Can You Transfer Money From a Prepaid Card to a Bank Account?
Prepaid cards are useful when it comes to buying goods and services as well as sending money to others. It does not need a bank account but you can link a prepaid card to a bank account if you wish so. Now that you can use a prepaid card to send money to other cardholders, can you transfer money from a prepaid card to a bank account?
It is possible to transfer funds from a prepaid card to a bank account. You will learn how you can carry out the process later in this article. Also, you can transfer funds from a bank account to a prepaid card. Most prepaid card owners use this method to load their cards. You can set a recurring transfer of a particular amount of money to your prepaid card every month.
When transferring money from a prepaid card to a bank account, both the routing and the account number of the recipient are important. A routing number helps to identify the receiving bank. You must also know how to transfer money using the routing number and account number to successfully carry out the transfer process. If you find any problem, then your card issuer should be in a position to help you.
How can you transfer money from a prepaid card to a bank account?
Before starting the transfer process, you need to understand whether the card can be used anywhere. Some cards only allow you to use them at specific stores and thus it might be difficult to transfer funds from such cards to a bank account. Other cards can be used anywhere and this makes it easy to transfer funds from them.
If your card can be used anywhere, you can then log into your account online and check whether it allows the transfer of funds to a bank account. It is always advisable to have an online account for your prepaid card. Information about funds transfer is in the FAQ section or on the card benefits page. If it allows, then you are good to proceed.
The next step is to link your prepaid card with your bank account. You require the routing and the account number of the bank account. It is just the same way you send money with a checking account number from one bank account to another account of a different bank.
The routing number is a nine (9) digit number normally printed on your check. You can see your checkbook and see it. It shows where you opened your bank account. If you do not have a checkbook, you can check on your bank’s website and search the routing number of your bank for the area you opened your account.
Alternatively, you can call the customer care and request them to give you the routing number. With both the routing number and account number of the receiving account, you can then start the transfer. Follow the guidelines of your card issuer as different prepaid cards have different guidelines for funds transfer.
When the money is transferred successfully, you might see a pop-up message on the screen confirming the transfer or receive a text/email for the same.
How long do the funds take to reflect in a bank account?
The time taken for the funds to reflect in the receiving bank account ranges from a few hours to a few business days. It all depends on your bank. Remember that a prepaid card account is taken as a separate bank and thus processing may take some time. It is not the same as the account to account transfer of funds within the same bank.
If you know how to transfer money from a debit card to another debit card, then you can attest that the transfer of money from one account to another account of the same bank takes a very short time. Within minutes, money is in the receiving account.
How else can you transfer money from a prepaid card to your bank account quickly, cheaply, and safely?
To avoid waiting for long for funds to reflect in a bank account, there are ways you can speed up the transfer process and more so if the money is urgently needed. You will also incur fewer charges. The methods to hasten funds transfer include the following.
i) MoneyGram
MoneyGram has been around since 1940 and has a good reputation when it comes to money transfer. Money reflects in the receiving bank account within minutes irrespective of the card you use. It is among the best ways to transfer money internationally. You should ensure that your card is linked to the bank account before using MoneyGram.
- First, you need to sign up for an online account at the MoneyGram website. You require an email address and a photo of your ID to register.
- Go to the send money page and fill out the required information accurately.
- Click send money
- Enter the amount you want to send and select ‘debit’.
- Select the ‘Debit Card Deposit’ option and click next.
- Enter the receiving bank account details and click next to complete the transfer process. It will take a few minutes or hours depending on the bank’s systems.
MoneyGram is cheap. If you send money less than $200, MoneyGram charges you a base fee of $1.99. Funds above $200 $1.99 + 1% charges of the send amount. Regular use of MoneyGram will save you up to 20% if you enroll in the MoneyGram plus Rewards.
ii) CardCash
Apart from MoneyGram, you can use CardCash. It is a mobile platform from PayPal that can help you transfer funds from a prepaid card or gift card to your bank account. Follow the following guidelines.
- Go to the CardCash website
- Enter the amount to transfer from the prepaid card and choose PayPal Express
- Enter your card number and PIN and connect with your PayPal account by logging in.
- Fill the required fields and click get my PayPal balance
- The money will be in your PayPal account within a few minutes and you can then transfer to your bank account.
Is there a limit on the amount of money to transfer from a prepaid card to a bank account?
Card issuers normally give you the maximum amount of money you can transfer per day. For instance, MoneyGram allows $10,000 per transaction. You can enquire from your customer care about the amount you can transfer per day from your card to a bank account.
Can you transfer money from your bank account to a prepaid card?
You can transfer funds from your bank account to your prepaid card. This is a popular way of topping up a prepaid card to use for shopping at physical or online shops. If you have a school going kid, you can always top up a prepaid card for your child as they go back to school.
Having a credit or debit checking account makes it easier for the process since you only need to have an online account for your debit or credit card where you can initiate the transfer of funds. You can transfer money from credit card to prepaid card online using your credit so long as you do not exceed your credit limit.
Which prepaid cards allow you to transfer funds to a bank account?
If you are looking for a prepaid card that allows funds transfer, then there are various options you can consider. The following cards allow funds to be transferred to a bank account.
1) Netspend Prepaid Card
The card allows you to transfer funds from your card account to a bank account or other Netspend cardholders. You have to create an online account for your card online and link your bank account. Transfer fees will apply. Learn more
2) CashPay Card
The card can either be a MasterCard or a Visa card. It belongs to the bank of America. Any of them allows you to transfer funds from your prepaid card to your bank account. It is only possible if you have an online account for the card. The card allows a minimum of $20 to be transferred. A successful transfer can take up to 5 days. Learn more
3) Key2Benefits Prepaid Card
Like the others, the card allows you to transfer funds to your savings or checking account. You have to log in to your card account online, click on ‘card to account transfer’, enter the amount you wish to transfer, and then the routing and account numbers of the receiving account. Choose the account type, and then enter the security code you receive. Click ‘submit’. Learn more
4) Bank of America EDD Card
With this card, you can perform a onetime transfer or recurring transfer to your bank account. To transfer funds, you need to have an online account for the card whereby you can initiate the transfer of funds to your bank account within 1-2 business days as soon as money is deposited into your EDD card. Learn more
Bottom line
The option to transfer funds from a prepaid card to a bank account is important since you can even send money to other people’s bank accounts. It also avails the money for other uses such as payment of school fees, buying of land, and so on. If you receive payments via a prepaid card, then it would be good to link the card with your bank account so that you can save the money for future use.
