Robinhood brokerage is a buying and selling platform where investors exchange stock, options, ETFs, and cryptocurrencies with zero-commission fees.
Stock trading has become one of the significant investments all over the world. Therefore, Robinhood exchange has made it a lot easier for enthusiasts to enjoy all the services they offer with their wide range of operations and implementation.
However, investing with Robinhood has got its associated risk just like every other with fluctuating market prices. Users are advised to know these risks and ensure their trade with Robinhood.
In this article, I will show you the different ways you can fund your Robinhood account even without having a bank account.
You are not limited to trading just because of a bank account, so learn these rare tricks.
Is it Possible to Add money to Robinhood Account Without a Bank Account?
Yes, you can money into your Robinhood without a bank account using Skrill App, Paypal App, and using Netspend App.
How to Add Money to Robinhood Without a Bank Account?
Robinhood users without bank accounts do not need to freak out on how to go about adding money to their accounts.
Unconventional means can be used to put money into a Robinhood account through a “direct deposit” into their “Cash Management Account.”
Once the money is added, they can buy and sell with their account. The absence of a bank account should not limit trading stocks.
Below are different methods to put money into your Robinhood account without a bank account.
1. Use Skrill App
With Skrill-app, you can put money into your Robinhood regular account.
Robinhood is built to function with most known digital wallets like PayPal and related applications.
When you settle to do a digital wallet top-up, a new tab that demands you sign in detail into the wallet will be opened
2. Utilize Paypal App
With a Paypal cash app, you can run your Robinhood account top-up for your buying and selling purposes.
The Robinhood brokerage features the PayPal debit smart card, and with it, you stand in a great position to pile money into your regular Robinhood account.
3. Employ Netspend App
The Netspend debit card is another super option to avail money in your Robinhood regular account; the brokerage platform can perform transactions with any prepared and debit smart card; Provided there’s enough buying power.
Also Read: How to Enable Dark Mode in Robinhood?
What is a Robinhood Cash Account?
“Robinhood Cash account” enables users to make zero-commission exchanges during standard and extensive trade hour sessions.
Operators do not have access to immediate deposits or settlements. They can always lower their margin from an instant account to a regular cash account.
Can You Add Funds to Robinhood With a Debit Card?
Yes, you can! Let’s say you sold your Stock, ETFs, and Options through your Robinhood regular account or sold cryptocurrency via your crypto-account; you have the right to make other purchases with the money as it is in your debit card.
Steps to connect your Debit card to Robinhood:
Step 1: Click the “Account icon” located at the right-hand side down the page
Step 2: Click on Transfers.
Step 3: Click “Linked Accounts“
Step 4: Touch “Add New Account“
Step 5: Choose your bank from the list of central banks, or use the search bar to search for your bank.
Step 6: Type in your online banking username and password
Step 7: Select the account to be linked.
Can You Trade on Robinhood Without a Bank Account?
Yes, you can trade on Robinhood without a bank account. Users do not necessarily need a commercial bank account before they could trade.
They can simply put a “cash management account” to their Robinhood account, and afterward employ an immediate deposit method to add money into their account.
When once the money is confirmed in the account, users can utilize it to trade.
Also Read: Robinhood Margin Requirements
Does Robinhood Accept Cash?
No, Robinhood does not accept cash. There is no cash funding. Robinhood does not authorize such transactions currently.
Does Robinhood Accept Cheques?
No, Robinhood does not accept cheques. Operators of Robinhood are allowed to transfer up to about $50,000 into their account/ business day.
However, they do not authorize cheques deposits, the only choice users have is to build an immediate deposit account if their account is promoted to a “Cash management account.”
Also Read: How to Withdraw Buying Power from Robinhood?
Robinhood app enables users to create a brokerage account that they can use to buy and sell securities.
It has a debit smart card that permits operators to pay bills and make online transactions, as well as take money from Atm for personal purposes.
Without a regular bank account, users can still fund their accounts using the alternative means mentioned above. So trading doesn’t have to stop.