A prepaid card debits money from an associated bank account. It requires you to use a set PIN for verification to do the process of funds debiting to the concerned account. The pin minimizes theft. Good examples of prepaid cards include phone cards and gift cards. Prepaid cards are reloadable. To reload the card, you can pay with account and routing number if you are using a different bank.
On the other hand, a debit card is a form of card that you can use to make payments instead of using cash. It mainly has plastic as the primary material. Also, it has a magnetic strip that stores specific information about that card. The card resembles a credit card, but the difference is that the money you spend transfers immediately from your bank account to the seller’s account.
A credit card requires you to pay the charges in full every month. You, as the user can build up debts that attract interests each time you pay for anything. In this article, you are going to learn in detail how to transfer money from a prepaid card to a debit card. A prepaid card also takes the name cash card since it can act like the real currency.
How to transfer money from my prepaid card to a debit card
Transferring money from your prepaid card to your bank is easy if your prepaid card has genuine insurance by Federal Deposit Insurance Corporation (FDIC). Secondly, you must ensure that you link the prepaid card to your bank account. With that in position, you can quickly transfer funds from your prepaid card to your bank and then to your debit card.
As I have indicated above, insuring your prepaid card with FDIC is essential. It safeguards your money in case your card is lost. Without doing so, you can lose your money if you misplace the card at any circumstance. So how do you transfer money to your bank account and then to your debit account? It is simple as the process involves either of the following ways. These include;
i. By swiping at a fee
Take your card with you to your bank and have the cashier swipe over the card reader machine and transfer the money into your account as long as the card links directly to the concerned account. When swiping, the teller inputs the amount to transfer.
ii. Free transfer
The free transfer method takes some days that range from 3 to 5 days for the transactions to succeed. You must have the card connected to your bank account as well. It will make everything simple. The fact that it is free makes it to take several days to undergo full processing.
Apart from using the above two ways, you can decide to transfer funds using mobile applications such as Venmo and Pop money over the national ACH networks.
How to transfer money from my Netspend to a bank card
Netspend, is a registered agent of Axos Bank, MetaBank, The Bancorp Bank, and Republic Bank & Trust Company. You can use Netspend Visa Prepaid Card everywhere showing ‘Visa Card Accepted here”.
When you want to transfer money from Netspend to your bank card, you have to, first of all, allow the transfer of the funds to your bank, and then to your card. Netspend has both credit cards and debit cards. The advantage of Netspend cards is that you do not need to have a bank account. However, you can link one to your account if at all you have one.
Netspend headquarters are in Austin, Texas. It is a subsidiary of Total System Services Inc. it has over 70,000 distribution centers and over 100,000 reload centers. As a customer, you can purchase and reload your Netspend card and load it with cash. Moreover, Netspend allows employers to deposit paychecks on their employees’ cards for easy and efficient payments.
How to withdraw money from a prepaid card
Withdrawing money from a prepaid card is very simple. If the card has a direct connection to your bank account, then things become easy. You can go to your bank and have the card swiped for the balance to reflect in your account.
Again, there are agents for particular banks who can help you to withdraw money from a prepaid card into your bank account. After that, you can have the money from the teller after withdrawing from your account.
Some withdrawal requests may take longer for the balance to reflect on the account, while others take a short period. Alternatively, if you have a card such as Visa or MasterCard, which are supported by various banks, you can use an ATM. Make sure that it has a notice indicating that it accepts the card.
The withdrawing process involves inserting the prepaid card into the ATM, wait for it to load the card, and then enter your Private Identification Number (PIN) upon request. Next, enter the amount you wish to withdraw and click okay. Wait for the machine to process the request. Your money comes out just below the screen. Once you pick your cash, also remember to collect the card.
How to transfer money from one debit card to another
It is impossible to transfer money from one debit card to another. The reason behind the impossibility is because your debit card balance represents the actual balance in your account. You can transfer money from one account to the other using the debit card. The money may reflect immediately or after some time.
However, you can transfer money from one credit card to another. The process happens through the balance transfer options. When transferring, you should ensure that the limit to the receiving card is higher than the amount you are transferring.
If you have an online banking account, you can do things easily instead of visiting the bank physically. With an online account, you can transfer funds from one account to the other within the same bank. A separate account could be yours for someone else. If you want to transfer funds from one bank to the other, you need to perform an inter-bank transfer. The process may take several days to go through.
Can I send money from my bank account to a prepaid card?
You can load your prepaid card with some amount of money from your bank to your card. It takes some days to reflect, but all in all, it does. Online transfer of funds from your account is secure as you can do it using your smartphone within a short time. It requires you to have an online account with the bank.
If the prepaid card is from a different bank, you will need the routing number for the bank. Of course, you know your account number. From that point, you can quickly transfer the funds with ease. Before moving, you should confirm that the details are correct.
Upon loading, you can use the balance in your card to pay for bills, pay the bus fare, and buy goods and services, among other things. If you want to confirm your balance, you can always pass by an ATM and insert your card to see balance. You can also view online via your online banking app for your bank.
Can money on a prepaid card be transferred to a bank account?
Yes. You can transfer money from your prepaid card to your bank. It is easy when you have an online bank account with your financial institution. Once you log in with your username and PIN, you can navigate the menu and go to the transfer page, whereby you should indicate the amount of money you wish to transfer. Use your bank card account as the account number to transfer the money.
Something important to note before transferring the money is whether your prepaid card has insurance by FDIC. Again, if you are moving to a different bank, you must have directly linked the bank account you use with the bank you are sending the money.
Can you load a prepaid card with a credit card?
You cannot load your prepaid card with a credit card directly. However, you can use your credit card to get money into your bank account and use it to recharge it to your prepaid card. You can use the cash advance checks that you obtained together with the credit card to load funds onto your card.
Using credit advance, you can load your prepaid card. However, the method is not suitable since it attracts high-interest rates. The good thing with prepaid cards is that you do not need to have a bank account to use them. Credit cards are mainly useful to people with poor credit records or lack bank account.
However, you cannot use more than the money inside the card. On the other hand, a credit card allows you to use as much as you can since you will repay later. However, there is a specific limit you cannot spend beyond a month.
Prepaid cards are significant when it comes to making purchases. In some shops and service providers, the concerned does not accept cash. You need to have a card to buy anything from them. Again, a prepaid card enables you to limit your expenditure. In addition, you do not need a bank account to have a prepaid card. A credit card allows you to spend up to a specific limit. You may spend a lot of money on a credit card since there is no control.