There's always a convenience to use a bank account and some downsides as well—and for some reasons, you might not want to use your bank account as a funding source for Robinhood.
For sure, topping up your Robinhood account with a bank account is the most straightforward way, but it isn't the only way.
In this guide, I'll show you how to add money to Robinhood without a bank account.
How to Add Money to Robinhood Without Bank Account
With banking regulations getting tougher everyday, a bank account shouldn't be the best source of funds for most Robinhood account holders—now, a bank account isn't the only way to add money Robinhood as we find many ways to add money to Robinhood without bank account which are listed as follows:
1. Use PayPal
PayPal is the most used payment gateway in the world right now as it lets many e-commerce shops, freelancers, bloggers, businesses get paid in securely in multicurrency without excessive fees. With a PayPal Cash Card, you can easily add money to Robinhood and initiate your trades.
However, this feature is available for those in possession of a verified US PayPal Account. However, it is also available for residents of Austria, France, Germany, Ireland, Italy, Spain, and the United Kingdom.
The PayPal Cash Card is Mastercard Debit card linked to your PayPal account—Robinhood accepts debit card as a top up source—meaning and you can easily top up your account with the card.
2. Using Netspend Prepaid Debit Card
You must have surely heard of Netspend when searching for "reputable disposable credit card services" or the "best instant virtual debit cards".
Netspend prepaid debit cards are accepted by Robinhood—and as such, you can use this card to add money into your Robinhood account to begin trade—Robinhood accepts most debit and prepaid cards.
3. Skrill
Skrill is another great payment gateway and one of the top competitors to PayPal. Skrill offers a virtual Mastercard that is linked to your main account letting you control your spending online.
You can use your Skrill account as a source of fund for Robinhood.
Robinhood accepts most digital wallets such as PayPal, Neteller and other well known digital wallets.
For every top up of Robinhood account using a digital wallet, Robinhood displays a login page of the selected digital wallet.
4. 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.
5. Use the Cash App Card
The Cash Card is a Visa debit card that can be used to pay for products and services both online and in store using your Cash App balance.
You can link the Cash App card to your Robinhood account and add funds to Robinhood from it.
But before, you'll need to create a Cash App account and verify it.
Once you have a Cash App account, you can order a new Cash Card for your account.
As soon as you get your Cash Card, you can add the card to Robinhood as follows:
- Go to Account.
- Select Transfers → Linked accounts → Add account.
- Select Debit card.
- Enter your card information.
- Tap Link card.
To transfer money from your Cash Card to Robinhood:
- Tap Account.
- Tap Transfer money.
- Choose the external debit card or bank account you'd like to transfer money from.
- Enter the deposit amount.
- Choose to transfer the deposit to your brokerage or spending account.
- Review the deposit.
- Tap Transfer.
How to Add Money/Deposit Funds to Robinhood Using a Bank
The most common and easy way to add money to your Robinhood account is by depositing via a bank account. This is how you should proceed.
Depositing Funds to Robinhood Via Mobile Application
Robinhood has mobile apps operating both on Android and iOS and from there, you can easily add money to your Robinhood account—Here is how you should proceed with the mobile app:
- 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".
For a complete guide on this process checkout this page.
Depositing Funds to Robinhood Via Web App
The process is completely different when adding money to your Robinhood account via the web app—Here is how to add money to Robinhood via the web app:
- Click on Account on the top right corner of your PC screen
- Now, Select Banking
- On the panel labeled Transfers, choose the account you will want to transfer funds from
- Enter the amount to deposit
- Click Review and select Submit
Important!
- You can perform up to five deposits each business day into your account.
- You can deposit as much as $50,000 each business day from Robinhood.
- You cannot perform check deposits with Robinhood
Also Read: How to Get Free Virtual Credit Card Without Bank Account
Can You Add Funds to Robinhood With a Debit Card?
Yes, you certainly can! Let's say you sold stock, ETFs, and options through your standard Robinhood account or bitcoin through your crypto-account; you have the right to use the money in your debit card to make additional purchases.
Here's how to add your debit card to Robinhood
- 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.
Can You Trade on Robinhood Without a Bank Account?
Yes, you can trade without a bank account on Robinhood.
In fact, you don't need to have a commercial bank account in order to trade. You can simply add a "cash management account" to their Robinhood account and then deposit money into it using an immediate deposit method.
After that, you can trade with the money once it has been confirmed in the account.
FAQs
How do I put money on Robinhood without a bank account?
You can put money on Robinhood without a bank account by using PayPal, Netspend or even the Cash App card.
Is there another way to add funds to Robinhood?
Yes, you can use the Cash App card or PayPal to add funds to Robinhood. Alternatively, if you have a Chime account, you can use it to add money to Robinhood.
Final Thoughts on How to Add Money to Robinhood Without Bank Account
Robinhood is one great commission-free trading app that allows you to open a brokerage account so that you can buy and sell stocks. Robinhood operates on Android, iOS, and web platforms.
You do not need a bank account to start trading with Robinhood, there are many other possible ways to add money to your Robinhood account.
Robinhood accepts debit and prepaid cards—which makes PayPal Cash Card, Skrill, Netspend prepaid debit card ideal to add money to your Robinhood account without using a bank.
Robinhood equally has a debit card which can be used anywhere in the world to pay for goods and services and even withdraw money from over 75,000+ ATMs located in all the 50 U.S. states. Your money at Robinhood is safe due to insurance and other security measures implemented in their network.
