How to Deposit Cash into Robinhood Without Bank Account
Because of its no-fee business strategy and simple, user-friendly trading interface, Robinhood has developed into a very well-known brand among tech-savvy investors and new traders since it first disrupted the brokerage market.
Fee-free trading used to be the company's primary point of differentiation, but many rivals have already reduced their prices in response.
Although the platform makes it simple for users to trade stocks, ETFs, and cryptocurrencies, it lacks the full financial tools, asset classes, and research skills that seasoned traders seek in a broker.
With these functionalities, a lot of people who already have a Robinhood account will want to deposit some money into it but are not very sure how to do so. Well, we will demonstrate how to do that by showing you below how to add money to your Robinhood account.
How to Add Money to Robinhood Account 2022
Many people do have Robinhood accounts and have different ways to add cash into their account. But for you who does not know how to do that, do not bother since we will show you how you can add money to your Robinhood account with and without a bank account.
How to Add Money to Robinhood With Bank Account
To add money to your Robinhood Account using your bank account, follow the steps below;
- Login to your Robinhood account and tap "Account".
- Then tap Transfer money
- Choose the external debit card or bank account you'd like to transfer money from
- Enter the deposit amount
- Choose to transfer the deposit to your brokerage or spending account
- Review the deposit
- Tap Transfer
Well, this method will work whether you are on iOS, Android, or on the web with your PC or Smartphone. This method does not change.
Even while some people may be aware that using their bank account to deposit money into their account is the best option, they may not have a bank account to do that. We'll show you some of the methods available to you for funding your Robinhood account without a bank account.
How to Deposit Cash into Robinhood Account Without Bank Account
Well, there are many ways that one can use to deposit cash into your Robinhood account without a bank account. Below, we have listed some of them for you to read and see which one favors you most.
Using Direct Deposit
Setting up direct installments from your payer, company, or gig economy payer is our first option to add money to Robinhood without bank account. Direct deposits can be set up in three different ways. Either a computer or the Robinhood app can be used to perform this. Here's how to use the app to do that.
A. Online through employer or payroll provider
You can set up your direct deposit online on the website of your business or payroll provider with your account credentials using the steps below:
- First of all click the "Cash" symbol.
- Then click "Transfer"
- "Start direct deposit" should be tapped next.
- Click "Continue"
- Select "Use account & routing numbers" by tapping.
- Enter the account details into the website of your business or your payroll service provider. And then complete the on-screen instructions to complete the process.
B. Directly online via Robinhood
You can setup a Direct Deposit(DD) by using the Robinhood app to access your employer's or payroll provider's website. Follow the steps below:
- First of all Log into your Robinhood Account.
- Then click the Cash tab.
- Click "Transfer" and the tap on "Start direct deposit".
- Click "Continue"
- Find your employer or payroll service provider.
- Access the website of your company or payroll service provider.
- Respond to inquiries about your direct deposit or queries about verification.
- A confirmation box will appear once your information has been properly confirmed.
If your company or payroll provider isn't listed in the list of search results, you'll need to use an alternative approach. Hit the "X" in the top-right corner of the screen and then press "Yes" to try an alternative Direct Deposit setup method.
How to Find ACH And Account Routing Number
The Sutton Bank is responsible for providing your Robinhood routing number. Therefore, when accessing transaction history and statements, all transfers into and out of the account will be displayed as transfers to and from Sutton Bank.
To locate your account and routing numbers:
- Launch the Robinhood app.
- Click the profile icon.
- Click Transfers.
We can link Robinhood to your favourite app once you provide these numbers.
Using Cash App Card
Using the Cash App is another option on this list. You can create a simple Cash App account easily by just going to cash app site and putting in some info. However, you must include your entire name, address, and the last four digits of your SSN in order to validate your account and increase the money transfer limitations.
You will also require a Robinhood debit card, which is obtained with a Cash Management account that uses the same funds as your brokerage account or a Spending account, which you may open and maintain even if you don't have a brokerage account.
Well, this is how to use Cash App and Robinhood and deposit cash into Robinhood;
- Get the Cash App.
- The profile symbol can be tapped in the upper right corner.
- Select "Linked Banks" or "Add Bank" by tapping.
- Click "Link Bank"
- the number on your debit card
- Type the card's expiration date here.
- Enter CVV
- Add your ZIP code.
Like the aforementioned Cash App, Chime is a fin-tech company. Chime is not a bank, despite what you may believe.
You can add it to Robinhood just as you would with any traditional bank like Chase, Wells Fargo, Bank of America, etc, since it treads this fine line between a bank and a financial app.
To Integrate Chime With Robinhood, just follow the steps below:
- Launch the Robinhood app and login to your account.
- After log in, in the bottom right corner, tap the Account symbol.
- Click "Transfers"
- Then click "Linked Accounts"
- Select "Add New Account."
- Select or type "Chime" into the search area.
- Type in your username and password for internet banking.
- Select the account you want to link (if you have more than one)
And after linking them both, you can just go to transfers in your Robinhood and you will see Chime registered as a bank in the options where you will just select to complete the deposit.
Robinhood is designed to work with the most popular digital wallets. And so, this app can also transfer money to your brokerage account with ease. Of course, you will be asked to log in for confirmation purposes but that should not be a problem.
Netspend Card or Other Prepaid Debit Cards
The final method on this list is by using the debit card that Netspend offers. You can take advantage of it to fund your Robinhood brokerage account. You could even add other platforms’ debit and prepaid cards, but this is one of the most common method.
So, does Robinhood accept prepaid cards? Depending on the provider, Robinhood accepts several prepaid cards, and adding a debit card to your account is simple. However, not all prepaid cards will work with your profile, but most will.
Can I Deposit Cash into Robinhood Using Paypal?
Yes. The simple answer is yes. But it won't work directly as it will for chime or for Cash App since Robinhood does not accept Paypal directly. You will have to use a transfer medium like your bank account to be able to complete this method.
Pros and Cons of Robinhood
Robinhood has very good features, but this platform has been questioned a lot by many people including their users and other important individuals. But that not withstanding that it's an amazing app, these are some of the advantages and disadvantages(Pros and Cons) you will encounter while using Robinhood Markets.
- Fractional shares can be traded freely in stocks, ETFs, options, and cryptocurrency.
- Get free stock when you sign up.
- crafted especially for active and mobile trading
- straightforward investment tools
- A monthly subscription is required for all features.
- Unpopular payment order flow procedures
- Peak trading hours interruptions are not new
Final Thoughts on how to deposit Cash into Robinhood Account without Bank Account
Depositing cash into Robinhood is easy and very simple especially when you use the normal method(Using Bank Account) we all know to do the deposit. But there could be one or two reasons that could make you not eligible to deposit using a bank account.
And that is why you can use other methods like we have provided above. And these methods are; Using Cash App Card, Netspend Card, Chime, Or setting up a Direct Deposit.
You will see these methods above and deposit cash into your Robinhood account with ease. And you can also share this article to some of your friends so that they can come and join us and know better how they can deposit cash into their Robinhood Markets Account without Bank account.
Post a Comment