How To Add Money To Robinhood Account Without Bank Account [Debit Card Deposit]

how to add money to robinhood account without bank account [direct deposit]

Many online applications depends on traditional bank accounts as their 'primary source for transferring money into their wallet. However, there are still options were you can add money to a wallet without necessarily using a bank account.

Robinhood is a popular brokerage for young investors who are in to stocks and cryptocurrencies trading. Robinhood allow users to buy and sell stocks, ETFs, and cryptocurrencies.

Robinhood is an account that help people have easy access to the financial markets and pioneered the concept of a free-commission stock trading.

Adding money to your Robinhood account without a bank account can be difficult, as Robinhood is typically funded through bank transfers. However, there are a few alternatives to consider.

In this article, you will learn how to add money to Robinhood account without bank account. 

Can I Add Money To My Robinhood Account Without Bank Account?

Yes, you can add money to your Robinhood account without a bank account. Robinhood allow you to link a debit card with which you can use in adding money to your Robinhood account.

Below are some methods to add money to Robinhood account without bank account.

  • Use a debit card: Robinhood allows you to link a non-Robinhood Visa or Mastercard debit card to your account and make instant transfers. However, there is a fee of 2.5% for instant deposits.
  • Use a third-party payment processor: There are a number of third-party payment processors that you can use to add money to Robinhood without a bank account, such as PayPal, Venmo, and Cash App. However, these services may also charge fees.

How To Add Money To Robinhood Account Without Bank Account

With Robinhood, to can add money to your Robinhood account without a bank account. Before you add money to your Robinhood account, you have to choose a funding source such as a debit card or a third-party service.

After selecting the funding source, link it to your Robinhood account and make a deposit. Wait for the money to be added.

To add money to Robinhood account without using a bank account, follow the steps below:

1- Using A Debit Card

Before transferring money to Robinhood account using a debit card, you need to link your debit card to Robinhood.

Follow steps below to link your debit card to Robinhood account:

  • Open your Robinhood account and tap the Cash ion.
  • Navigate to Account section.
  • Tap on Transfers.
  • Tap on Linked Accounts.
  • Tap account.
  • Choose Debit card from alternatives.
  • Enter your debit card details and tap on review.
  •  Confirm the transaction.

Before you can use your debit card to fund your account, Robinhood will need to authenticate it. This could entail a modest deposit, which Robinhood will refund once your card has been validated.

Hints

  1. Make sure that your debit card is a Visa or Mastercard. Robinhood does not support American Express or Discover debit cards.
  2. Make sure that your debit card is linked to a bank account that is in your name.
  3. Robinhood may have additional requirements for linking a debit card to your account. For example, you may need to verify your identity or provide additional documentation.

After you have validated your debit card, you may add money into your Robinhood account. To add money to your Robinhood account, follow the steps below:

  • In your Robinhood app, nevigate to the Account section.
  • Tap on Transfers.
  • Tap on Transfer Money.
  • Select Debit card from alternatives.
  • Enter the amount of money that you want to add to your Robinhood account and enter your debit card information (Debit card number, Expiring date and CVV number).
  • Tap on Review to check transactions details.
  • Tap on Confirm to validate transfer.

Although debit card deposits are available immediately, they incur a 2.5% fee for instant deposit.

2- Using a Third-Party Payment Processor

To add money to your Robinhood account using a third-party payment processor, follow these steps:

  1. Navigate to Account section.
  2. Tap on Transfers 
  3. Tap on Transfer Money.
  4. Tap on Third-paarty processor.
  5. Select the third-party payment processor that you want to use.
  6. Enter the amount of money that you want to add to your Robinhood account and follow the instructions provided by the payment processor. Be careful went entering details.

Some popular third-party payment processors that you can use to add money to Robinhood include:

  • PayPal
  • Venmo
  • Cash App
  • Skrill
  • Neteller

Third-party payment processors may charge fees for adding money to Robinhood accounts. Be sure to check the fees before you make a deposit.

Funds availability

Funds deposited using a third-party payment processor may take longer to clear than funds deposited using a bank account. It is important to check with the payment processor to see how long it will take for the funds to be available in your Robinhood account.

Here are some additional tips for adding money to your Robinhood account using a third-party payment processor:

  • Make sure that you are using a third-party payment processor that Robinhood supports.
  • Be aware of the fees that the payment processor charges.
  • Follow the instructions provided by the payment processor carefully.

You may also like to check out for Robinhood Direct Deposit.

How To Add Money To Robinhood Debit Card

You cannot add money to your Robinhood debit card directly. Robinhood debit cards are prepaid cards associated with your Robinhood brokerage account. This means you can only fund your Robinhood debit card by transferring money from your Robinhood brokerage account.

After linking a debit card to your Robinhood account, you can transfer money from your Robinhood brokerage account to yor debit card. To transfer money from your Robinhood brokerage account to your Robinhood debit card, follow the steps below:

  • Open the Robinhood app and tap the Account icon (person icon) in the bottom right corner.
  • Tap on Transfers.
  • Tap on Transfer Money.
  • Select Robinhood Spending.
  • Enter the amount of money you want to transfer to your Robinhood PrePaid card and tap Next.
  • Review the transfer details and tap Transfer.

