How to Add Money to Robinhood Without Bank Account
Robinhood is the top choice of millions of users looking to start trading without paying commissions.
As it happens with most digital wallets, Robinhood accepts different payment methods for performing various transactions.
Nonetheless, there are plenty of reasons why someone would want to avoid bank transfers from their savings account or checking account.
In any case, depositing funds in the Robinhood app is fundamental so you can make use of most platforms features.
Therefore, if you don’t want (or can’t) directly add your bank account to Robinhood, then continue reading this piece of content to get more information about the following topics:
- How to add money to Robinhood without bank account;
- Best alternatives for using the Robinhood platform without performing a bank transfer;
- Things you need to know about bank accounts in Robinhood.
Adding a Bank or Credit Union to Your Robinhood Account
You can use Robinhood on the web app, iOS or Android App.
Most users feel more comfortable using the web platforms, but they all work similarly.
When you create your Robinhood profile, your Robinhood Application will be Under Review for one business day or two.
Prior to that, customers must complete identity verification and other security measures, such as verifying their residential address, in order to properly exchange traded funds, sell stocks, Withdraw Money from Robinhood, and more.
Thus, once you get your approval confirmation message, you’ll be given the option to add a bank account manually or automatically.
Do You Need to Add a Bank Account Robinhood?
Overall, no, you don’t need a bank account linked in your Robinhood account tab for selling stocks or transfer funds if you please.
One thing is not wanting to add a bank account due to insufficient funds or other reasons, and another thing is that you simply Can’t Link a Bank Account to Robinhood.
Well, then again, it is safe to say that you don’t necessarily need a bank account linked to your profile.
Yes, if you manage to link an account number, you can enable a lot of useful features.
You can select automatic deposits, withdraw funds effortlessly, schedule weekly withdrawals, transfer money to a different bank account, and more.
When you sign in to the platform, you’ll probably see your bank or credit union listed.
If you use more banks besides the ones available, you would need to complete the process manually if you tap the account icon.
How to Add Money to Robinhood Without Bank Account
So, there are three main alternatives that customers can use in order to add funds to their Robinhood account.
Keep in mind that, sometimes, a bank account might as well face a transfer reversal of automatic deposits of the entire transaction amount, so it’s imperative to know the other payment methods that Robinhood accepts on their web app.
Read Also: Did you just open a new account on the platform but now the Robinhood Account is Restricted from Purchasing?
You need to tap your person icon in the bottom right corner and check what’s happening with your Robinhood account. We recommend you read our related guide to learn how to solve this matter.
1. Direct Deposit into Your Robinhood Brokerage Account
Those who have a brokerage account on Robinhood can perform direct deposits without linking a bank account to their profile.
As stated in the Official Robinhood Website, the systems accept mailed check deposits, government deposits, and tax refunds from verified users.
You need to make the deposit, submit the information, click “account” at the bottom right corner and wait for the transfer to take place after a while.
2. PayPal or Skrill Account
Customers are also capable of performing a direct deposit via PayPal or Skrill.
Since both PayPal and Skrill are two prominent and standardized payment methods, the platform decided to allow users to link their financial apps with Robinhood.
You need to tap the account icon and look for the option to add one of these alternatives.
Then, as it happens with a bank account, having your PayPal or Skrill profile signed in already will greatly accelerate the process.
If you don’t want to use your bank account, then this is definitely one of the best alternatives for this matter. Don’t sleep on PayPal or Skrill!
3. Selected Prepaid Debit Cards
Robinhood accepts some prepaid cards depending on the issuer. As you know, adding a debit card to your account it’s effortless.
Nonetheless, not all prepaid cards will work with your profile, but most will.
For instance, it’s widely known that Netspend Cards are accepted by the platform.
Therefore, if you happen to have a prepaid card, try it out! It’s a good way to skip bank requirements.
That’s all we have for you today!
Robinhood it’s very flexible and trustable, but remember that there are some rules that all users must comply with. For more Robinhood-related content, check our article section.
Add Money to Robinhood Without Bank Account FAQ
Can I Withdraw Money Using my Robinhood Debit Card?
Yes, you can withdraw money using a cash management account right after you Activate Robinhood Debit Card.
Nonetheless, in order to get the cash Robinhood management account, the platform will ask you to verify your banking information first. Thus.
There isn’t one without the other - you need to complete full verification before being able to receive this card.
Why Can’t I Participate in Robinhood Markets After Adding Money to my New Account?
Maybe you don’t have enough buying power. This issue is highly related to the purchasing power that the platform has set to your profile and certain stocks.
If you want to know more about this problem, check out our Robinhood Not Enough Buying Power blog post.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.