ATM cards (or say debit cards) have direct access to the funds in the bank account to which they are linked. This means you can easily initiate a transfer from the ATM card to another bank account through modern transfer methods like online banking and even through money transfer apps.
1. Use a Local Bank Branch
A local bank branch is the safest place where you can conveniently carry out your banking transactions. The only hassle here is that, at times, you might have to wait in the lagging lines to enter the bank. However, there are some branches that don't have much traffic; you can simply go there and send the money to another bank account instead of spending the same time getting to an ATM.
2. Use Your Online Banking Platform
Nowadays, banks make it easy for their customers to complete various transactions directly from their mobile devices without having to visit a bank branch.
You just need to be aware of the fees that come with this convenience, but you should find it very useful as it will save you the time you'll normally take to get to a local branch and wait in long lines before you send your money.
3. Use Money Transfer Apps
Money transfer apps are becoming more and more popular as they provide a more convenient way to transfer money from one user to another from anywhere in the world. Money transfer apps such as PayPal and Cash App are the leading apps. They let users send money instantly from one account to another regardless of the country or region.
You can link your bank account to PayPal or Cash App and transfer money from your PayPal to the beneficiary's PayPal. The other user will now be able to transfer funds from PayPal to a bank account conveniently. The same process can be used for a transfer involving Cash App.
How to Transfer Money from ATM Card to Another Account Online
To transfer money from an ATM card to another account online, all you need to do is log in to your bank's online banking (NetBanking) platform, select the money transfer option, and transfer the money.
We already know that an ATM Card is a debit card and that your debit card is linked to your bank account, which it uses as a funding source for your transactions.
This means that when transferring money from your account online, it will deduct funds that are allocated from your debit card. This way, you are indirectly transferring money from your debit card to another account online.
Some banks, such as Paytm, let's its customers transfer money from an ATM card to another account online. The steps to follow are as follows.
- Log in to the Paytm app using your credentials
- Go to the "Paytm Wallet" section on the home screen of your app
- Enter the amount that you wish to add from your debit card to your wallet and click on "Proceed to Add"
- Select the debit card from which you wish to add money from the list of options available
- An OTP will be sent to your registered mobile number for the purpose of authentication
- Enter the OTP to confirm the transaction
- Upon successful payment from your debit card, the amount will be added to your Paytm wallet
- You can use this amount to send money to any other bank account, UPI ID, or the like
How to Transfer Money From SBI ATM to Other Bank Account (Without Net Banking)
Transferring money from SBI ATM to other bank accounts is very simple since the ATM supports money transfers.
Here are the steps to follow to complete the transfer.
- Swipe your card in the machine.
- Click card to card Transfer.
- Enter the debit card number of the recipient (twice)
- Enter the amount.
- Select the account type, such as savings or current account.
- Before leaving the ATM, verify the amount you entered and the in the receipt is same.
Can I Transfer Money From ATM Without Card?
Yes, you can. This process is known as Cardless Cash Withdrawal. However, only a few banks let you perform Cardless Cash Withdrawal. You can inquire with your bank to know if they offer this feature.
Final Thoughts
ATMs make it easy for us to get cash at any time as long as our debit cards have the amount of cash requested via the ATM. Modern ATMs nowadays can be used to transfer money to another bank account. All you need to do is insert your card and follow the steps outlined above to transfer the money.
However, transferring through an ATM can lead to many errors, which is why using your bank's online banking platform to transfer funds to another bank account is recommended by many financial experts. You may also visit your bank's local branch to complete the transfer conveniently.
