Last updated on September 2nd, 2022 at 07:54 pm
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Robinhood supports and accepts multiple payment options but not as many as some users would like to have. While Robinhood accepts checking accounts with all the major banks in the United States, you may have some troubles with a few alternative payment methods.
Robinhood does not accept PayPal, Venmo, credit/debit cards, or Cash App to deposit funds into your brokerage account. Deposits can only be made from a traditional bank account at this time.
You may link your Cash App account with the Robinhood debit card if you have one but it normally won’t work with the brokerage account.
Robinhood is not the only trading app with limited payment options. Most stock brokerages, whether asset management firms or apps, do not accept credit cards, and prepaid digital wallets are a mixed bag.
This guide will help you explore different payment options with Robinhood.
Does Robinhood Accept PayPal or Venmo?
Robinhood accepted PayPal Cash Card, but it no longer supports the latter’s payment spectrum. Venmo is not accepted or supported by Robinhood.
Some users have tried using PayPal accounts and routing numbers, but there is no certainty if that will work.
PayPal Cash Card used to work with Robinhood because PayPal accounts are with Wells Fargo. Robinhood accepts Wells Fargo checking and other accounts. Thus, users were able to link the two.
However, you have to try this through PayPal’s portal since Robinhood has stopped direct linking with the payment service.
PayPal is now officially in competition with Robinhood. The strong buzz in recent times about PayPal gearing up to become a financial super app has manifested into a reality. Thus, it is unlikely for the two rival apps to call a truce and offer cross-platform compatibility.
Until now, PayPal has been more of a cash management app enabling users to pay bills, transfer funds, and shop online. The new super app can bring in trading, including cryptocurrency, and a host of other contemporary features, combining digital wallets and trading interfaces.
Venmo is an integral part of PayPal’s payment spectrum. Hence, Robinhood may continue not accepting the popular payment service.
If PayPal and Robinhood do collide in a battle of behemoths, interoperability will probably not be up for discussion or even on the table.
Does Robinhood Accept Credit or Debit Cards?
Robinhood does not accept credit cards or debit cards for deposits but you can make a deposit with the account your debit card is linked to.
According to Robinhood, you can conveniently verify if you have a valid checking account and then deposit from that account.
Robinhood prefers checking over savings and money market accounts. You may encounter issues when linking a savings account and transferring money to Robinhood.
Similarly, you may also experience problems connecting savings and checking accounts of relatively smaller banks. These probabilities are according to Robinhood’s self-published disclosures on their official support pages.
Does Robinhood Accept Cash App?
Cash App is an interesting case in the context of Robinhood’s payment options because it is not a direct linking of the two accounts. You will use what is essentially a backdoor entry to connect the two interfaces.
Robinhood has not issued any press release or officially announced in any support articles if it accepts Cash App. However, you may be able to link your Cash App account and routing numbers with Robinhood.
Some users on Reddit and elsewhere have figured out one probable reason why Cash App works on Robinhood. While neither service is a traditional saving or checking account, both applications use Sutton Bank.
Thus, the two services have interoperability because of the bank. This is similar to why PayPal’s Cash Card worked with Robinhood, courtesy of Wells Fargo.
Here is a concise guide to help you link your Cash App and Robinhood accounts.
Get Your Cash App Account & Routing Numbers
Take these steps to get your Cash App account and routing numbers:
- Log in to your Cash App.
- Go to My Cash.
- Choose Cash.
- Get Account Number.
- Enable Account.
Once you select Enable Account, Cash App will display the routing and account numbers on the subsequent display. You may note these details or copy the information to paste later.
Add Cash App to Linked Accounts on Robinhood
Take these steps to add Cash App to Robinhood linked accounts:
- Sign in to your Robinhood app.
- Go to Account.
- Choose Transfers.
- Select Linked Accounts.
- Add a New Account.
- Go to More Banks.
- Check “I don’t see my bank.”
- Select Checking or Savings.
- Add the Cash App account & routing numbers.
Link Robinhood Debit Card With Cash App Account
You need a Robinhood debit card for this step. Signing up for Robinhood’s Cash Management service provides you with their debit MasterCard automatically issued by Sutton Bank.
Cash App supports MasterCard and other debit or credit cards issued by major brands. Thus, linking the Robinhood MasterCard with your Cash App account should be a breeze.
Check out this short video for the few simple steps to complete the process:
Two-Way Funds Transfer Between Cash App and Robinhood
You can use Cash App for funds transfer to and from Robinhood. Go to Add Cash and select the Robinhood debit card as the linked account. Cash App will transfer the money from your Robinhood account.
Use the Cash Out feature on Cash App and use the linked Robinhood debit card as the account to credit the selected sum of money. Cash App will transfer the funds to the MasterCard debit card issued by Sutton Bank for your Robinhood account.
You can use the Cash App features to link other debit cards with your Robinhood account. Such an option is valuable if you fail to link a debit card with Robinhood. However, you need to repeat the Add Cash and Cash Out steps for every multi-step transaction.
Linking a major bank’s checking account with Robinhood is still the most straightforward option for users. Robinhood may become lenient with other payment options and the methods to connect those accounts.
You can use the solutions in this guide until then.