As banking is getting critical to maintaining formalities, everyone looks for a great and convenient alternative to get all the features within the grip. Robinhood’s aim of inclusive financial services lets a user add money to the Robinhood account without any bank affiliation. This platform helps to increase your stocks and add value to them.
But what if you are looking for a way to add money to your Robinhood account without a bank account? Maybe you are wondering how to get a solution to this gap. Well, you should relax as there are many alternatives to fill in the gaps and Robinhood supports those financial apps or cards as the gap filler. Which I am going to mention here to ease your stock trading.
How To Add Money To Robinhood Without A Bank Account?
There are several financial services that you can use as a medium to add money to your Robinhood account without having a bank account. Those mobile financial services are PayPal, Cash App, Chime, Netspend, and more brands. Some of the apps allow Robinhood’s debit cards to be added and some of those apps officially add to Robinhood. Here I am about to demonstrate some of the ways to add money to your Robinhood account without bank account.
1. Linking the PayPal
PayPal doesn’t need any introduction as one of the greatest and oldest technology-driven financial companies. Facilitating financial connectivity, every side of a business can work together using PayPal. Users, merchants, freelancers, and every kind of business can deal with PayPal as it has a multicurrency payment facility with financial security. And of course, PayPal is a great service to add money to your Robinhood account with freedom. The PayPal Cash card works in this regard and helps to initiate your trades. You must have a PayPal account to add money to your Robinhood account if you don’t have any bank account. Although your account must be a verified US account, you can also use it in some European countries. Robinhood accepts any kind of debit card and the PayPal cash card is a MasterCard Debit card that lets you add money to your Robinhood account easily.
2. Prepaid debit cards such as Netspend
Being a reputable instant virtual prepaid debit card and disposable credit card service, Netspend helps to transfer money to Robinhood accounts. It’s easy to add money to your Robinhood with Netspend because Robinhood accepts Netspend as a prepaid debit card. There are also other debit cards that you can use to add money to your Robinhood account. These are such as the Cash app and chime. These two fintech brands are widely used and you can of course transfer money from one of those to your Robinhood account easily. I will show later how to add these cards to Robinhood.
If you know little about Skrill then let me tell you that it’s one of the reliable payment gateways that is competing with top names like PayPal. Although Skrill is new in the market but has been achieving trust with its excellent features. It offers a virtual MasterCard that lets you control and perform your transaction with freedom. If you have the Skrill account then just make it a source for your Robinhood payment and enjoy financial freedom infinitely. On the login page, you will see the list of digital wallets where you can receive money from Skrill after listing it as a digital wallet.
4. Direct deposit into Robinhood account
This is the easiest one to set up the direct deposits so that your payment will directly get into your Robinhood account. You can set up your direct deposit in three different ways. You need to keep the Robinhood app activated on your phone to set up this.
In this way you just need to use your account information on the payroll provider or your payer company’s website; follow the steps to set it up:
- Launch the Robinhood app on your phone.
- From the home screen tap the Cash icon
- Then tap on “Transfer” and you will find the option I am talking about.
- Tap on “Set up direct deposit” and then tap “Continue”
- Now you should find the “Use account and routing numbers”
- Then enter all the required account information properly on the payroll provider’s website.
How To Link A Debit Card To A Robinhood Account for Add Money ?
You can add any debit card to your Robinhood account only when Robinhood works with that debit card. Here you need some information to be prepared such as your routing and account number. Since I showed the way how to add money to Robinhood’s account, here I am going to show how to link those debit cards. Because you need to link your debit card first and then add money to it. Follow the steps here below:
- Open your Robinhood account on your phone.
- Tap on the Account icon on the bottom right corner of the app home screen.
- Then tap the “Transfers” option.
- Tap on the “Linked Accounts” option. You should see the “Add New Account” then.
- When you scroll down you should see the “More Banks” option.
- Tap on it and then tap on the “I don’t see my Bank” option.
- Now select the checking account option and enter your account number and routing number properly.
If you don’t know the Robinhood account and routing numbers then tap the profile icon from the Robinhood app. You will see the Transfers option where you should find the routing and account numbers. These numbers will help you to add your digital wallet to your Robinhood account.
Hopefully, your Robinhood debit card has been linked successfully now.
If you want to link the Cash app card to your Robinhood account then follow these steps: (You will need your Robinhood debit card and a cash app account to do this.)
- Open the Cash app on your phone and tap on the Profile icon.
- You will see “Linked Banks” or “Add Bank” options. Tap on whatever it is.
- Then tap “Link Bank”
- Now fill out the form with the required Robinhood debit card number and card expiration date. CVV and Zip code on the form. And you are all set.
Either way, if you want to link Chime to your Robinhood account then follow the steps:
- Open the Robinhood app on your smartphone.
- Similarly, tap the Account icon from the bottom of the home screen.
- Now select the “Transfers” option.
- Then tap on “Linked Accounts” and then “Add New Account”.
- Now search and find the Chime from the search bar.
- Then enter your user name for online banking and also the password.
- Choose to link the account and confirm to enjoy transferring money from Chime to the Robinhood account.
Does Robinhood Accept Cheques or Cash Deposit?
Robinhood has no cash transaction policy right now. So you can’t fund your Robinhood account with cash. It doesn’t accept cheques either. It does not authorize and facilitate any cheque deposits. But if you have a Cash management account then you can build an immediate deposit account.