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Can I Withdraw My Money as Soon as I Sell a Stock?

Written by The Inspired Investor Team | Published on March 30, 2021

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When you sell a stock, you have to wait two business days until the trade settlement date before you can withdraw your cash. You can, however, use the proceeds from a sale immediately if you are buying another security.

Trade settlement dates are determined by market-wide rules and are based on security type, plus a set number of business days after the trade date. Settlement means that a security has fully transferred to the buyer and that the seller has received the cash. (Settlement dates apply to both sides of the transaction).

Typical Settlement Dates:

Stocks, majority of ETFs and mutual funds: generally T+2 (day of trade plus two business days)

Bonds: generally vary between T+1 and T+3

Money market funds: generally T+1

GICs: generally T+0

Options and some ETFs: T+1

For example, if you sell a stock on a Monday ("T"), you'll have to wait until the settlement date ("T+2") on Wednesday (assuming there are no exchange holidays) if you want to withdraw the cash. See another opportunity to buy? No need to wait for the trade to fully settle to make another purchase.

If you are buying, once your order's been filled it's important to make sure adequate funds are available in your account on the settlement date (and in the right currency), to avoid unforeseen charges.

To check settlement dates, refer to your Activity page under Place an Order. Settlement dates for your trades are displayed on the first business day after your order has been filled or executed. Settled cash is also reflected in "Available to Transfer" on your Transfer Funds page.

For Margin accounts, you can check "Available Margin Excess" to see how much cash you have available to withdraw or invest. Look for it on your Transfer Funds page.

Explore the Investing Academy to find answers to more of your investing questions.

RBC Direct Investing Inc. and Royal Bank of Canada are separate corporate entities which are affiliated. RBC Direct Investing Inc. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions. RBC Direct Investing is a business name used by RBC Direct Investing Inc. ® / ™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2023.

Any information, opinions or views provided in this document, including hyperlinks to the RBC Direct Investing Inc. website or the websites of its affiliates or third parties, are for your general information only, and are not intended to provide legal, investment, financial, accounting, tax or other professional advice. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Direct Investing Inc. or its affiliates. You should consult with your advisor before taking any action based upon the information contained in this document.

Furthermore, the products, services and securities referred to in this publication are only available in Canada and other jurisdictions where they may be legally offered for sale. If you are not currently a resident of Canada, you should not access the information available on the RBC Direct Investing Inc. website.

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