Which card is more convenient to send and receive payments online other than prepaid cards? Even virtual cards are prepaid cards because they can both send and receive money, and more to that, be easily recharged. Transferring money from a debit card to a prepaid card online can be a really great way to top up your prepaid card account.
A debit card is a payment card that is linked to a checking account or credit union. Some mobile money wallets also provide their users with debit cards. The card allows you to access your money at any time, whether you're paying online, withdrawing cash from an ATM, or sending money to someone else.
Prepaid cards are frequently confused with debit cards. Although the two cards are functionally identical, they differ slightly in terms of how they are obtained.
A debit card requires the use of a bank, credit union, or mobile wallet; however, a prepaid card does not require any of these. In fact, debit cards are linked to banks or credit unions, but prepaid cards are not.
The majority of prepaid card providers allow you to manage your account online. To open and maintain your account, you can either download an app from your card issuer or go to the issuer's website. It all relies on the terms of your card service provider.
However, using an app to manage your account is more safe than using a browser to do so. Because some browsers lack appropriate protection to prevent phishing, a hacker might easily gain access to your account.
Debit cards have other uses other than just sending money. They can be used to recharge a debit card both online or locally (at ATMs). Some people aren't even aware this is possible. The best way to do this securely is online.
How to Transfer Money from Debit Card to Prepaid Card Online? You can complete this transfer by logging in to your debit card account online, browse to the money transfer section and begin the transfer process. However, for this transfer to be initiated, you'll need your recipient prepaid card's account and routing number.
You can also transfer money from Debit card to prepaid card locally at any ATM. If you are interested to know more on how to complete such transfer, continue reading because in this article, I will show you two effective methods to easily transfer money from debit card to prepaid card.
What is a Debit Card?
A debit card (sometimes called a bank card, plastic card, or check card) is a type of payment card that can be used to make transactions instead of cash. It functions similarly to a credit card, but unlike a credit card, the funds for the purchase must be in the cardholder's bank account at the time of purchase and are transferred straight from that account to the merchant's account to complete the transaction.
How to Get a Debit Card?
It is very easy to get a debit card. Besides, you can get a debit card freely by simply opening a bank account. A bank account is more convenient with a debit card and most banks offer the debit cards freely to all account holders.
That said, here are some methods to get a debit card:
1. Open a Checking Account
A bank or credit union can help you open a checking account. Debit cards are also issued by some banks for specific savings accounts. The following items are required to open a checking account:
- Social Security Number
- Phone number
- An Identification Document (a driver's license, a government issued ID Card, or a Passport)
- A Physical Address, and
- Email Address
With all of the above, you can open a checking account online or at your preferred bank or credit union's nearby branch. It is simpler and faster to open an account online.
To complete the process online, you can either download the application or go to the institution's website and the information required. After you've filled out the form, you'll need to upload your papers for verification. You may request a debit card during the application process.
Some banks and credit unions reply to your application in minutes, while others may take many hours or days. In either case, you will be given an account. Once your account application is approved, your financial institution will issue you a debit card, which you must activate according to their instructions.
2. Open a Mobile Wallet Account
Various mobile wallets will provide you a debit card if you ask for one. PayPal, Cash App, Venmo, and Payoneer are just a few examples. While some have limitations on how you can obtain the card, others, such as Payoneer, will send it to your physical address if you request it and your account is valid.
When you open an account with most mobile wallets, you must have a valid email address and phone number. After that, you can submit further information for account verification, such as your identification document and physical address.
Unverified accounts come with a slew of restrictions, including low daily transaction limits and low account balances. Money can be transferred from a debit card to a bank account using a mobile wallet.
CHECK ALSO: How to Transfer Money from ReliaCard to Cash App
What is a Prepaid Card?
A prepaid debit card works similarly to a gift card in that it allows you to spend the amount of money on the card. You can recharge the card online or at an ATM, a participating retailer, or another physical place once the balance has been spent. Prepaid debit cards are issued by banks and branded by Visa, MasterCard, Discover, and American Express, among other major credit card providers.
How to Get a Prepaid Card?
