Robinhood is a popular investing app that allows users to buy and sell stocks, options, and cryptocurrencies.
One of the features of the app is the ability to transfer funds from your linked bank account to your Robinhood account, which you can then use to invest in securities.
But what about transferring money from a debit card to Robinhood?
If you transfer an existing brokerage account to Robinhood through December 8th, 2023, you can get an Unlimited 1% Transfer Bonus.
For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.
In addition, Robinhood offers a free stock for new users as well as a 1% IRA match for retirement accounts.
The good news is that you can transfer money from a non-Robinhood Visa or Mastercard debit card to your Robinhood account.
However, there are a few steps you need to take to link and verify your debit card before you can make a transfer.
To link and verify your debit card in the Robinhood app or on the web, you need to go to your account, select Transfers, then Linked accounts, and Add account.
From there, select Debit card and enter your card information. Once you've entered your information, tap Link card.
Next, Robinhood will temporarily charge $1.95 to your bank account to confirm your debit card. This charge typically appears in a few minutes, but it may take longer depending on your bank.
You'll need to check your bank account and find the $1.95 charge with RH* followed by a 6-digit code on your statement.
Copy the 6-digit code, return to the Robinhood app, and select Continue.
Enter the code and select Confirm, and you'll receive confirmation in the app when your card is successfully verified and ready to use.
Once your debit card is linked and verified, you can transfer funds to your Robinhood account.
The fee is 1.5% of the withdrawal amount, which is deducted from the requested amount when it’s transferred.
It's important to note that there are limits to how much you can transfer from your Robinhood account using a debit card. You can withdraw up to $5,000 per day with instant transfers and up to $50,000 via standard transfers (ACH) to a linked bank account.
In conclusion, while you can transfer money from a non-Robinhood Visa or Mastercard debit card to your Robinhood account, there are a few steps you need to take to link and verify your card before you can make a transfer.
Additionally, there are limits on how much you can transfer using a debit card, so be sure to keep that in mind when making transfers. But the good news is that transfers from your debit card to Robinhood are easy.
Don't forget to grab your free stock worth up to $200 from Robinhood today!