PayPal and Robinhood have something in common: they both revolutionized money. Robinhood was designed to make investing easy, and PayPal was created to make money transfers easy.
PayPal was founded in 1998 and has since amassed over 426 million accounts. The platform even recently announced a new capability that allows members to buy and sell crypto. Though PayPal is top choice for peer to peer transfers, it does not currently offer extensive investing options.
Robinhood, on the other hand, allows members to buy and sell stocks and crypto commission free. Members also have access to options, margin, and cash management.
If you want to move money to start investing, then you've come to the right place. In this article, we are going to cover the steps to transfer from PayPal to Robinhood.
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Because PayPal is not an investing platform, many members seek to move their funds to an app such as Robinhood.
Unfortunately, there is not a way to directly transfer your funds from PayPal to Robinhood. Instead, you will need to follow the steps below:
Let's take a closer look at each of these steps!
Opening an account with Robinhood is fairly simple. If you already have an account, you can skip to the next step!
To apply for a Robinhood account, you’ll need to meet the following requirements:
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If you meet these requirements, you are then ready to open a Robinhood account. The process is pretty simple and can be completed by submitting an application in the app. After downloading the app, you will select the register option. The application will then be reviewed and takes a few days for review. You will either receive an email confirming your account or asking for more information.
Transferring from PayPal to your bank is very simple. Follow the steps below:
This transfer can take between 1 and 3 business days.
If you need to link a bank account to PayPal, you can do so by clicking on the wallet icon in the bottom navigation menu in the app. In the "Banks and cards" section, you will see a + icon. Tap the icon to add a new account. You will simply search for your bank and login to select an account to link.
In order to transfer cash from PayPal to Robinhood, you will need to add a new linked bank account to Robinhood. (If you already linked a bank account, then you can skip this step.)
The steps to link a bank account and Robinhood are as follows:
To transfer your newly added funds from your newly added bank account, you will simply follow most of the same steps as above, repeated here for your convenience.
This transfer can take up to 5 business days to reach the account; however, you can trade instantly. Be advised, while you can trade instantly, these funds will not be available to withdraw until they clear.
PayPal and Robinhood are two of the most popular money apps in the app store.
If you want to transfer your funds from PayPal to Robinhood, then you can follow the steps outlined above. Unfortunately, there is not currently a way to transfer directly. Instead, you will first need to transfer your funds in PayPal to a bank. Once the funds appear, you will be able to transfer those funds from your bank to Robinhood after creating an account and linking your bank.
Be sure to check out our full Robinhood review to learn more about the platform.