Are you looking to start investing or trading with Robinhood but don‘t have a bank account to link? Not having a bank connected to your brokerage account can seem limiting, but the good news is that it‘s absolutely possible to fully use Robinhood and fund your account through alternative methods.
In this comprehensive guide, we‘ll explore the ins and outs of adding money to Robinhood without a bank account. Whether you want to avoid linking your savings, prefer payment apps, or can‘t qualify for a bank – there are ways to deposit funds so you can buy stocks, ETFs, options and crypto commission-free.
By the end of this guide, you‘ll understand:
The main methods to deposit funds without a bank
Step-by-step processes for each option
Limits and speed of non-bank transfers
Pros and cons compared to using a bank
FAQs on managing your Robinhood account without a bank
Let‘s get started on how to add money to Robinhood and maximize what you can do without a traditional bank!
Overview of Ways to Fund Robinhood Without a Bank Account
While linking a bank account seems to be what Robinhood was designed around, you still have a surprising number of options to deposit money without one:
Direct deposit – Paychecks, tax refunds, benefits, etc can go directly to Robinhood.
Debit cards – Certain prepaid debit cards work, like from Netspend or Cash App.
ACH transfers – Connect PayPal, Cash App, Venmo to transfer funds.
Wire transfers – Deposit larger amounts domestically or internationally.
Mailing a check – Slow but reliable way to deposit funds.
Transfers from other brokers – Move your assets from an existing investment account.
Cryptocurrency deposits – Transfer crypto from external wallets and convert to USD.
Stocks from referrals – Get free stocks from friends joining and sell for cash.
Let‘s explore each of these methods in-depth so you understand how to make them work seamlessly for your Robinhood account.
Direct Deposit Funding
Enabling direct deposit allows paychecks, government benefits, tax refunds and the like to go straight into your Robinhood rather than a traditional bank account.
Here are some of the main ways you can leverage direct deposit:
Paycheck deposits – Have your salary sent straight to Robinhood.
Tax refunds – Get your refund routed to your investing account.
Social security – If you get SS benefits you can direct them to Robinhood.
VA benefits – Similarly you can redirect veteran‘s benefits payouts.
Rental income – Schedule recurring rental payments to be deposited.
Other deposits – Any other source of income that can be direct deposited.
As you can see, direct deposit allows you to take most sources of income you‘d normally receive into a bank account and put it straight into your Robinhood investing funds instead.
How to Set Up Direct Deposits on Robinhood
Log into your Robinhood account on web or mobile and go to your profile.
Tap ‘Banking‘ and then ‘Add Bank‘.
Choose the ‘Direct deposit only‘ option.
Enter the account and routing numbers that Robinhood provides you.
Give the account details to your employer or benefits provider.
Once set up, the deposits should start being credited to your Robinhood account automatically on the scheduled dates. It‘s really convenient not having to manually move funds around.
The main advantage of using direct deposit is that once it‘s going to Robinhood you tend to invest the money rather than spend it on non-essentials. It helps commit you to consistently building your portfolio!
Funding with Debit Cards
Adding a debit card enables quick and easy transfers into your Robinhood account without requiring a linked bank account.
Robinhood accepts major debit card payment networks like Visa and Mastercard. But the key aspect is that the card must be a prepaid debit card, not a traditional bank-issued one.
Some well-known prepaid cards that are confirmed to work with Robinhood include:
- PayPal Cash Card
- Cash App Card
- Bluebird by American Express
- Many other name-brand prepaid cards
To deposit funds with a debit card:
Tap the profile icon and go to ‘Banking‘.
Choose ‘Link Bank‘ and select ‘Debit Card‘.
Enter your prepaid card‘s details and verify the amounts.
Once verified you can select ‘Transfer Funds‘ to add money from your card.
It‘s incredibly quick and easy – the money will hit your Robinhood account in minutes generally. Just keep in mind there are often limits like $1,000 per day or $5,000 per month that can be transferred.
Having a prepaid card on hand like from Cash App is a flexible way to fund Robinhood without the need for a formal bank account.
ACH Transfers from Cash Apps
ACH transfers let you safely move money from payment apps and services right into your Robinhood balance for investing and trading.
Specifically, Robinhood lists compatibility for linking these types of accounts for ACH:
- Cash App
So if you don‘t have a traditional bank but do have one or more of the above, you can use them to fund Robinhood!
Adding ACH Accounts to Robinhood
Follow these steps to attach an account for ACH transfers:
Tap your profile icon and go to ‘Banking‘.
Choose ‘Link Bank‘ then pick ‘ACH Relationship Only‘.
Enter your account details from Cash App, PayPal, etc.
Verify with small test transfers for security.
Once verified, transfer funds from those accounts into Robinhood!
It‘s a simple process and connects apps many people already use daily right into your investing account.
The one drawback is transfer times. ACH moves can take 2-3 business days to fully complete, so it‘s not as fast as debit cards or direct deposit. But it‘s very reliable.
Wiring Money into Your Robinhood Account
For depositing larger sums of money quickly into Robinhood, wire transfers are the way to go.
Domestic U.S. bank wires typically complete within 1-2 business days. International wire transfer times are a bit longer at 3-5 days but still faster than most options.
Robinhood does charge a $25 incoming wire fee for domestic transfers. Sending wires from abroad incurs additional fees based on the amount.
How to Wire Funds to Robinhood
Here is the process to wire money to Robinhood:
In Robinhood go to ‘Transfers’ and then ‘Transfer Funds’.
