How To Add Money To Robinhood Without Bank Account

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 every day, 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 Your Debit Card

If you don't want to use your bank account directly with Robinhood, a good alternative is your debit card. Of course, most debit cards are linked to bank accounts, which might make the whole process more of totology and if your debit card is linked to your bank account, you should skip to the next method in case you don't want your bank account linked either directly or indirectly (through your debit card) to Robinhood.

To link your debit card to Robinhood:

• Go to Account→ in the app, Menu
• Select Transfers → Linked accounts → Add account
• Select Debit card
• Enter your card information
• Tap Link card

You'll be required to verify your newly linked debit card when you try making your first transaction with Robinhood. If you can't complete the verification, Robinhood will charge $1.95 to verify the debit card.

Once your card is verified, Robinhood will resend the $1.95 charged on the card.

Now that you've verified your card, it is time to deposit money into your Robinhood account from your newly linked debit card.

To do so:

1. Open the Robinhood app and go to the Account tab
2. Select the Menu tab
3. Tap "Transfers"
4. Tap "Deposit"
5. Enter the amount
6. Select "Continue" to choose which account you want to transfer money From and To, and to set the Frequency
7. Review and confirm the transfer, and then tap "Deposit"

You can also do this directly from the web in case you can't get this done on the Robinhood app.

2. Use Pay & Request

Pay & Request isn't yet available for everyone on the platform, but it is a great way to deposit money to your Robinhood account by receiving money from other Robinhood users.

All you'll need is to make sure both you (the recipient) and the sender are eligible for Pay & Request set up, and have it set up.

To do this, go to the Spending tab in your account and check if you can find Pay or Request. If it's available, you'll have to create a username that allows people who want to send you money to be able to find you in the app. Remember that both you and the sender must have this set up.

After setting up Pay & Request, you can start paying and requesting money from other users with a Spending account.

I believe in this case, you'll want to request money from other users since you want to top up your Robinhood account.

To do so:

1. Tap "Spending" in the homescreen.
2. Tap "Request"
3. Enter the amount
4. Search for the sender's name, username, phone number, or email address (you can ask them for it)
5. Select the person you'd like to request and confirm
6. On the confirmation screen, you can add a memo (optional)
7. Swipe up or submit the request

The sender should be able to see and accept your request right away.

3. 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.

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.

• Select "Account" in the Robinhood app
• In the app, select "Menu"
• Select "Transfers"
• Select "Deposit"
• Enter the amount
• Select "Continue" to choose which account you want to transfer money From and To, and to set the Frequency
• Review and confirm the transfer, and then select "Deposit".

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.