Want to start trading on Robinhood but don't have a bank account to top up your account? Knowing how to add money to Robinhood without bank account can be of great help.
Robinhood is one amazing trading application that offers trading solutions to investors making it easy for them to buy and sell stocks, options, exchange-traded funds, and also cryptocurrency such as Bitcoin, Ethereum, & Dogecoin without paying commissions or fees.
The commission-free trading platform has gained traction over the past years thanks to its free and easy-to-use trading features.
This app is great for traders of all skill levels because it secures all of your trades and keeps your money safe
However, you must fund your Robinhood trading account before you can even start trading. Through your bank account, you can fund your Robinhood account in the safest and simplest way possible.
However, not everyone has a bank account because opening a US bank account can be difficult for some residents and citizens, even if they have the necessary documentation—bad credit, for example, can be an indicator. You might also decide that you'd like to change the funding source for your account.
In this guide, I'll show you how to add money to Robinhood without a bank account. It is as easy as transferring money from Robinhood to bank account.
You shouldn't be hindered from trading with Robinhood because you don't have a bank account among your financial assets.
PS: If you're just getting started with Robinhood, here's a complete Robinhood guide for beginners to help you out.
Table of Contents
What is Robinhood?
Robinhood Markets, Inc. is a U.S. financial services company that was launched in March 2015 and headquartered in Menlo Park, California—known for pioneering free-of-charge trading in stocks, exchange-traded funds, and cryptocurrencies via a mobile application available on the Android, iOS and can be equally accessed via a web browser from desktop.
Robinhood offers 100% commission-free trades in stocks, options, ETFs, and cryptocurrencies, making it attractive to buyers who have a high trading frequency.
However, nowadays there are many well-known brokers offering free trades as well, so it is great that you evaluate what each broker has to offer before choosing one.
How to Get Started With Robinhood
There are a number of requirements you must meet before you can begin. To register for a Robinhood account,
- You must be above or 18 years old
- Have a Social Security Number
- You must have a U.S. residential address (Active U.S. military personnel stationed abroad are exempted)
- Be a U.S. citizen, have a valid U.S. visa, or a U.S. permanent resident.
However, residents of nations subject to US sanctions—including Cuba, North Korea, Iran, Syria, and the Ukrainian region of Crimea—as well as those of Cuba, are ineligible to apply for the account.
Additionally, if you visit these places while enrolled, you won't log into your account to conduct any kind of transaction. Additionally, you need equipment using one of the technologies listed below.
When you meet the requirements, you can open a Robinhood brokerage account. To begin opening an account, you should either download the Robinhood app or go to Robinhood.com.
After submitting your application, you should watch for a confirmation message indicating whether your account has been approved or whether more information is required.
According to the instructions, you might also need to add more documents. Within seven days of receiving your application, Robinhood will have finished reviewing it.
After that, you can begin trading to make a significant income. When the need arises, you will be able to transfer your earnings to a bank account.
How to Add a Bank Account to Robinhood
Linking a bank account to Robinhood is simple and can be done using the steps outlined below;
- Tap the Account icon in the bottom right corner.
- Tap Transfers.
- Tap Linked Accounts.
- Tap Add New Account.
- Choose your bank from the list of major banks, or use the search bar to search for your bank.
- Enter your online banking username and password.
- Choose which account you'd like to link.
Can You Add Money to Robinhood Without a Bank Account?
Yes, you can add money to Robinhood without a bank account by using direct deposit, PayPal, Skrill or even a through Netspend prepaid card.
How to Add Money to Robinhood Without Bank Account
Not having a bank account shouldn't prevent you from adding funds and trading on the platform.
There are some few ways to add money to Robinhood without bank account which are as follows.
1. Direct Deposit Into your Brokerage Account
Those with brokerage accounts on Robinhood can add money without a bank account using direct deposit.
This can however, be an unconventional way to add money to Robinhood without bank account for many.
