How to Add Money to Robinhood Without Bank Account [Complete Guide]

how to add money to robinhood without bank account

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.

Robinhood has gained more and more users over the past years thanks to their free trading features that are paid when using other similar trading apps.

Every trader will love using this app as it secures all of your trades and keep your funds secure. But before you can even launch into trade, you will need to top up your Robinhood trading account. The most secure and easy way to add money to your Robinhood account is through your bank account.

However, not everyone has a bank account since it can get complicated even for some U.S. residents and citizens to get a US bank account even if they have the paperwork—bad credit can tell for instance. It can also be the case where you want to change funding source for your account.

All same, no matter what your reason may be—in this guide, we will show you how to add money to Robinhood without bank account. It is as simple as withdrawing money from Robinhood to a bank. The lack of a bank account in your financial assets shouldn't be a hinderance for you to trade with Robinhood.

Don't know much about Robinhood? Don't worry we got you covered in the same faith.

CHECK ALSO: How to Transfer/Withdraw Money From Robinhood to Bank Account

What is Robinhood and How Does it Works?

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.

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What to Know About Robinhood and Other Similar Trading Apps Before Opening an Account

Today, there exist many stocks in the market that you can use to buy stocks. However, Robinhood has established itself as the only free trade app that you can use to freely buy stocks. Nowadays there are numerous stock trading apps that you can get from different sources. Buying and selling stocks is becoming one of the best businesses in the world.

That said, before opening an account with Robinhood or any other similar trading app, you should understand the risks involved in trading. Stocks rise in price and sometimes fall very sharply—meaning, you should always be prepared for uncertainties with trading business.

For instance, Bitcoin was sold at a very low price in its early days, at about $0.0008 to $0.08 per coin in July 2010—as for the present date, one Bitcoin is worth $48,583.10 and its price keeps on fluctuating as the market value changes.

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Getting Started and Opening an Account With Robinhood

Before getting started with Robinhood, you will need to provide some requirements—in other words, some paperwork before you can open an account and start trading with Robinhood.

To open an account on Robinhood, you should have the following requirements:

  • You must be 18 years of age or above
  • Must have a Social Security Number (SSN)
  • 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.

Citizens living in places under the US sanctions such as North Korea, Cuba, Iran, Syria and Crimea in Ukraine cannot apply for the account.

In addition, if you are traveling to these locations while you are already registered, you won't access your account for any type of transaction.

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Once you are eligible with the above requirements, you can proceed to open your Robinhood brokerage account. You must download the Robinhood app or visit Robinhood.com to start applying for your account. Once your application submitted, you must wait for a confirmation message that your account has been approved, or whether you should provide additional information. You may also need to add other documents as instructed. Robinhood will take at most seven days to finish reviewing your application.

After that, you can start trading to earn large sums of money with Robinhood. You can then withdraw your money to a bank account if needed. It is important that you know how to transfer money from Robinhood to a bank account in order to use your earnings for various transactions.

How to Add Money to Robinhood Without a 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. Using 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.

CHECK ALSO: How to Get a Free US Bank Account for PayPal

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.

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CHECK ALSO: How to Open a US Bank Account as a Non-Resident

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.

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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

For a complete guide on this process checkout this page.

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
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Can I Deposit a Check on Robinhood?

Robinhood does not accept mailed check deposits, however you'll have the option to set up direct deposit to your account if you upgrade it to Cash Management.

How Do I Setup Direct Deposits On Robinhood?

If you've been asking yourself if Robinhood accepts direct deposit, then know that Robinhood does accepts direct deposits. It is very easy to setup direct deposit on Robinhood—allowing your paycheck or government deposits such as tax refunds into your account.

You can setup direct deposit on Robinhood in 3 ways which are;

  1. Online directly through Robinhood
  2. Online through employer or payroll provider
  3. Manually with a pre-filled form

A complete guide on each of these methods can be found on the Robinhood move money page.

