All you need to know about withdrawal on Ally Invest

Reading time: 4 minutes

Being able to access your money is one of the top priorities when it comes to choosing a broker. Here, we will show you the withdrawal options, possible fees, how fast you can access your funds, and why Ally Invest is a reliable broker, where you can withdraw your money without safety concerns.

Withdrawal at Ally Invest is not the most user-friendly, according to our analysis. In any case, there are some issues, such as currency and closing positions, you have to pay attention to.

To give you a brief summary: Ally Invest is a US stockbroker, regulated by top-tier authorities the SEC and FINRA. The company is listed on the New York Stock Exchange and has a banking background.

THE ESSENCE:

  • Ally Invest charges $0 for withdrawal
  • The withdrawal process is usually executed within 2 days
  • Ally Invest is a reliable broker, regulated by at least one top-tier regulator
  • You can only withdraw funds to accounts in your name

First, let's see if Ally Invest is available in your country?

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How to withdraw money from Ally Invest
Is Ally Invest safe?

To trust your money with a broker, you need to be sure that the broker is considered trustworthy. We, at BrokerChooser, only recommend regulated brokers, meaning the broker's operations are overseen by a trusted body.

Ally Invest can be considered a legit broker as it is overseen by at least one top-tier regulator, which is a great sign for reliability.

For you, this means that your money is in good hands and you will be able to withdraw your funds.

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How to withdraw money from Ally Invest
What withdrawal methods are available at Ally Invest?

At Ally Invest, the only available option to withdraw money to your account is via Bank transfer.

Remember, you can only withdraw funds to accounts that are in your name.

Withdrawal options Ally Invest
Bank transfer Yes
Credit/Debit card No
Electronic wallet No

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How to withdraw money from Ally Invest
How long does it take to withdraw from Ally Invest?

Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.

Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.

At Ally Invest, the withdrawal process is usually executed within 2 days.

How to withdraw money from Ally Invest
What are the withdrawal fees at Ally Invest?

The good news is that Ally Invest charges no fees for withdrawal.

Withdrawal option Withdrawal fees
Credit/Debit card -
Domestic bank withdrawal $0.0
International bank withdrawal $30.0
Electronic wallet Not available

Conversion fees

Pay attention that if your Ally Invest account's base currency and bank account's currency differ, you might be charged a conversion fee depending on your personal bank.

At Ally Invest, the only available currency is USD. This means that if you withdraw money to your account in any other currency than USD, you will be charged a conversion fee.

To avoid high conversion fees, consider opening a multi-currency account at a digital bank.

How to withdraw money from Ally Invest
What to keep in mind when withdrawing from Ally Invest?

Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.

Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.

At Ally Invest, the withdrawal process is usually executed within 2 days.

How to withdraw money from Ally Invest
Wrap-up

You are awesome for having read through this article! Making sure you can access your funds might seem overwhelming at first, but the best time to start dealing with your finances is always right now.

You're doing great! Navigating through the world of brokerages is hard, and we want to help you along the way. If you are stuck somewhere, have a question, or a suggestion, please drop us an email.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

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

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