Transferring money from one debit card to another is not much of a task as it used to be. With modern and innovative technologies, all such jobs are such a breeze nowadays.
- You can transfer money from one debit card to another without worrying about the extra hassle you would have to face otherwise.
- If you are in a hunt for the whole procedure guiding you towards the process of transferring money through debit cards, you are definitely at the right place.
- Let us walk you through all you need to know and make this process a lot easier for you!
- First things first, what is a debit card, and how does it work?
1- Debit Card
A debit card, also referred to as a bank card or a check card, deducts money from the consumers’ checking account whenever used.
How Is It Better Than a Credit Card?
Debit card comes without a loan or interest, unlike credit cards. Whenever you make payments via credit cards, it is more like borrowing a certain amount of cash from the affiliated company that you are bound to pay later on.
In simpler terms, that amount can be referred to as the Cash-advance. While paying through a debit card, you transact a particular amount of money without any extra balance on the card.
Credit card, too, has their own for and against, but the debit card does not bound you into paying any interest.
How Does It Work?
It serves several purposes as paying for shopping when you are out of cash or unable to carry extensive amounts.
You can also use it for seamless transactions through teller machines by simply adding your ATM codes.
However, it does charge a minute transaction fee. The transaction limit depends upon the amount of money you currently have in your bank account.
In addition, it helps you draw the money from your respective account.
However, they do come with a limit of daily purchase and only allows you to spend a limited amount of money in a single day.
Is It Possible to Transfer Money from One Debit Card to Another?
Yes! As mentioned earlier, it is undoubtedly an effective payment method and much safer than carrying a considerable amount of cash from one place to another.
If you cannot make physical payments or want to send money to your near and dear ones, this is your solution, considering they are debit cardholders.
Online transactions offer you a safe and secure delivery of designated cash to the receivers’ account.
However, there are certain things that you need to pay heed to before starting with the transaction process.
If you are willing to transfer money from your debit card to another debit card, you can share it using the actual account number of the recipient to the holder’s account.
The process reflects the payment in the recipient’s account, followed by money being available in the debit card of your receiver.
One of the vital features is the money transfer process between the same bank and a different bank or connected or external accounts.
If you are transferring money to the account of the same bank, you only require the account number of your recipient without any extra personal information.
But if you wish to transfer it to an account designated to another bank, then you will have to get a couple of bits of more details of your recipient, as in their routing number in addition to the account number.
So, creating an official link between the two banks is an idea to make a smooth transaction.
2- Ways Of Transferring Money Throrgh Debit Cards
Money transfers through debit cards are by sure life-savers and user-friendly in this current era of technology and have facilitated billions of users around the globe.
However, it has multifaceted approaches, and we are here to guide you to help you land on the best possible methods at your convenience.
Transferring Money Online Platforms Through Debit Card
Online systems have created ease for millions of users worldwide, and every step is just a click away.
Moreover, these interfaces are well-equipped with full features to facilitate the users.
One such platform is online banking, through which you can conveniently send money by following just a few steps to complete the process.
Be it your utility bills, mobile recharges, or investments, you can get it all done without having to worry about rushing to the bank and waiting for a long stretch of hours.
For online transfers, applications rather than websites are prioritized and even recommended to prevent any leakage or hacking of personal and useful information since this platform requires your sensitive set of details for register and verification purposes as that of your account details.
Therefore, to escape from any such unwanted and vicious act from happening, we prefer you to choose the safest way at your convenience.
Online Transactions Through Debit Card
Many banks clear the way for their users to make online money transfers more effective and manageable.
Let us now walk you through the basic set of information required for making online transfers. All you need is:
- Your debit card number composed of 16 digits
- The expiry date of your debit card
- The last three digits of the security code written at the back of the debit card
General Step-By-Step Guide For Online Transfers
Below are the cardinal steps you need to follow to complete an effortless online transaction via your debit cards.
- If you have not already registered, you need to create an account on your respective bank’s online banking portal or app.
To complete the process, you must enter personal information such as name, contact information, and debit card information.
- Sign up or log in to the website or app of your bank.
It requires your user name and password or biometric verification depending on which bank you are a user of.
- Select your recipient or add a new beneficiary
Here, you will have to select your recipient by entering the details such as the amount of money to be sent, their bank, contact number, or email address (not mandatory in most cases).
If you have to add a new beneficiary, entering their account number and the respective bank would help you verify their account without punching in any further details.
