Looking for a way to transfer money from a debit card to a bank account? Here we are with a detailed guide to let you know how it works and what is required to initiate this most straightforward money transfer process.
How to Transfer Money from Debit Card to Bank Account
We will discuss two main approaches to quickly transfer the money from your debit card to the bank account. These include:
Online Transfer to the Bank Account
You can transfer money from a debit card to a bank account online by following these few simple steps mentioned:
- Go to the website of your card issuer/respective bank.
- Next, log in to your debit card account.
- Go to the Money Transfer option on the site.
- Fill in the amount you wish to transfer to your bank account.
- Next, you have to enter the details of your banks and all the additional acquired information on the website to complete the transfer.
Transfer Using the ATM
Another approach you can opt for completing the transfer through your debit card is via the ATM platform. To do this:
- Insert your ATM card into the teller machine.
- Next, enter your 4-digits security PIN as asked.
- Look for the Money Transfer option on the machine.
- Enter the amount you want to complete the transaction.
- Next, enter your bank account details to where you wish to transfer the money to.
- Follow the further prompts to finish with the money transfer.
How to Get a Debit Card?
Well, to perform a transaction through your debit card to your bank account, you must have to hold a debit card to proceed further. Getting a debit card is quite a process and requires rigorous verification before the banks approve you as one of their cardholders.
A pre-requisite requires you to open a checking account first at the corresponding bank to get a debit card.
Here are the steps you must follow to open a checking account at a bank:
- Look for the features provided by the banks in relevance to their checking accounts and decide one for yourself, whatever suits your budget and requirements.
- Next, choose the account you wish to open at the corresponding bank.
To begin with the application process, you must have a Social Security Number (SSN), Identification documents, the active Email address, Contact Information, and the Residential Address.
Once done, wait for further approval till the banks perform a detailed verification, and a background check to decide whether you are eligible to be a debit cardholder or not.
- After receiving the debit card, activate it using the security PIN.
Transferring Money from Credit Card to the Bank Account
Since you are here looking for the money transfer methods to the bank account via payment cards, we will guide you through how the credit card works in this area.
Offline Money Transfer: You can cut off all the hassle of finding a secure and fast internet connection to complete the transaction by transferring the funds offline to the bank account. You can do this via the ATM, Phone Call, and/or by Cheques.
- Through ATM
Withdraw the cash from ATM > Take money to the respective bank > Deposit it.
- Through the Phone Call
Contact your service provider (bank) > Request for funds transfer > Confirm the amount you wish to transfer > Provide bank account details > Complete the transaction.
- Through Cheques
Enter “Self” as the Payee’s name > Fill in other details on the check > Go to the bank > Deposit it.
Online Money Transfer: If you are in a hurry and looking to deposit the funds to your bank account instantly, then online money transfer is the perfect rescue to provide you with a secure transaction. It can either be done via Internet Banking or much in trend E-wallets.
- Through Internet Banking
Website of Bank > Login to your credit card account > Select Transfer method > Enter the amount > Fill in extra information > Complete the transaction.
- Through E-Wallets (As for Apple Cash)
Go to the Wallet app on your phone > Tap Apple Cash Card > Click on three dots on the menu > Transfer to Bank > Fill in the amount you want to transfer > Select from Standard Transfer or Instant Transfer > Provide Confirmation > Complete the transaction.
What Are the Reloadable Debit Cards?
A reloadable credit card is a prepaid debit card often used to make several purchases. These work at several convenience stores, to pay bills, buy groceries, cover ride-sharing, and much more. You can load money into these cards as per your needs and then use them accordingly, provided the stores support payments through these cards.
Please note that reloadable debit cards are different from the debit cards that you attain from your bank.
Typically, you link the debit card to a respective bank account where you further withdraw the cash, whereas, in the reloadable cards, there is a specific limit up to which you can load the funds into the card.
The reason for mentioning Reloadable Debit Cards here is that you do not confuse the transfer criteria discussed earlier in our guide. That only works for the debit cards linked to your bank accounts instead of these reloadable cards.
Pros and Cons of a Debit Card
- Unlike a credit card, you won’t have to pay any debt on the debit card.
- It is highly convenient and eliminates the need of carrying much cash around.
- You can use it for purchasing several goods, shop at various stores, both physical and online.
- The application process is not complicated as it seems to be.
- You can transfer money from one account to the other. In addition to this, you can always use it for ATM withdrawals.
- It has less security as compared to that of the credit card.
- You cannot build your credit score through a debit card.
- There are no reward programs linked with debit card usage.
Before You Go!
Transferring money from the debit card to a bank account is a safe, fast, and simple method, and all you need to have is a checking account at one of the financial institutions. You can transfer money in several ways, and debit cards are a perfect way to facilitate you with the fund’s transfer.
You can send money to your friends and family using your debit card, cash for free from the ATMs, and enjoy many other services adding to your convenience. Even though they are less safe than credit cards, they cancel out many other downsides; you will have to face with credit cards instead.
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.