As mentioned on Robinhood, they accept mail check deposits, government deposits and tax refunds from verified users.
You can set up your direct deposit online directly through Robinhood, through your company's or payroll's provider website (through the Robinhood app) or by submitting a pre-filled form to your human resources team.
Here's how to setup direct deposit on Robinhood.
- Tap the Cash tab.
- Tap Transfer.
- Tap Set up direct deposit.
- Tap Continue.
- Follow the prompts depending on how you want to setup the direct deposit from the above 3 ways.
Learn more on how to setup direct deposits on Robinhood.
2. Use PayPal
PayPal is the most popular payment gateway in the world because it enables numerous e-commerce stores, independent contractors, bloggers, and businesses to receive payments securely and cheaply in multiple currencies. You can easily fund Robinhood with a PayPal Cash Card and start trading.
However, those who have a verified US PayPal Account can use this feature. However, citizens of Austria, France, Germany, Ireland, Italy, Spain, and the United Kingdom can also access it.
Since Robinhood accepts debit cards as a source of top-up funds, you can easily top-up your account with the card since it is a Mastercard Debit card linked to your PayPal account.
3. Use Skrill
Another excellent payment processor and one of PayPal's main rivals is Skrill. Skrill provides a virtual Mastercard that is connected to your primary account and allows you to manage your online spending.
Your Skrill account can serve as a funding source for Robinhood.
The majority of digital wallets, including PayPal, Neteller, and other well-known ones, are accepted by Robinhood.
A login page for the chosen digital wallet is displayed by Robinhood for each top-up of a Robinhood account made using a digital wallet.
4. Use Netspend Prepaid Card
Robinhood accepts most debit and prepaid cards, including Netspend prepaid debit cards, so you can use this card to add funds to your Robinhood account and start trading.
How to Add Money to Robinhood Using a Bank Account
The easiest way to add money to Robinhood is by using a bank account.
Here's how to do it.
- Click on the Account tab or user icon at the top right corner on Android (iPhone users should find this at the bottom right corner) and select menu.
- Click on "Transfers"
- Now choose "Transfer to Robinhood"
- Select the account you will want to transfer from
- Enter the amount to transfer
- Review and click "Submit".
Can You Add Money to Robinhood With a Debit Card?
Yes, you definitely can! You have the right to use the funds on your debit card to make additional purchases if, for example, you sold stocks, ETFs, and options through your standard Robinhood account or bitcoin through your crypto-account.
- Tap the "Account icon" located at the right-hand side down the page
- Select on "Transfers".
- Select "Linked Accounts".
- Click "Add New Account".
- Choose your bank from the list of central banks, or use the search bar to search for your bank.
- Type in your online banking username and password
- Select the account to be linked.
Here's how to add your debit card to Robinhood.
Can You Trade on Robinhood Without a Bank Account?
You can trade without having a bank account on Robinhood. Users can trade on the platform without having a business bank account.
They need only add a "cash management account" to their Robinhood account, after which they can immediately deposit funds into it.
After the funds have been verified in the account, users can start trading with them.
Cash Management is no longer accepting new customers at this time. Existing users from Cash Management can sign up for the waitlist to apply for a migration to the Robinhood Money spending account.
Can You Link Cash App To Robinhood?
Yes, you can.
You can link your Cash App account to Robinhood by adding your Cash Card to your Robinhood account.
On the other hand, you can also add your Robinhood card to Cash App.
This makes the transfer of funds between both platforms very easy.
Final Thoughts: How to Add Money to Robinhood Without Bank Account
Robinhood is an online discount brokerage that offers a commission-free investing and trading platform.
Users of the Robinhood app can open a brokerage account to buy and sell securities.
It has a debit smart card that enables users to withdraw money from ATMs for personal use as well as pay bills online and conduct other transactions.
Users can still fund their accounts using the alternate methods mentioned above even without a traditional bank account. Therefore, trading need not cease.