Can You Use PayPal on Robinhood?
PayPal is one of the biggest financial apps in the world, but can you use it on Robinhood?
As you know, Robinhood is an online broker member of the Securities and Exchange Commission and the Securities Investor Protection Corporation, so if you want to trade stocks, these financial companies have got your back… as long as you comply with the platform’s rules.
Thus, if you want to transfer money or add money to Paypal from Robinhood, can you actually do it, or is this impossible?
In today’s blog post, we are prepared to give you all the info you need about:
- Can you use PayPal on Robinhood?;
- How does linking PayPal to Robinhood work?;
- Is it possible to withdraw cash from Robinhood to PayPal balance?
Can You Use PayPal on Robinhood?
Let’s cut to the chase - you can’t directly link Robinhood and PayPal together.
PayPal users cannot log in to their PayPal account and make direct deposits, transfer funds, buy stocks, or access other financial services or transaction services, such as providing margin loans, with PayPal.
Since PayPal is not a valid payment method on the Robinhood platform, it is worth noting that these two services are directly incompatible with each other.
But there’s a little workaround that works: you can use your PayPal Cash Card to start transferring funds into Robinhood.
Prepaid cards are accepted on the Robinhood website, which can let you access multiple investment options and add money to Robinhood without bank account.
Can You Withdraw Money from Robinhood Account to PayPal Account?
Although adding the PayPal Cash Card to Robinhood is possible, withdrawing money to PayPal will still be totally impossible.
You will still be able to invest and deposit funds into your Robinhood accounts with the PayPal Cash Card because it basically works as a debit card linked to your mobile wallet app, but when it comes to withdrawing funds, then forget about it - as simple as that.
How to Use PayPal on Robinhood
As we mentioned before, the only way to use PayPal on Robinhood is to do so with the PayPal Card.
This will let you start trading, investing, and performing transfers from PayPal to the Robinhood app with low fees, but if you want to take money out from Robinhood, then the only way to do so is with a bank account.
For that matter, you will be required the bank account number, routing number, and request a fund withdrawal transaction that lasts more than one business day, which is something that can not be accomplished with PayPal.
Either way, to use PayPal on Robinhood, this is what you have to do.
Step 1: Set Up PayPal Profile (Verify Identity, Add Bank Account, Etc.)
Firstly, either set a new account on PayPal, or fully verify your old PayPal account.
You will be required to validate your information, and add money through a small fund transfer with a card or bank.
Once you complete PayPal’s KYC requirements, proceed with the following step.
Step 2: Apply for a PayPal Cash Card
Now, you need to apply for a PayPal Cash Card. Simply press on your account icon to go to the Account Tab, and click on Get PayPal Debit Card.
You can get more related info on the aforementioned website.
Step 3: Activate PayPal Cash Card
It is important to wait for a while until your PayPal card arrives. Then, you need to activate this PayPal card on PayPal’s website.
Follow on-screen steps, and that will be all.
There’s no monthly fee for this card, and the funds will be directly linked to your PayPal balance.
This means that you can make any payment, purchase, or easily deposit money to PayPal, and this money can be managed on your newly activated card.
Step 4: Link PayPal to Robinhood (Cash Card Only)
Now, go to your Robinhood account. Here, select the Transfers option, and select Add Payment Method.
You need to carefully input the details of your PayPal card. The card will work as normal prepaid or debit cards on other Robinhood accounts, so it should work without problems if you want to make a deposit.
Remember that you can only withdraw to bank accounts, so if you can’t link bank account to Robinhood, then read our related post to learn more.
Step 5: Buy Stocks With PayPal Debit Card!
Once your card is linked to your Robinhood account, the platform will simply take the funds you have on PayPal whenever you want to start investing or trading on stocks.
That’s how it works! This is the only way to make transfers between your PayPal and your Robinhood account, so don’t skip on this method.
Summary: Can You Link PayPal to Robinhood?
Using PayPal on your Robinhood account is kind of tricky; we know it.
To summarize, these are the things you can do with PayPal on Robinhood:
- You can transfer money into your Robinhood account using the funds of your PayPal Cash Card;
- You can invest, purchase stocks, and make more money on Robinhood if you link your prepaid PayPal card to your profile.
Likewise, these are the things you can’t do with PayPal on Robinhood:
- You cannot directly link PayPal and Robinhood - you need to use the cash card instead;
- You cannot transfer money from Robinhood to PayPal - it does not work the other way around;
- Money withdrawals from Robinhood to PayPal are not a thing in any shape and form.
That’s all you need to know about this topic! Need more accurate and informational PayPal-Robinhood insights?
Check all the articles that GrowFollowing has for you!
FAQ
Can I Use Robinhood Debit Card on PayPal?
In theory, yes! Your Robinhood card can be used on PayPal, Samsung Pay, Google Pay, Apple pay, and also Paypal. This will let you perform payments, manage your funds, and control your money on your favorite digital wallet app. Learn more about Robinhood Card here.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.