involve a fee.
So how does TD Ameritrade fare in this regard? Before we dive into the details, let us show you at a glance how you can withdraw money from TD Ameritrade and how TD Ameritrade's withdrawal fees and options compare to some of its close competitors.
| TD Ameritrade | E*TRADE | Charles Schwab | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | No | No | No |
| Electronic wallets | No | No | No |
| Withdrawal fee | Free ACH withdrawal, but wire transfers cost $25. | Free ACH withdrawal, but wire transfers cost $25. | Free withdrawal, but wire transfers cost $25. |
How to withdraw money from TD Ameritrade
TD Ameritrade withdrawal options
Withdrawal via bank transfer is by far the most common option. It is available at basically all brokers, and TD Ameritrade is no exception.
However, bank transfer is the only withdrawal option available at TD Ameritrade, putting it at a slight disadvantage over brokers that also offer withdrawal to credit/debit cards or electronic wallets.
Speed also matters. Unlike some deposit options, withdrawal is rarely instant. It usually takes at least 1 business day, but often several business days for your money to arrive.
We tested withdrawal at TD Ameritrade and it took us 2 business days, which is considered fairly average.
To withdraw money from TD Ameritrade, you need to go through the following steps:
- Log in to your account
- Select 'Withdrawal' or 'Withdraw funds' from the appropriate menu
- Select the withdrawal method and/or the account to withdraw to (if more than one option is available)
- Enter the amount to be withdrawn, and, if prompted, a short reason or description
- Submit your request
Please note that you may only withdraw money to accounts that are in your name.
How to withdraw money from TD Ameritrade
TD Ameritrade withdrawal fees
While depositing money to a brokerage account is free in most cases, this is not necessarily always true for withdrawals. International bank transfers and wire transfers in particular can sometimes incur high fees, so always check carefully if this is something that would apply to your transactions.
We have good news for you: basic withdrawal at TD Ameritrade is free of charge. See the table below for details and possible exceptions, as well as how TD Ameritrade compares with some of its immediate competitors.
| TD Ameritrade | E*TRADE | Charles Schwab | |
|---|---|---|---|
| Domestic bank withdrawal | Free ACH withdrawal, but wire transfers cost $25 | Free ACH withdrawal, but wire transfers cost $25 | Free ACH withdrawal, but wire transfers cost $25 |
| International bank withdrawal | $25 per withdrawal | $25 per withdrawal | $25 per withdrawal |
| Credit/debit card withdrawal | Not available | Not available | Not available |
| Electronic wallets withdrawal | Not available | Not available | Not available |
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How to withdraw money from TD Ameritrade
Bottom line
TD Ameritrade withdrawal is free of charge in most cases. However, you can only do it via bank transfer; other convenient options such as withdrawal to credit/debit cards or electronic wallets are missing.
To see how TD Ameritrade's withdrawal fees and options stack up against the rest of the brokerage market, check out our broker comparison tool.
Author of this article
Author of this article
Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.
Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.
Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology
How to Transfer Money From Ameritrade to Bank Account
Source: https://brokerchooser.com/broker-reviews/td-ameritrade-review/how-to-withdraw-on-td-ameritrade