Having a bank account is one of the best ways to top up any account including Robinhood. Some individuals might want to start trading on Robinhood but do not have a bank account reason why I will show you in this article how to add money to Robinhood without bank account.
Robinhood is well known trading application that offers trading solutions to investors making it easy for them to buy and sell stocks, options, exchange-traded funds and even cryptocurrencies of all types without any paying commissions or fees.
This platform has fast gained traction in the past years due to its free and easy to use trading features. The app is suitable to traders of all skill levels due to the fact that it secures all of your trades and keeps your money safe from hackers and criminal individuals on the internet.
Before you can even begin trading, you must fund your Robinhood trading account. The safest and simplest way to fund your Robinhood account is through your bank account.
However, not everyone has a bank account since, even if they have the required documents, some residents and citizens may find it challenging to obtain a US bank account; poor credit, for instance, may be a sign of this. The funding source for your account may potentially be something you opt to change.
Want to know how to add money to Robinhood without bank account? then this is the right article for you as I will show you how to do so. Adding Money to Robinhood without bank account is as easy as transferring money from Robinhood to bank account.
Table of Contents
What is Robinhood?
Robinhood Markets,Inc is actually an American financial service company that was launched in March 2015 and has its headquarters in Menlo Park, California. It is known for pioneering fee-free trading in stocks, exchange-traded funds and cryptocurrencies via a mobile application available on Android and iOS platform and that can also be accessed through a web browser from PC.
This financial platform affords 100% commission-free stock, options, ETF and cryptocurrency trades therefore making it appealing having a high trade frequency.
With Robinhood, it is easy for new investors to get started and there are no commission costs or minimums to open an account.
However, tax-favored investment accounts like the Roth IRA, which are not provided by Robinhood, and a buy-and-hold approach to maximize compound interest, which goes against Robinhood's incentives to trade, stand to benefit younger investors the most.
How to Get Started With Robinhood?
In order to open an account with Robinhood, there are numerous requirements that you will have to meetup with.
Below are the criteria needed to apply:
- You must have a Social Security Number
- You Must be 18 years and above of age
- You must be a U.S citizen, have a valid U.S Visa or a U.S Permanent resident
- Must have a U.S. residential address (Active U.S. military personnel stationed abroad are exempted).
Some countries like North Korea, Cuba, Iran, Syria or Ukraine are subject to U.S sanctions so you will not be allowed to open an account if you are in one of these countries.
More to that you will not be able to access your account so as to carryout any transactions if you are already registered and traveling to these locations.
Robinhood solely conducts business through its mobile apps, which are accessible for iOS and Android. They are a key target for Robinhood because many traders utilize these mobile platforms. Deposits and withdrawals from bank accounts are even simple using the mobile app.
The best way to access your Robinhood account is through a web browser and below are the platforms accepted for trading, deposits and withdrawals to and from your bank account.
As soon as you are on point with the requirements, you can open a Robinhood brokerage account but before starting with the process, you should either download the Robinhood app or simply move to their website Robinhood.com.
You should keep an eye out for a confirmation message after submitting your application to see if more information is needed or if your account has been accepted.
You might need to add more documents based on the instructions. Robinhood will complete its examination of your application within seven days of receiving it.
Following that, you can start trading to earn a sizable income. You will be able to deposit your earnings into a bank account as needed.
How to Add a Bank Account to Robinhood
It is quite easy for you to link a bank account to Robinhood and you can do this by keenly following the steps 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 are able to add money to Robinhood without a bank account by using direct deposit, PayPal, Skrill or even via a Netspend Prepaid card.
How to Add Money to Robinhood Without Bank Account
The fact that you do not have a bank account should not prevent you from adding funds and trading on Robinhood like every other person.
Below are a few ways that will help you add money to Robinhood without bank account:
1. Make Use of PayPal
Because it enables innumerable e-commerce retailers, freelancers, bloggers, and organizations to receive payments safely and affordably in various currencies, PayPal is the most well-known payment gateway worldwide. With a PayPal Cash Card, you can easily fund Robinhood and begin trading.
However, this service is only accessible to people who have confirmed US PayPal accounts. However, it is also accessible to nationals of Austria, France, Germany, Ireland, Italy, Spain, and the United Kingdom.
You may easily top-up your account with the card since it is a Mastercard Debit card connected to your PayPal account and Robinhood allows debit cards as a source of top-up funds.
2. Direct Deposit Into your Brokerage Account
If you are among those that have a brokerage account on Robinhood, then you can add money without bank account by simply doing a direct deposit. But for numerous Robinhood users, it is rather an unconventional way to add money to Robinhood without bank account.
As previously said in this article, Robinhood accepts check deposits, government deposits and tax refunds from verified users.
You are able to set up your direct deposit online directly via 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.
Below is how you can 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.
Incase the above steps are not clear enough for you, you can discover more on how to setup direct deposits on Robinhood.
3. Make Use of Skrill
Here comes another amazing payment processor and also one of PayPal's main rivals. Skrill offers a virtual Mastercard that is linked to your primary account and lets you manage your online spending.
You can use your Skrill account as a funding source for Robinhood.
Robinhood accepts the vast majority of digital wallets, including PayPal, Neteller, and other well-known ones.
For each top-up of a Robinhood account done using a digital wallet, Robinhood displays a login page for the selected digital wallet.
4. Use Netspend Prepaid Card
Since Robinhood is compatible with most debit and prepaid cards including Netspend Prepaid debit cards, you can use this card to add funds to your Robinhood account and then begin trading.
How to Add Money to Robinhood Using a Bank Account
It is of no doubt that the easiest way to add money to Robinhood is by making use of a Bank Account and below is how you can go about this.
- 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 Trade on Robinhood Without a Bank Account?
You are able to trade on Robinhood even without a bank account and this applies to every user of Robinhood.
If you do not have a bank account, all you will have to do is to add a Cash management account to their Robinhood account and after which they can immediately deposit funds into the account. As soon as the funds has been verified in the account, users can begin trading.
At this moment, Cash Management is not taking on any new clients. Existing Cash Management users can join the waitlist to request a migration to the Robinhood Money spending account by registering for it.
How Do I Get Money Out of Robinhood?
Once you withdraw money from your trading account into your buying power as a withdrawable balance, you can then transfer the money into your bank account. You, however, need to give the funds a settlement period of at least two days, excluding the trade date.
When opening your brokerage account, you have the option of adding a bank account. You can also withdraw money to a separate bank account. The Robinhood customer service representatives will assist you with the withdrawal procedure. Nevertheless, you'll;
- Explain why you are unable to withdraw money from the bank you listed when you opened your account.
- Please include a front and back ID photo.
- To prove that you are the owner of both accounts, provide statements from the two banks for comparison.
- Provide the bank account information and the precise amount to be transferred.
Once the money is in your bank account, you can use it for a variety of operations, including making cash withdrawals and purchasing goods and services.
Final Thoughts On How to Add Money to Robinhood Without Bank Account
You can open a brokerage account with Robinhood to buy and sell stocks. The trading firm supports web, iOS, and Android devices. Additionally, Robinhood offers a debit card that may be used to make purchases and make ATM withdrawals. Due to insurance and other software security precautions, money at Robinhood is secure.
Frequently Asked Questions
How long do bank transfers to Robinhood take?
Bank transfers to Robinhood can take up to 5 business days to complete. However, the duration may become shorter depending on your past relationship with Robinhood. You should ensure that you have enough balance in your bank account during the transfers.
Can You Link Cash App To Robinhood?
Yes, You can link your Cash App account to Robinhood by adding your Cash Card to your Robinhood account.