If you're wondering how to add money to a Robinhood account but don't have a bank account, don't worry—there are plenty of other ways to do it. This blog post will cover the most popular methods to add money to your Robinhood account without a bank account.
So whether you're looking to use a debit card, a credit card, or even PayPal, we've got you covered! Keep reading to find out more.
Do I Need a Bank Account to Use Robinhood?
You do not need a traditional bank account to load money into your Robinhood account. However, eliminating the “Transfer From Bank” method will leave one other option for getting cash into that special place—by Robinhood direct deposit!
Robinhood is also an excellent option for without the hassle of setting up an expensive bank account. Simply add your Cash Management Account, then use Direct Deposit money from work or retirement funds to make trades!
Ways You Can Add Money to Your Robinhood Account:
Does Robinhood Accept Paypal?
You are probably wondering how to use Paypal on Robinhood. The answer is simple: you can't make a direct transaction from Paypal to Robinhood using Paypal as a payment option. But don’t worry, there is another option; you can still use a Cash Card to move money to your Robinhood account.
Netspend or Other Prepaid Debit Cards
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. For example, it's common knowledge that the platform accepts Netspend Cards.
Skrill
Robinhood is designed to work with the most popular digital wallets. Therefore, you can deposit funds into your Robinhood standard account using the Skrill app. When you decide to top up your digital wallet, a new tab will open that requires you to sign in to the wallet.
Direct Deposits
So, how to fund a Robinhood account with instant deposits, and are they available? Yes, direct deposits are also available with Robinhood since they work with partner banks. You can get up to $1,000 in your directly after initiating a transfer with the rapid deposit option. Any ongoing deposit balance exceeding $1,000 will take up to five working days to complete.
Bottom Line
To wrap it up, users can still fund their Robinhood accounts without a regular bank account using the alternative means mentioned above. So trading doesn’t have to stop.
