Debit cards are generally linked to the checking or a bank account, helping you transfer money from one account to another. This guide will walk you through how to transfer money from one debit card to another through various approaches.
How to Transfer Money from One Debit Card to Another
Debit cards are the most convenient way of making payments as you link them to your bank account, and they directly deduct the payment from there. You can withdraw money from the ATMs using a debit card, and they are the best outlet if you need emergency funds.
A debit card can be used for making several purchases in-store and online. Not only this, but it also allows you to make international transfers via suitable and well-accredited platforms and is a widely accepted payment method.
As icing on the top, a debit card enables you to transfer money from one card to another in a very efficient and seamless way. The steps are simple and do not require much effort if you have a bank account linked to your payment card.
To send money from one debit card to another, all you need to do is log in to your account and transfer whatever amount you want. Then, transfer it to your recipient’s bank account, and it will be displayed on their debit card in a while.
The debit has a security PIN that no one should know other than you to prevent fraudulent or false transactions. Enter the PIN to perform transactions whenever using the debit card.
Online Money Transfer from One Debit Card to Another
Online banking has been at its peak for a while now. While there were days when people had to stand in long queues and go through strenuous banking procedures, online banking became a saver and cut short all the hassle otherwise.
People can quickly transfer money from one debit card to another through mobile applications or web versions of brick-and-mortar banks. The process needs nothing but just a few clicks before the funds are available on your recipient’s debit card.
There are two types of transfers depending upon which the duration required to complete the transfer can vary. Here is what you need to keep in mind before making a transfer:
Transfer of Funds Between the Accounts of The Same Banks
Suppose you are willing to electronically transfer the money from one debit card to another between the same financial providers. In that case, you need to log in to the mobile application and follow the prompts to complete the transfer.
Please note that transfers made within the bank accounts of same banks are all free of cost, and funds are instantly available in the recipient’s account.
Transfer of funds between the account of different banks
On the contrary, if you have to transfer the funds between the accounts of other banks, it works similarly as mentioned earlier, i.e., you have to log in to the mobile application or the web version to complete the transfer.
This offers you two types of transfer methods, i.e., Instant Transfer and Standard Transfer. Instant one charges a certain fee on the total amount, whereas the Standard Transfers are relatively free but slow.
Transfer Money from Debit Card to Prepaid Card
Prepaid cards are a perfect alternative if you are unwilling to carry a large amount of cash all along and help you to pay for things. Furthermore, you do not need a bank account, unlike the debit card.
Do you have a poor credit score and do not know what payment card might work for you? Well, here is when you should get full benefits of the Prepaid Card, as it couldn’t care less about your credit score.
A prepaid card or a stored-value card can run out of cash on it, and it is all about loading funds on it to be able to use at various places. Here is when you can opt for the debit card, too, as you can quickly transfer money from the debit card to the prepaid card.
You can do it in two possible ways, i.e., Transfer Money Online or Send Money at ATM.
1. Transfer Money Online
To transfer money online, here is what you need to do:
Account and routing number of the prepaid card of your recipient > Log in to debit card account > Money transfer section > Transfer > ACH or wire transfer.
2. Send Money to ATM
To transfer money from a debit card to a prepaid card, here is what you need to do:
ATM > Insert the debit card > Debit card PIN > Yes > Fund Transfer > Recipient’s prepaid card issuer and account number > Choose account type > Enter amount > Correct > Confirm the amount > Complete the transfer.
Transfer Money to Debit Card via ATM
Many financial institutions have their authorized ATMs, which easily let you transact money through debit cards. So, whether you need emergency funds or want to transfer money to your friend or family, you can always do it via the ATM.
If your debit card has run out of funds and you instantly want to fill it with a cash amount, you can do it through ATMs. Just make sure that you do it on the ATM of your card issues banking network if you are transferring money between two accounts of the same bank.
However, if you want to transfer money to the debit card of some different bank, you will be able to do it from the bank where you want to deposit the funds; that too if the opposite bank allows you to.
To do this, please make sure first that the recipient bank allows the deposits at their respective ATMs. If they don’t, you will have to look into another alternative.
Bank Deposit
If the electronic or ATM transfer does not fit a deal, you will have to do it manually and visit your bank physically. Here, you will have to bring both the debit cards to the bank and ask them to transfer money from one card to another.
This option comes with certain undesirable conditions per se, such as you might have to pay a certain amount of fee to the teller or for the opposite bank.
There might as well be withdrawal limits from the other account.
Load Your Card at the Retail Store
Loading your card is another option to transfer money from one card to another. Here is how it works and what you need to consider before opting for this option:
- Withdraw the cash from your debit card first through a check-cashing service or ATM.
- Hand this cash to the retail store representative with the card you are depositing.
- Do carry along with your identification card if the retail store asks for it.
- Request the clerk to add that cash amount to the card you have.
We hope that by this point, you will have brushed off your worries about transferring money from one debit card to the other, as we have mentioned before you several ways to do so.
You can also send money from your bank account even if you don’t have a debit card. For this, you need the account number of your recipient and a few additional details.
How to Receive Money Using Debit Card?
While we are transferring money through the debit card, let us give you a quick overview of how you can receive funds using the debit card. Here is what you need to provide to the sender:
- Name as mentioned on the card.
- Account number; verify it twice before sharing.
- Lastly, the sort code.
What Platforms Allow to Send Money Abroad Using Debit Card?
Digital money transfer services facilitate you to send funds internationally in a cheaper and quickest possible way. Here are some of the top-rated platforms that allow transferring via the debit card:
- World Remit
- XE Money Transfer
- Wise Money Transfer
- Azimo
- Remitly
- Currencies Direct
- Payment
- OFX
- CurrencyFair
You can use any of the above-mentioned financial providers if you are willing to transfer funds internationally. However, it would be best to first compare the exchange rates and transfer fees before opting for these platforms.
Before You Go!
The Debit card payment method requires you to link the card with a bank account or a credit union. However, many financial institutions allow you to make payments via the debit card through mobile banking, requiring basic details of the recipient’s account. The only thing that may vary is the transfer time depending on the bank you are transferring money to.
To get the debit card, you need to open the Checking account first, which requires details such as the Social Security Number (SSN), contact number, Email address, identification documents and residential address. Then, get one for yourself to effortlessly deposit funds from one account to another.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.
