Robinhood is a popular investing app that allows users to buy and sell stocks, options, and cryptocurrencies.
We will be walking you through how to transfer money from a debit card to Robinhood.
Debit Card Transfers
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.
How To Link Debit Card
- 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.
- Make sure to have your banking app handy to quickly identify the Robinhood verification charge. You'll need to check your bank account and find the $1.95 temporary 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. Ensure you're using the latest version of the Robinhood app for the best experience.
- Once your debit card is linked and verified, you can transfer funds to your Robinhood account.
Instant Transfer Fee
It's important to note the fees associated with transferring money into and out of your Robinhood account.
Robinhood does not charge fees for transferring money into your account from debit cards or bank accounts. However, instant withdrawals to external debit cards incur a fee of up to 1.75% (minimum $1, maximum $150), which is deducted from the transferred amount. Standard bank transfers are free of charge.
Frequently Asked Questions and Troubleshooting
FAQs:
- Can I use any debit card brand? - Yes, typically Visa and Mastercard are supported.
- How long does linking and verification take? - Typically a few minutes to 1-2 days.
- Are credit cards supported? - No, only debit cards and bank accounts are supported for transfers.
Troubleshooting Tips:
- If the $1.95 verification charge does not appear promptly, check your bank's processing time or contact Robinhood support.
- Ensure the 6-digit code is clearly identified on your bank statement to avoid any issues during verification.
For more information on Robinhood's fees and transfer policies, visit their official support articles: Transfer Fees and Withdrawal Options.
Comparison and Considerations
When comparing Robinhood to other investing apps, consider their unique features and fees. For instance, Robinhood offers commission-free trading and a user-friendly interface, making it a popular choice for beginners and experienced investors alike.
Ready to start investing? Sign up for Robinhood today and take advantage of their retirement options and free stock bonuses (*terms apply*).
Summary of Transfer Fees
| Transfer Type |
Fee |
Notes |
| Deposits (Bank or Debit Card) |
$0 |
No fee to transfer money into Robinhood |
| Instant Withdrawals (Debit Card) |
Up to 1.75% (min $1, max $150) |
Fee deducted from withdrawal amount |
| Standard Bank Transfers |
$0 |
No fee |
