Virtual cards are now accepted at a number of retailers but that does not completely free the cardholders of the worry that they might need to transfer the funds elsewhere, may be a bank account. Although these cards are quite useful on their own, transfer of funds from virtual card to bank account is possible and easy to do.
You need to learn how to utilize a third party app like PayPal or Cash App to assist in this transfer. Before we begin this article, please consider that the easiest way to use the money in your virtual card account is to purchase items online for yourself or someone else and request them to deposit the money in your bank account. The rest of the methods are discussed here.
Can You Transfer Money From Virtual Card To Bank Account?
There should be no issues in sending money from a virtual card to your bank account as long as you know the right third-party platforms to use for this process.
It is not possible to make this transfer directly but you can use apps like PayPal or Venmo to get this done.
Transfer of money here requires you to enter card number, a security code, or the expiration date in order to verify your ownership. Once you have shared the correct information, simply follow the guidelines for different plans that I have discussed below to receive funds in your bank account via a virtual card.
Virtual Card to Bank Account Via PayPal
This is the most reliable method to transfer funds from a virtual card. But is only possible if you have a verified PayPal account.
- Open PayPal account and click on “Wallets”.
- The choose “Add a Card”
- Provide card information and click “Add Card” again.
- Verify the virtual card that you have added by following the on-screen steps.
- Tap on “Update” once you are done providing the required information.
- Then transfer money from virtual card to PayPal by clicking on Wallet > Transfer Money > Add Money To Balance > Card information > Confirm.
After you have the funds in your PayPal account, you should know the rest of the drill! We have talked about how to transfer money from bank to PayPal and vice versa. But to sum it up for you, click on Wallet > Link Bank Account > Add Bank details > Confirm information > Transfer Money > Choose Transfer method Instant/Standard > Transfer.
Virtual Card To Venmo and Then To Bank
It is possible to send funds from a Virtual card to bank account via Venmo as well.
- Open your Venmo account.
- Click on “Add Gift Card”.
- Enter bank details and the amount you want to transfer.
- Then click on “Transfer” to initiate the process.
Venmo is extensively used for such transfers as it works quite well with linked bank accounts. Conversely, you can also Venmo yourself using bank account if you need the funds back on the app for certain purchases.
Transfer Virtual Gift Card Funds To Cash App
Cash app is another platform that you can use in order to instantly move the funds from a virtual card to bank account.
This mode of transfer is useful in case of virtual debit cards only although a handful of virtual credit cards may also linked with Cash app in a similar manner. In addition to this, note that you can not transfer funds from cash app to a virtual card, regardless of whether it is debit or credit card.
Other Ways To Transfer Funds From Virtual Card
Let’s say you have a virtual debit card in hands and want to withdraw the funds in it to a connected bank account so what you should do is:
- Open the app or the official website for your virtual card.
- Log in using the card information or password/username.
- Click on “Transfer” option.
- Go through the confirmation screen and provide additional information if needed.
- Then click on “Confirm” to finish the transaction.
What Are The Benefits Of Having a Virtual Card?
A virtual card, as the name suggests, exists only digitally in your phone. However, similar to traditional cards, it does have card number and CVC to use for online/in-store purchases.
Also referred to as “disposable cards”, virtual cards seem to be more convenient than traditional onces due to many reasons such as:
- Virtual cards are safer than traditional physical cards and you don’t need to worry about losing them anywhere. ‘
- Also, the cards limit the amount per purchase or transaction. This is to control how much you can lose in case the details fall into the wrong hands.
- The data is encrypted and each transaction generates one-time payment code which become useless after the transfer is done.
- Moreover, there is no physical card information can be accessed by hackers.
- The virtual cards can be used to control all your online subscriptions.
- You can keep a check on your spendings via official account and quickly cancel a transaction as well.
- Also, the virtual cards can easily be de-activated or unsubscribed from, if need be.
Before You Go!
Virtual cards are the go-to payment tools especially for international shopping. There is not doubt that they are more secure to use than physical cards and hinder any form of hacks or scams. Nonetheless, if the situation arises, you can transfer money from a virtual card to bank account through indirect means.
The most preferred method for cashing out a virtual card is to use PayPal. It is a straightforward approach and does not require you to perform long, confusing steps. Other than that, you can always add the card to your Venmo wallet, sell it at a gift card Kiosk, or use it to buy other gift cards as an alternative to sending money to bank account.
Recommendations For Next Reading
- How To Get Money From Venmo Without Bank Account?
- How To Transfer Money From Greendot Card To Bank Account?
- Transfer Money From Apple Pay To Bank or To a Debit Card.
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.