Prospective investors interested in adding money to Robinhood without a bank account should know there are multiple ways to do so.
While linking a bank account is one of the more popular depositing options on Robinhood, it’s not the only one. Robinhood accepts debit cards from various FinTech services and allows you to deposit up to $1,000/day. That means you can add money to Robinhood without a bank account by linking multiple debit cards.
Alternatively, you can set up direct deposits from your employer by sending a portion of your paycheck directly to Robinhood.
We will discuss all of that in today’s article. So, let’s begin.
Before We Begin
To add money to Robinhood without a bank account, you must first open a Robinhood Cash Management account. What’s great about the Robinhood Cash Management account is that it is FIDC insured up to $250,000.
The Robinhood Cash Management feature allows you to integrate your Robinhood brokerage account with the various FinTech services.
To do that, navigate to the Cash tab on Robinhood and select Sign Up. Then, you’ll need to answer a few questions, fill out a form, and you’re good to go. Once you’ve done that, you can select from a list of available options in the Transfer section.
Add Money to Robinhood Using PayPal
PayPal is one of the more popular funding alternatives to bank accounts. However, there’s a catch. Namely, you can’t deposit directly through PayPal. But you can link your PayPal Cash Card to Robinhood and initiate instant deposits.
The PayPal Cash Card is a debit card. Therefore, you can add money to Robinhood. Here is how to add money to Robinhood without a bank account using PayPal:
- Open Robinhood and navigate to your Account (bottom right of the mobile app);
- Select Transfers;
- Go to Linked Accounts;
- Click Add Account;
- Select Debit Card from the list of available options;
- Add the name of the FinTech service you wish to deposit from;
- Enter the 16-digit number from your PayPal Cash Card, the expiration date, and the three-digit security code;
- Click Link Card;
- Sign in to your PayPal account and authorize the connection to Robinhood;
- Add the desired amount to complete the deposit transfer.
Add Money to Robinhood Using Current
Alternatively, you can add money to Robinhood using your Current debit card. The steps are similar, but let’s go over them together:
- Open the Robinhood app and go to the Account section;
- Select Transfers;
- Click Add Account;
- Type in your debit card’s 16-digit number, expiration date, and three-digit security code;
- Link the card by clicking Link Card;
- Similarly to the previous step, authorize the connection and add the desired amount you wish to add to Robinhood.
Alternatively, you can explore the list of available debit card options by typing in the name of the FinTech service in the search bar when clicking on the Debit Card depositing option.
While Robinhood doesn’t support deposits from every FinTech service, you will be able to withdraw to most.
Add Money to Robinhood By Transfering Funds from Another Brokerage Account
If you have an account with another brokerage service, you set up a direct cash transfer to Robinhood. To do that, you will need your Robinhood account number and routing number. Navigate to the Deposit section of the app to find these.
Once you do that, go to your other brokerage account, fill up the necessary information, and initiate the deposit.
Adding money to Robinhood without a bank account is possible using a number of methods, including adding debit cards from various FinTech services and transferring money from other brokerage services.
To do the former, you must open a Robinhood Cash Management account. There’s also the option for a portion or the entirety of your paycheck to be automatically added to Robinhood from your employer.
Yes, you can. If you wish to deposit into Robinhood through a debit card, simply open a Robinhood Cash Management account, navigate to the Transfers section, and select the FinTech service you wish to integrate into Robinhood.
No, you cannot. You can try and link your Cash App debit card to Robinhood, but you will receive an error message saying “not supported.”
No, you cannot. Robinhood only supports Visa or Mastercard debit cards from US banks.