Venmo is a top choice for many when it comes to peer to peer money transfers. The platform makes it easy to move funds from a bank to a friend or new account.
Many individuals wonder if they can move the funds in their Venmo account directly to an investment account such as Robinhood. While a direct transfer is not possible, you can certainly move your funds to Robinhood.
In this article, we will cover the steps to transfer from Venmo to Robinhood. Let's jump right in!
Because Venmo 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 Venmo 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 Venmo to your bank is very simple. Follow the steps below:
If you need to link a bank account to Venmo, you can do so by clicking on the "Add a bank" selection after tapping on the bank in the "Transfer to" space.
In order to transfer cash from Venmo to Robinhood, you will need to add a new linked bank account to Robinhood. (If you have 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.
Transferring from Venmo to Robinhood does have a few extra steps as you cannot directly transfer your funds. Even though there is not an option to transfer directly, the process is still fairly straightforward. The downside is that you will need to wait for the funds to move from location to location.
Be sure to check out our full Robinhood review to learn more about the platform.