Debit card is much like a credit card and it lets you instantly share money with checking account as well. Moreover, many customers have been wondering if it is possible to transfer money from one debit card to another account and we are here to give you the answer!
What Will We Talk About Here?
1. You may need to provide information like 16-digit debit card number, last 3 digits of security card number, or the card expiry date to complete transfer from a debit card.
2. There is no need to transfer money from linked bank account to debit card as the funds will be reflected automatically.
3. Cash App, Venmo, PayPal, and Zelle are some prominent apps that can help you transfer money from one linked debit card to another.
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Is It Possible To Transfer Money From One Debit Card to Another Account
If you use a prepaid debit card to purchase something, the money will be deducted from your bank account.
This is different from using a credit card because in that case, the money will be taken out from your credit limit instead.
FYI! Debit cards and credit cards have account number, card number, and card holder’s name printed on it. They also come with a magnetic strip for card transactions. However, they operate in a different manner.
The first questions is “Is it even possible to transfer money from one debit card to another?”
Yes, absolutely! In fact, this happens all the time.
You can send money from one card to another but the process does not take place directly.
The amount that you share will be first sent to the account holder’s actual account. Once the payment is transferred here, the money will automatically be reflected in the recipient debit card as well.
Therefore, you can say that transferring money between debit cards is somewhat the same as sending money from your bank account but it is often easier to do so.
You can send money directly using routing number and account number directly but this is a tiring process that requires linking two bank account together. Sharing money between debit cards, on the other hand, is quick and easy.
Attention! Transferring money from debit card is a straightforward process. You can complete it online by logging into your card’s account.
Money Transfer Cards – How Do They Work?
Money transfer cards let you share balance with 0% interest. Unlike credit cards and their purchase APR, such cards do not incur interest charges and allow you to transfer money to bank account and other debit cards easily.
Useful credit cards are also a type of money transfer cards but they work in a different manner. You can request credit card issuer to send your available credit to the chosen bank account. Afterwards, you need to refund the money to the credit card.
Transfer Money Using a Debit Card
There are many methods to transfer money with a debit card but most of them require you to provide the same set of information. This includes:
- 16-digit debit card number.
- Card’s expiry date.
- Last 3 digits or the security number for the card.
Some types of transfer would require you to enter account number of the issuing bank account as well. This is typically printed in front of the card.
Transfer Money From One Debit Card To Another Online
Nobody has time to get in the long queue to make a transaction via bank. Therefore, the institutes have now come up with easy ways to transfer money from one account to another.
Money transfer between debit cards is one of those solutions. You can do this once you have opened an online checking account with your bank. You can send money from your card and it will be instantly reflected on the recipient’s debit card.
If you are using an online platform to complete this transaction, you must carefully type in the recipient’s account information or you will end up sending it to the wrong person. Sharing money between accounts carelessly can leak your private information and give scammers a chance to harm you.
Pro-Tip! When you share funds using a website, always make sure that you log out safely and never click on “Remember ME” after providing your username and password.
Transfer Money To Debit Card Instantly
There are some services that allow you to make a money transfer to debit cards instantly.
They skip they hassle of owning or providing bank account numbers. Instead, you can get your debit card recharged at market places and other accessible locations.
Bank of America and Chase financial institute currently provide this features to their cardholders. They have successfully covered 64% of the US and allow money transfer to unsupported banks and debit cards as well.
Transfer Money From One Debit Card to Another Prepaid Card
Prepaid debit cards are now accepted at many locations around the US and they are quite helpful if you wish to avoid carrying cash when going out for shopping.
Luckily, prepaid cards also do not need associated bank account. They are a good option for people who can not afford credit cards.
What most customers don’t know is that it is possible to recharge a prepaid card using debit cards.
You just need to send money using debit card through the online platform. This can be done so via money transfer section.
Most prepaid cards are FDIC-insured but it is better to recheck it before you get one. Insurance guarantees that you will get your money bank if you unfortunately lose your card or it is stolen.
Transfer Money From Bank To Debit Card
Debit cards are mostly linked to bank accounts so if you wish to receive money on your card then the sender simply needs to use his or her bank account to send money to yours.
Note! The sender will require your account details that includes account holder’s name, account number, and a sort code.
The transfer will be made directly to your account and the sum will be reflected on your debit card as well. This is one of the most comfortable ways to share money between accounts and receive money from friends or family.