Within 1-3 working days, the money will be moved from your Robinhood brokerage account to your Robinhood Spending account. You can use your Robinhood debit card to make purchases or withdraw cash from ATMs once the funds have been sent.

Keep in mind that:
  1. Robinhood charges a fee of 1.5% for instant withdrawals from your Robinhood Spending account to a debit card or bank account.
  2. You cannot add money to your Robinhood debit card from a bank account that is not linked to your Robinhood brokerage account.
  3. You cannot add money to your Robinhood debit card using a third-party payment processor.
  4. You cannot add money to your Robinhood debit card using a debit card that is not issued by Robinhood.

Robinhood Cash Card Vs Debit Card [Differences]

The Robinhood Cash Card and Debit Card are both prepaid debit cards that are issued by Robinhood. However, there are some key differences between the two cards.

Robinhood Cash Card

-Merits

  • No fees for ATM withdrawals at in-network ATMs
  • No fees for instant deposits
  • Mobile wallet compatibility (Apple Pay, Google Pay, Samsung Pay)

-Demerits

  • No rewards program
  • No paper check writing

Robinhood Debit Card

-Merits

  • It accepts Paper check writing
  • It is compatible with Mobile wallets like  Apple Pay, Google Pay, Samsung Pay.

-Demerits

  • $1.50 fee for ATM withdrawals, even at in-network ATMs
  • $2.50 fee for instant deposits
  • $1.50 fee for paper checks

If you are looking for a prepaid debit card that is linked to your Robinhood Spending account and offers no-fee ATM withdrawals at in-network ATMs, then the Robinhood Cash Card is a good option for you.

If you are looking for a prepaid debit card that is linked to your Robinhood Spending account and offers paper check writing, then the Robinhood Debit Card is a good option for you. However, keep in mind that there is a $1.50 fee for each paper check that you write.

Robinhood ATM Near Me

With your Robinhood app, your can location an ATM near you that accepts Robinhood cards. To find a Robinhood ATM location near you, follow the steps below:

  1. Open the Robinhood app and tap the Account icon (person icon) in the bottom right corner.
  2. Tap Transfers.
  3. Tap Find ATMs.
  4. Robinhood will show you a map of all the in-network ATMs near you.

You can also use the Allpoint or MoneyPass ATM finder websites or apps to find Robinhood ATM locations.

When finding a Robinhood location near you, keep in mind the following details:

  • Consider using the Robinhood app to locate ATMs in your area. This is the most convenient technique to locate ATMs because it can be done from anywhere.
  • Use the ATM locator webpages or apps from Allpoint or MoneyPass. You can search for ATMs using these websites and apps by location, ATM type, and other parameters.
  • Inquire with your friends, relatives, or coworkers whether they are aware of any Robinhood ATM outlets in your area. They might be able to make some suggestions.
  • You can use your Robinhood debit card to withdraw cash or make deposits once you've located a Robinhood ATM.

Robinhood Debit Card Deposit [All you need to know]

Robinhood Debit Card deposits can be made at any ATM that accepts Mastercard. To deposit money using your Robinhood Debit Card, follow these steps:

  1. Go to an ATM that accepts Mastercard.
  2. Insert your Robinhood Debit Card into the ATM.
  3. Enter your PIN.
  4. Select "Deposit".
  5. Follow the instructions on the ATM screen to deposit money.

You can deposit cash or checks using your Robinhood Debit Card. Cash deposits are typically processed immediately, while check deposits may take up to 5 business days to clear.

Note that there is a $1.50 fee for each ATM deposit.

You can also initiate a direct deposit from your bank account. To make a direct deposit to your Robinhood Debit Card:

  • Go to Account (person icon). 
  • Tap on Transfers.
  • Tap on Set up direct deposit.
  • Select Robinhood Spending as the account you want to deposit money into.
  • Enter your bank account number and routing number.
  • Review the information and confirm the direct deposit.
  • Direct deposits to Robinhood Debit Card accounts are typically processed within 1-3 business days.

Note: Robinhood charges a fee of $1.50 for each ATM deposit.

Robinhood Debit Card Customer Service [How to contact them]

If you have any questions or problems with your Robinhood Debit Card, you can contact Robinhood customer support for assistance. You can contact Robinhood customer support by phone, email, or chat.
To contact Robinhood customer support by phone
  1. Call 1-888-275-8523.
  2. Select the option for debit card support.
  3. Provide the customer service representative with your Robinhood Debit Card information.
  4. Describe your problem or question.
To contact Robinhood customer support by email:
  1. Go to the Robinhood website.
  2. Click on the Help tab.
  3. Click on the Contact us link.
  4. Select the option for debit card support.
  5. Enter your email address and a brief description of your problem or question.
  6. Click on the Send button.
To contact Robinhood customer support by chat:
  1. Open the Robinhood app.
  2. Click on the Account icon (person icon) in the bottom right corner.
  3. Click on the Help tab.
  4. Click on the Chat with us button.
  5. Enter a brief description of your problem or question.
  6. A customer service representative will be available to chat with you shortly.

Note that this service is available at all times.

Conclusion

With Robinhood, to can add money to your Robinhood account without a bank account. Before you add money to your Robinhood account, you have to choose a funding source such as a debit card or a third-party service.

Once you have added money to your Robinhood account, you can use it to buy stocks, ETFs, cryptocurrencies, and other assets.