The prepaid card is the most used in financial services. These cards can be used to purchase online, in stores, and make transactions. If you want to know how to transfer money from these cards to another bank account, read this article. This article has all the information about its procedure and other additional information.
What is a Prepaid Card?
Prepaid cards are the debit cards that every bank gives to its customer. There are many kinds of these debit cards. These cards work on a pay-as-you-go rule. Bank provides these cards as one of their services which helps the bank account owners. These cards can be used to pay bills, make purchases, take loans, make deposits, and withdraw money. To use this card, you need to add funds to it.
You can use this card by linking your bank account, making payments, and doing other transactions. These cards do not have an overdraft limit or borrowing limit. These cards are one of the best alternatives for cash. Many retail companies, like Starbucks, Amazon, etc., give prepaid gift cards to customers. There are many types of credit cards. They are,
- Prepaid cards
- Gift cards
- Pay direct cards
- Meal cards
- Digital prepaid cards.
How to add a bank account to a prepaid card?
If you want to add your bank account to your prepaid card, follow the steps below.
- First, you must log in to your account in the respective bank app or online website.
- Then on the menu, you can see the ‘bank transfer option. Select it.
- Select the bank from the list or type the name of the one you want to add.
- Please enter all the bank details like its account number, account name SSN, etc.
- Then complete all the verification procedures.
- Finally, tap on add bank and confirm it.
How to transfer funds from Prepaid cards to a bank account?
Sometimes even though we use Prepaid cards for many uses, we need to transfer money from one card to another bank account. You can transfer money by following the below steps. They are,
You can transfer money through the respective app or official website the bank provides. You need to follow the below steps.
- Firstly download the respective mobile app of the bank or visit its official website.
- Login to your account using your credentials.
- Then go to the ‘Send money’ option on the menu.
- Enter your bank account details like account number, account name, etc.
- Lastly, confirm your transfer and that your transfer is complete.
Through the third party:
Transferring through a third party is the easiest method. Some of the third-party platforms are,
Moneygram: Moneygram is one of the most used apps to transfer money from a rapid debit card. To make transactions, you have to enroll on their website. Through this platform, to transfer less than $200, it costs $1.99; for above $200, it is $1.99 and 1% of the total amount.
CardCash: You can sell prepaid gift cards through this and get money from that card. To sell it, you must enter your card and identification numbers. After entering, select ACH direct deposit to send money to a bank account or PayPal express.
For prepaid debit cards like Master cards or VISA cards, you can transfer funds by calling the bank’s customer service number. Provide all your bank details and request for transfer.
Prepaid cards are the most used service that any bank provides. There are many kinds of debit cards given by banks and retail stores in the form of gift cards. You can transfer funds by linking a bank account to the cards. These cards are also used to make online purchases and online payments. You can transfer funds from the card to a bank account online, third party services and customer services.
Frequently asked questions (FAQs):
Yes, we can make online payments using prepaid debit cards.
We have to insert the debit card into the ATM and enter the PIN given. Enter the amount and draw the money.
No, there are fees for getting the debit card. But for store gift cards, you need to pay some price.
You can transfer money from debit cards through apps like Paypal, Venmo, etc.