Select ‘Wire’ and enter the dollar amount you want to transfer.
Robinhood provides wire instructions including account number, routing number, and SWIFT codes.
Take the details to your bank to fill out a wire transfer form.
The money gets credited to your Robinhood account once they receive the wire.
For anyone comfortable with bank wires, it‘s a solid way to move larger amounts of money to Robinhood without the ebb and flow of linking accounts. Just budget for the inbound wire fee.
Physically mailing a check or money order is low-tech but gets the job done for funding your Robinhood account without a bank attached.
- Personal paper checks
- Cashier‘s checks
- Money orders
Make them payable to Robinhood Financial LLC and put your Robinhood account number in the memo line. Checks should be mailed to:
Robinhood Financial LLC 85 Willow Road Menlo Park, CA 94025
Be aware that checks can take 7-10+ business days to fully process and for the funds to appear in your account. It‘s not the fastest method today but works in a pinch if you need to mail payments.
Transferring Funds from Another Brokerage
If you already have investment accounts at other brokerages, you can transfer some funds or assets over to Robinhood directly without needing a linked bank account.
Robinhood makes it easy to initiate transfers right in the app. You can shift over:
- Entire brokerage accounts
- Individual stocks
- Options contracts
Here is how to get started transferring funds from an existing brokerage:
Tap ‘Transfers’ and select ‘Transfer Stocks/Funds’.
Enter your other brokerage account number and details.
Pick which assets you want to move to Robinhood.
The transfer takes 5-7 days generally.
Once the transfer goes through you can sell those assets in Robinhood to get cash in your account immediately to reinvest.
This is an excellent way to get money into Robinhood if you have existing investments elsewhere you want to consolidate.
If you hold cryptocurrency in external wallets or on exchanges, you can deposit it into Robinhood as another method to get funds to trade stocks and ETFs commission-free.
Robinhood supports deposits through their offline wallet transfer system from many major cryptocurrency networks like:
- Bitcoin Cash
- Ethereum Classic
Here‘s how to deposit crypto:
Link your external crypto wallet in Robinhood.
Go to your Robinhood crypto portfolio and tap ‘Deposit’.
Initiate transfer of coins from your wallet to Robinhood.
The coins are instantly converted to USD at market price with no fees.
This USD cash from your crypto can then be used across your whole Robinhood account to buy stocks, options, etc. It‘s very quick and easy!
Use Free Stocks from Referring Friends
Take advantage of Robinhood’s referral program to get free stocks which you can instantly sell for cash to use in your account.
When you invite friends to Robinhood using your referral link, you both get awarded a free stock if they sign up.
You can then keep referring more friends over time and accumulate more free stocks. Rather than holding them, you can sell the stocks immediately and withdraw the money.
On average the referral bonus stocks are worth $5-$10 based on random market price assignment. But there’s a chance of getting high value stocks like Apple, Tesla, or Berkshire Hathaway too.
Consistently referring 2-3 friends per month could easily give you an extra $50 or more recurring in your Robinhood account to invest with. That adds up over time!
Pros and Cons of Using Robinhood Without a Bank
While the above methods allow you to use Robinhood without a linked bank account, there are some limitations to consider:
Access to full investing features without a bank
Additional funding options beyond bank transfers
Keep finances separate from traditional banking
More flexibility based on your situation
Can‘t make direct withdrawals to a bank account
Limits on non-bank transfer amounts
Potentially slower access to deposited funds
No Robinhood debit card without a bank
So you can certainly invest with Robinhood and enjoy zero commissions without a bank account. But linking one makes moving funds out of Robinhood easier and more convenient overall.
Frequently Asked Questions
Here are answers to some common questions people have about funding a Robinhood account without a bank:
Can I withdraw money from Robinhood without a bank account?
You cannot make direct withdrawals to a bank, but you can transfer funds out via ACH to Cash App, PayPal, Venmo, or equivalents. You can also request physical checks.
What are the deposit limits without a bank account?
Limits depend on method, but often around $1,000/day and $5,000/month. Wires allow higher amounts. The more accounts linked, the higher your total limits.
How long do transfers take without a bank?
Direct deposits and debit cards are fastest. ACH takes 2-3 days to complete. Mailing a check is slowest at up to 10 days.
Can I invest in options and crypto without a bank account?
Yes, you have access to Robinhood’s full commission-free investing platform including stocks, ETFs, options, and crypto without a bank linked.
What if I hit transfer limits on Cash App or PayPal?
You may need to use multiple accounts and split deposits over days/weeks if you reach transfer limits. Linking more accounts raises your limits.
Do I still need to verify identity without a bank?
Yes, you are still required to complete identity verification with personal details and documents for security purposes.
At first glance, Robinhood seems designed solely for users with a traditional bank account. But upon closer look there are numerous solid ways to add money to Robinhood and invest without a bank attached at all.
From leveraging direct deposit of your paychecks or benefits to using prepaid cards and payment apps, you have options. For larger wire transfers or mailing checks you can deposit funds from almost any source globally.
While a bank account makes moving money out of Robinhood easier, it‘s absolutely not required just to get started and take advantage of commission free investing and trading.
With the above funding methods, anyone can start using Robinhood no matter your banking status. Just be aware of the deposit timeframes and limits so you can work around them smoothly.
I hope this guide has provided you clarity and confidence in how to add money to Robinhood without a bank account. TheRobinhood platform is very flexible if you know the tips and tricks. Now you can begin investing in stocks, ETFs, options and crypto without the need for traditional bank integration!