Since Payroll cards simplify how employees get their money, their use is quickly picking up pace in all businesses.
This makes it important to know how to transfer money from Payroll card to bank account to access funds conveniently.
- Transfer of money from Payroll to bank account depends on the card you use and the banking service that you have.
- Some of the best payroll card providers are Skylight One, U.S Bank, and Wise.
- Payroll cards are a good alternative to having a bank account whose fees you can not afford.
…and Much More!
Payroll Cards – In a Nutshell
Payroll cards assist the electronic transfer of funds for people who do not have bank accounts or cannot afford one. It is considered a reloadable prepaid card and can be used similarly as a debit card.
An employer can send the daily wages or payments to its employees. This can be used to make purchases, pay routine bills or make transactions when required.
- Payroll cards eliminate the use of paper checks and arduous procedures of getting your checks cashed from the official banks.
It is a prime duty of the employer to select the best payroll cards from the providers that are safe, cheap, and guarantee maximum advantages to both parties.
Over the years, Payroll cards have helped several companies cater to their employees’ financial needs as they are reliable and accommodate all the people who do not afford an official bank account.
How To Transfer Money from Payroll Card to Bank Account?
Now that we are all aware of the first principles of Payroll cards, it is important to know how money transfers from Payroll card to bank accounts work.
- Sad to say, there is not much detailed information and guidelines on transferring money from payroll cards to a bank account.
But we can say that it traditionally depends on two significant aspects we are talking of here; the payroll card providers and your respective banks.
Payroll Card Providers
There are several options in the box when it comes to payroll card providers. Be sure to pick the best payroll card provider for you, as it is the crux of quality and services you will be getting on your payroll cards.
Here, we will list a few of the best payroll card providers with the best employee payroll management.
This service is known to fulfill every client’s requirement. It offers several discounts for the cardholders, helps the employees manage their funds, and get access to their pays in a couple of days.
- You can open an account with $0 balance.
- Zero activation fee and flexible enrollment.
- Online portal to view the complete track of transactions and deposits.
- Agile customer support.
- Netspend scholarship programs.
Money Network is another reliable and trustworthy payroll card provider that guarantees savings and convenience to its customers. You can efficiently manage your finances with Money Network.
- Zero activation fees.
- Mobile application to track deposits and statements.
- FDIC insured.
- Strict and regulated security to avoid fraud.
- Zero liability protection.
It offers the most convenient and cost-effective services on payroll cards to facilitate hundreds of people worldwide. It won’t be wrong to mention that U.S. Bank comes with premium payroll card solutions. It is an option that must be given a chance.
- FOCUS: Payroll card initiative.
- Text and Email alerts.
- Cash Back Rewards and offers savings account.
- User-friendly mobile application.
- Cash reload networks.
At the Wisely platform, you are offered personalized payment solutions and the best management of your finances. Its pricing, features, and functionalities ensure the best support to companies deciding on introducing payroll cards for their employees.
- Get paid two days early.
- Their products include Wisely Direct card and Wisely Pay card.
- No activation fee is required.
- Mobile application.
- Multiple cards upgrade is available.
It is yet another top payroll card provider that conveniently allows employees to access their wages and commissions. FlexWage has always been on the top of a rating chart to provide its customers with the best financial wellness.
- There are no activation fees.
- Mobile application is impeccable.
- Offer Zero Liability Policy.
- Funds are accessible at any time.
- Customer support.
Rapid! is yet another leading payroll card provider that you can get your hands on if it fits the best to your needs and requirements.
You won’t have to juggle dealing with paper checks through its payment card program. This platform offers complete e-payroll solutions for its customers.
- There are no activation fees.
- E-wallet payouts are possible.
- Digital checks.
- Cashback rewards is quite useful.
- Liability protection to safeguard users against unauthorized transfer.
Payroll Cards – Pros vs. Cons
In this section, we will walk you through the potential pros and cons of a payroll card.
Just stay with us, and you will be equipped enough with all the necessary details to decide if it works for you or not!
- The financial budget tools give you the best ways to save your finances and plan accordingly through payroll cards.
- If you suffer from a financial constraint, you should consider a payroll card.
- It benefits both the employer and the employee reciprocally and creates a smooth medium for funds transfer.
- The best feature that payroll card providers have for you is the replacement option.
- You can just contact your respective customer support and get a new one for you if you lose your card.
- It is a digital service and a breather for all.
- Payroll cards are a perfect way to cut unnecessary costs and time you need in case of paper checks otherwise.
- You have to pay additional fees such as replacing your cards or inquiring about your available balance.
- There are several local laws that these payroll card providers have to abide by.
- Moreover, the process might become a bit expensive for you.
- Unfortunately, if you wish to access your wages through an ATM, a certain amount can be transacted that is too associated with the transaction fee.
Do You REALLY Need a Payroll Card?
Payroll cards should be used or not used after doing a rigorous study of all the advantages and disadvantages.
If you really cannot afford the additional costs of the bank, you have an account at, then a payroll card can be a safer option for you.
The Bottom Line
The best thing is to do a detailed study on all the payroll card providers to land the perfect choice for you. Payroll cards are by far a suitable option for many, but it equally holds some of the features that won’t make it the quickest go-to option.
We hope this guide helped you get to the bottom of all the details.
Frequently Asked Questions
What are the alternatives to a payroll card?
The alternatives include Direct deposit, ACH transfers, Mobile wallet, Paper checks, and PayPal.
Can you deposit money in payroll card?
It is a subjective facility and varies with every service provider, as some allow you to deposit on a payroll card, and some do not.
What is the downside of using a Payroll card?
The most obvious disadvantage of such cards is that banks provide interest on the amount that you have in the account whereas these cards don’t. Moreover, checking your balance requires that you pay some additional charges.
Are payroll account and savings account the same?
Although the two are similar, payroll accounts are different because they are for employees to receive their salaries. Additionally, opening a payroll account does not need that you deposit initial balance.
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.