- Select Debit Card Deposit
Select your payment option, such as a Debit card deposit, to proceed.
- Final payment
Once all the above details are selected and verified, you need to send money to your receiver, notify both parties within seconds.
The receiver will get transaction details via email or contact number reporting the amount that has been transferred.
This can generally be referred to as the Peer-to-Peer payment, where you can easily transfer the amount to another party.
This is an instant method that only requires a particular and limited set of information of the receiver. All you need to look for is the maximum and minimum amount allowed to be transferred via your respective bank.
ATM funds transfer through debit card
Another reliable and practical means for transferring money via your debit cards is making an ATM funds transfer.
Unfortunately, not everyone has access to fast-speed internet connections; therefore, ATM transfers can work the best for them as they can be found at every nook and cranny.
If you are planning to transfer the amount to a debit card of the same bank as yours, then you have to use the teller machine of that respective bank.
The option comes in handy! All you need to do is just select that option through ATM and complete your transaction.
Whereas, if you have to transfer money to a debit card of a different bank, you will have to approach the ATM of that bank rather than your own as such deposits are only accepted this way.
Transfer Funds at an ATM
To transfer funds from one debit or credit card to another, at an ATM, you simply need your PIN. When you use the ATM, your transaction will occur immediately.
No fees will be charged. Your bank could also charge loads for using this type of automated teller machine (ATM).
And sometimes it is not possible to withdraw money from an ATM if some other transaction has taken place on your account before trying to withdraw.
You should always check with your bank first before transferring money from one account to another.
Below is a brief guide for transferring funds through ATM:
- Insert the ATM/debit card into the respective ATM
- Select your preferred language before proceeding
- You then have to enter the pin of your debit card to continue the transaction process and then click “Enter/Yes.”
- Select the required options, which in this case should be “Fund Transfer” on the screen
- You will then have to enter the bank information of your recipients, such as their bank name and account number.
- If they are holders of multiple accounts, select one of either option you wish to transfer money in. In this case, it would be “Savings bank account” or “Current Account.”
- Enter the amount that you have to transfer. Click “Correct.” Lastly, click the “Yes” button to finalize the amount you entered.
- The amount will be transferred to the receivers’ account. Nevertheless, if the transaction fails for any possible reason, the process will have to be repeated. In case of multiple error encounters, contact your respective bank.
Bank To Debit Card Money Transfer
This is by far the easiest money transfer method via a debit card.
No beating around the bush; this process requires using the sender’s bank account like debit cards are directly linked to your respective banks. The amount will be added to the receiver’s debit card as soon as the payment is made.
This does not require any unnecessary integration of the accounts and gives you many comfortable experiences.
This can also be summed up as depositing money at banks where you can ask the concerned authority to transfer funds from a debit card of another bank directly into the account linked with the current bank.
However, this may require an upper charge fee.
Depositing Funds to A Debit Card
Yet another way to get your debit card credited is doing it through a retail store or check-cashing service. This prevents you from going to and fro to the ATM or a bank.
You need to check beforehand if loading and unloading debit card services are available.
Keep in mind that this will land you into paying an extra fee for both the processes. You will pay for unloading the cash from one debit card and then loading it to another.
This one is yet to be inculcated into service by masses of countries yet.
Only US cardholders currently have access to this. However, money can still be transferred to unsupported banks. It is not an instant process and can require more time than usual.
Another method for transferring money through debit cards is a wire transfer. Every method has its definite pros and cons, and so do the wire transfers.
Even though they are convenient, you might have to lose your pockets a bit to fill in the extra fee banks charge you. This depends the location you are transferring your money to, i.e., locally or internationally.
However, you need to confirm beforehand whether your corresponding country and bank allow wire transfers or not.
There are several other means to transfer money from one place to another for a significant population that does not hold a debit card.
All you need is the recipient’s account details. This can be given to the concerned official at the bank.
Just disseminate your account details to the person, and they will have you sign one of the forms confirming the legal procedure.
But if the recipient is an account holder at a different bank, then the authorization and transfer procedure take up to a few day. This is because linking both the accounts is necessary before any transaction can be made.
Undoubtedly, debit card transfers have created comfortable space for people around the globe and have saved from inconveniences faced otherwise.
At the same time, they do hold a share of positives and negatives, every person should look out for those before making a decision.
A debit card indeed works as the best and quickest tool for transferring money no matter what part of the world you reside in.
Enjoy seamless transactions in just one click, which also ensures the safety of your personal information.