Transfer Money From Bank Account Without Debit Card
You can send money from your bank account even if you don’t own a debit card. The process is simple as long as you can provide the recipient’s account number.
Here’s how it works.
First you should check if you have sufficient funds in your own account. You can do so by using the mobile app or checking your account balance online.
After that, provide the recipient’s account details and authorize the transfer.
The procedure is same whether you send funds to the bank same as yours or to an account in a different bank.
It might take a couple of days for the transaction to be completed.
Transfer Money From One Visa Card to Another
There are many reliable Visa card services that let you share money with other cards. You will have to share account number and enter the amount that you wish to transfer.
Some banks require you to provide extra information after which the transfer begins immediately. Typically, it can take about 7 to 8 days to send money through a Visa card.
Transfer Money Using ATM Card
Did you know that you can transfer money using an ATM card towards a bank account or credit card?
It is possible once you have linked the account and the general process is pretty easy. Let’s have a look!
The first thing you need to do is visit an ATM (obviously!) ATMs are located nationwide but you have to choose whether you want to make the transfer using the machine of your own bank or another bank’s.
Attention! Money transfers made using another bank’s ATM often incurs extra charges up to $3.
Then the machine will prompt you to provide the ATM card and select the language in which you wish to proceed. You also have to enter the card’s PIN number at this stage.
After that, tap on “Transfer Credit” and provide the details of the recipient’s account. Enter the amount that you wish to share and then finalize the transfer.
Note! Never forget to obtain the receipt for the transaction and keep it in your records at all times. This is important in case a transaction failure occurs and you have to provide a proof to the bank that you did actually send out money.
Transfer Money From ATM To Other Bank Accounts
As we mentioned above, it is possible to use your ATM card to send money to other bank account.
Same as before, you will have to visit your nearest ATM machine, choose a language, and provide PIN for the transaction.
After that, you have to tap on “Fund Transfer”. This option is typically present at the bottom right corner of the ATM screen. Then enter the recipient’s bank and account number.
Note! Some ATM transactions require you to share whether the recipient has a Savings account or a Current account.
Then share the amount of money you wish to share and click on Yes.
The transaction will begin and if it is not completed within expected time, a “time-out” message will appear on the screen which means you need to repeat the procedure again.
Transfer Money Using a Credit Card
Credit cards also allow you to send and share money provided that you stay within your credit limit. Otherwise, the poor spending habits will show up on your credit report.
Credit card money can be transferred to bank account or a debit card but when you have taken out money from the credit card, it needs to be refunded within due time or your credit score can take a blow for it.
Although the option is available, it is never a smart move to take money out of credit card. This would reflect that you were desperate for funds and it is never a good indication for banks or trustworthy personal loan companies. Such habits can make it difficult for you to qualify for better credit cards in the future.
Transfer Money From Credit Card To Bank Account Without Interest
Perhaps the best thing about money transfer card like credit card, is that they let you share money and give you some time to repay it without paying interest on the balance.
Therefore, it is safe to say that the longer the period of interest-free credit, the more useful is the money transfer card.
Note! Typically if you take out money from credit card and take 12 months to repay the bank, the transfer fee will be 3% of the total amount shared.
However, if you wish to make 0% interest transaction and pay the money within 2 years instead, the transfer can be a bit more, for example, some bank charge up to 4% in this case.
The terms and conditions are subject to change. Moreover, it is better to take out money from credit card than to refund a debit card.
This is because overdraft charges for debit cards can often be quite high.
The real issue is for people who can not afford credit card without improving their credit score. In this case, they will be easily approved for debit cards instead or they can stick to purchasing from stores that allow bad credit financing.
Note! If you really have to borrow a considerable amount of money with bad credit then it is best to look into secured loan options.
The Bottom Line
Debit cards, credit cards, and many applications have made it easier to share money and receive funds. Things did not always used to be this simple but we are glad they are now!
Debit cards are a secure option for storing money and sending it to friends and family. They can be used at a number of locations and the money can be sent online as well. Just make sure you keep your PIN safe at all times!
Frequently Asked Questions
Are there apps to transfer money from one debit card to another?
There are several apps that can help you transfer money from one linked account to another. Cash App, PayPal Zelle, and Venmo are some prominent names.
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.