You can also set up "automatic deposits" into your brokerage account which serves you the time of carrying out the process manually when in need.

To setup automatic deposits with the Robinhood mobile app, proceed as follows:

  • Click the Account icon on your home screen
  • Now select "Transfers"
  • Select Automatic Deposits;
  • Select your schedule
    • Weekly: Deposits will be made every Monday
    • Twice Monthly: Deposits will be made every 1st and 15th of each month
    • Monthly: Deposits will be made every 1st of each month
    • Quarterly: Deposits will be made every 1st of January, April, July, and October
CHECK ALSO: How to Get Virtual US Credit Cards for Non-Residents

To setup direct deposits though the Web, proceed as follows:

  • Click Account on your home screen.
  • Select "Banking"
  • Click on the arrow next to Transfers on the right side of the screen
  • Now choose Automatic Deposits
  • Select the account you wish to transfer from
  • Enter the amount to deposit
  • Select your schedule
    • Weekly: Deposits will be made every Monday
    • Twice Monthly: Deposits will be made every 1st and 15th of each month
    • Monthly: Deposits will be made every 1st of each month
    • Quarterly: Deposits will be made every 1st of January, April, July, and October

Note!
For each of the processes, enter the amount of money you will want to deposit for each transaction.

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How long does it take for Direct Deposit to take effect?

If you set up your direct deposit online directly through Robinhood, your paycheck should be deposited into your brokerage account on your next pay cycle. If you set it up online through your employer or payroll provider, or if you set it up manually with a pre-filled form, it can take up to 1-2 pay cycles for your paycheck to be deposited into your brokerage account.

How Can I Cancel a Direct Deposit

If you change your mind, you can cancel your direct deposit by either going to your employer's site or by submitting a form requesting the change to your employer's HR or payroll team.

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How Long Do Bank Transfers to Robinhood Take?

It can take up to 5 business days for a bank transfer to fully arrive your Robinhood account—however, the time require for this transaction to complete will depend on your previous relationship with Robinhood. Make sure you have sufficient balance for the transaction before performing a bank to Robinhood transfer.

Transactions that involve withdrawal of funds from your bank account, leaving the account with a  balance less than the transaction amount will be canceled. You will get a transfer reversal due to insufficient funds—thereby, creating a bad relationship with Robinhood.

However, you can cancel an ongoing transaction before it can even be processed. Once the transaction goes into processing, you wouldn't be able to do anything other than waiting.

CHECK ALSO: How to Get Free Virtual Credit/Debit Cards With Money

Can You Link Cash App To Robinhood?

It is very possible and pretty much easy to link your Cash app account to Robinhood account—the reverse process (adding Robinhood card to cash app is equally possible)—making it easy to exchange funds. In order to link your Cash app account with Robinhood, you will need to add Robinhood debit card to your Cash App account.

How Do I Transfer Money out of Robinhood?

Immediately you get to withdraw money from your Robinhood trading account into your buying power as a withdrawable balance, it will be pretty much easy for you to transfer the money into your bank account. Our guide on how to transfer money from Robinhood to your bank account shows you how.

However, you will need to allow your funds to settle for a period of at least 2 business days before you can withdraw them.

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You can as well withdraw money from your Robinhood account into a different bank account other than the account used for the deposit. Here is what will be required by Robinhood before you can withdraw with a different bank account:

  • A brief description of the reasons why you cannot or do not want to make a withdrawal to the bank account from which you originally deposited the funds.
  • A photograph of the front and back side of your government-issued ID.
  • Bank statements certifying that you are the holder of the two linked bank accounts. Photos or PDFs should be clear and easy to read.
  • Amount and specific bank account you want to transfer the funds to.

If you own a Robinhood Debit card, you can withdraw money from your account at over 75,000+ in-network ATMs (ATMs in the Allpoint or MoneyPass networks) which are located in all the 50 U.S. states, Puerto Rico, and the U.S. Virgin Islands, as well as 15,000+ international locations.

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.

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