If you’re looking for a way to add money to Robinhood without bank account, you’re in luck. There are several ways to do this, and we’ll show you how.
Keep in mind that some of these methods have fees associated with them, so be sure to choose the option that’s best for you. Let’s get started!
5 Ways to Add Money to Robinhood Without Bank Account?
There are a few different ways to add money to your Robinhood account without using a bank account. You can use a debit or credit card, transfer funds from another brokerage account, or deposit cash at select retailers.
Now, let’s get started with the details.
Adding Money With a Debit or Credit Card
If you want to add money to your Robinhood account using a debit or credit card, you can do so through the ‘Deposit’ section of the app.
Simply enter the amount of money you want to deposit and select your card as the payment method. Keep in mind that there is a 3% fee associated with this method.
Transferring Funds From Another Brokerage Account
If you have another brokerage account, you can transfer funds directly into your Robinhood account. To do this, simply log into your other account and initiate a ‘cash transfer’ to your Robinhood account.
You will need to enter your Robinhood account number and routing number, which can be found in the ‘Deposit’ section of the app. There are no fees associated with this method.
Depositing Cash at Select Retailers
You can also deposit cash at select retailers. To do this, simply go to the ‘Deposit’ section of the app and generate a barcode. Then, take the barcode to the retailer and have them scan it at the register.
You will need to deposit a minimum of $5 in order to use this method. There is a $2.99 fee associated with this method.
Peer-to-Peer Payment Service:
Another option is to use a peer-to-peer payment service like PayPal or Venmo.
To do this, simply link your Robinhood account to the payment service and then transfer funds from your personal account to your Robinhood account. The funds will typically be available within a few minutes.
Finally, you can also add money to your Robinhood account by sending a check or money order. To do this, simply mail the check or money order to Robinhood’s offices with your account number included.
The funds will be deposited into your account within a few business days.
Pros and Cons of Robinhood:
One of the pros of Robinhood is that it offers commission-free stock and ETF trading. This is a big plus for investors who want to trade without having to pay commissions.
Another good thing is that Robinhood offers instant deposits, which means you can get your money into your account quickly.
However, there are also some cons to consider. One of the biggest negatives is that Robinhood does not offer traditional banking products and services. This means that if you’re looking for a one-stop-shop for all of your financial needs, Robinhood may not be the best option. Additionally, Robinhood has been known to be unreliable at times, with frequent outages and glitches.
Whichever method you choose, adding money to your Robinhood account without a bank account is easy and convenient. Be sure to compare the different options available to find the one that’s best for you.