Getting a prepaid card is almost as simple as getting a debit card. It is not required that you have a good credit history to obtain it. Furthermore, even if you have a ChexSystems record, you can apply for and receive the card.
Most prepaid card issuers allow you to apply for a card online and have it mailed to the address you provide. After receiving the card in your mailbox, you must activate it before being able to use it. A typical example here is the ReliaCard.
Can I Transfer Money from Debit Card to Prepaid Card?
Yes. You can transfer money from debit card to prepaid card online through your card provider's online platform, locally at ATMs and participating merchants.
How to Transfer Money from Debit Card to Prepaid Card
When transferring funds from a debit card to a prepaid card, the prepaid card must be regarded as a different institution. As a result, the prepaid card's routing and account numbers will be used in the transfer.
You can transfer money from debit card to prepaid card in two ways which are; — online and locally.
How to Transfer Money from Debit Card to Prepaid Card Online
If your debit card has an online platform, then you can easily transfer money from it to a prepaid card. If your card was issued by a bank, then it surely has an online banking platform and you'll need to use the bank account as a bridge. Your bank account is linked to your debit card so any debit from the bank account will reflect on the debit card's balance.
To transfer money from debit card to prepaid card online, you'll first of all need to get the prepaid card's account and routing numbers, then login to your debit card online banking platform and initiate the transfer from there. Usually, the account providers provide detailed instructions to transfer money to a prepaid card in the banking app.
Wire transfers are instant, however ACH transfers take several days to complete. The advantage of ACH transfers is that they can be reversed, which is not possible with wire payments.
How to Transfer Money from Debit Card to Prepaid Card Locally
Automatic Teller Machines (ATMs) are machines that allow you to transfer funds from one card to another. As a result, by clicking a few buttons on the ATM screen, you can transfer money from your debit card to a prepaid card. You can do so by following the procedures outlined below.
- Insert your debit card into an ATM.
- Choose a language that you prefer.
- To proceed, enter your debit card PIN and click "Yes."
- Then, on the ATM's display, select "Fund Transfer."
- Enter the prepaid card issuer and account number for the recipient.
- Choose the account type. It can be either a savings or a current account.
- Click "Correct" after entering the amount to transfer.
- Then, to confirm the amount to send, click "Yes."
- The funds will be successfully sent to the prepaid card account.
Keep in mind that the procedure outlined above may be different for most banks.
Can You Link a Prepaid Card to a Bank Account?
Prepaid cards don't need to be linked to a bank account or debit card to work. You can, however, link your card to a bank account or a credit card if you like. It'll be convenient because you'll be able to top up your prepaid card balance with money from your bank or credit union account directly without hassle and stressful processes.
What are Some of the Best Prepaid Cards?
There are many prepaid card providers. However, you'll need to choose one that suites your need. A prepaid card such as Netspend is ideal for your international shopping and purchases.
Checkout more of the best prepaid cards to use now.
CHECK ALSO: 6 Best Virtual Card Provider Apps
Do Debit and Prepaid Cards Increase my Credit Score?
Debit and prepaid cards do not affect your credit score in any way. As a result, adding your credit scores to your credit report is not a wise decision. Consider applying for a credit card from your bank or credit union if you want to improve your credit score.
You don't even need a credit history for some credit cards. All you have to do is make a deposit to act as your security. Secured credit cards are the name for these types of cards.
However, here are 4 tips to increase your credit limit.
- Get Instant Virtual Debit Card Online for Free
- Free Online Checking Accounts No Opening Deposit No Credit Check
- How to Get Virtual Bank Account with Routing Number
- Best Banks Offering Second Chance Checking with No Opening Deposit
- Get Virtual Credit Card Without Bank Account
- How to Open A Bank Account In Europe Online & Locally
- Open US Bank Account as a Non-Resident
Final Thoughts on How to Transfer Money from Debit Card to Prepaid Card
Payment cards that are linked to a bank, credit union, or mobile wallet account are known as debit cards. There is no connection between prepaid cards and any bank or credit union. You can, however, attach them to any appropriate institution.
Debit and prepaid cards can be used to purchase goods and services, transfer money, and withdraw money from ATMs. However, also keep in mind that debit and prepaid cards have no effect on your credit scores.