Debit cards are the cheapest and most convenient option to withdraw or send money compared to traditional banking methods. Many platforms are providing online money transfer services via debit cards.
You can use these digital money transfer services to get money off a debit card online. These services are not only cheap but also ensure that the receiver receives the sent amount. In this blog, you’ll explore some top online money transfer platforms and learn how to withdraw cash from your debit card. So, let’s get started!
Top 5 Money Transfer Providers with a Debit Card
Do you want to send money abroad and don’t know about any authentic money transfer providers? No worries, here are the top 5 money transfer providers with the debit card:
| Provider | Average Markup |
| WorldRemit | 0.5 – 1.25 % |
| XE | 0.4 – 1.2 % |
| Wise | 0 – 0.5 % |
| Revolut | 0 – O.4 % |
| Remitly | 1 – 3 % |
WorldRemit
WorldRemit is a money transfer service that allows you to send money to over 130 countries around the world. It has over 4 million users and now employs more than 1,000 people. They offer a fast, convenient and safe way to send money, and they have some of the most competitive rates in the industry.
WorldRemit also offers a mobile app that makes it easy to send money on the go. It is regulated by the Financial Conduct Authority (FCA) and offers a safe and secure way to send money. WorldRemit also has a very user-friendly app that makes it easy to send money on the go.
Moreover, WorldRemit allows you to use any debit card issued by Visa or Mastercard to send money. However, WorldRemit doesn’t allow debit cards from the following networks:
- Union Pay
- Amex
- Diner’s Card
WorldRemit charges a hidden exchange rate margin on all transactions. This means that you could be paying up to 80% more than the mid-market rate for your international money transfers. The company also charges a flat fee per transfer, which can be quite high depending on the amount of money you’re sending.
XE Money Transfer
If you’re looking for an easy and affordable way to transfer money internationally, EX Money Transfer is a great option. With over 30 years in this field, XE has become the most trusted and internationally acknowledged money transfer provider. The longest XE can take to process a transaction is 4 days.
With over 100 different currencies and 200 different countries supported, you can send money to almost anyone in the world without worrying about high fees. The app is well-designed and user-friendly, making it easy to register and get started. Best of all, there are no limits on how much you can send, so you can use EX Money Transfer for all your international money transfer needs.
However, XE has a transfer fee of $3 for all international transactions below $500. But you don’t need to pay any transaction fee if you want to send money above $500. You’ll always be informed about the transaction fee before your transaction is confirmed. Hence, There are no hidden fees in the process.
Wise
TransferWise is a money transfer service that offers competitive rates and fast, convenient transfers. With Wise, you can send money to friends and family around the world quickly and easily, without having to worry about exchange rates. You just need to fill required transaction details, and Wise will take care of the rest. You can also track the transaction process via mobile app or online website.
With a Wise account, you can hold and manage money in over 50 currencies, including GBP, USD, EUR, CAD, and AUD. This can be helpful if you frequently travel or do business in other countries. Transferwise transfers money instantly, so you don’t have to wait long for your funds to arrive in the destination country.
Transferwise doesn’t charge any hidden fees, which can save you a lot of money on international transfers. Its website and mobile app are easy to use, so you can make transfers quickly and easily. Plus, Transferwise is highly rated by users, with an average rating of 4.5 out of 5 on Trustpilot.
Remitly
If you’re looking for a fast, convenient and affordable way to send money internationally, Remitly is definitely worth considering. Thanks to their innovative mobile apps and competitive pricing, they’ve quickly become one of the leading money transfer providers out there.
Their customer service team is always available to lend a helping hand – 24/7 in English and Spanish, with live chat also available in French. Another big plus is their low fees. Depending on the country you’re sending money to, you could pay as little as $3.99 in fees. Plus, first-time users even get a promotional rate that’s significantly cheaper. If you’re sending over $1,000, you won’t have to pay any fees at all in certain countries.
Transfer limits are $2,999 per day and can go up to $6,000 or $10,000 per day, depending on your verified identity. Fees vary depending on the country you’re sending money to and the delivery method you choose. For example, bank deposits in India have a flat fee of $3.99, while cash pickups have a variable fee starting at 1% of the transaction amount.
Remitly is available in the following countries:
- Austria
- Belgium
- The United States
- Denmark
- Finland
- The United Kingdom
- Germany
- Ireland
- Italy
- Canada
- The Netherlands
- Norway
- Australia
- Spain
- Sweden
Revolut
If you’re looking for a multi-currency account that offers a range of extra features, Revolut could be a good option. Since its inception in 2015, Revolut has been shaking up the financial world. What started as a travel card providing cheap exchange rates has now become a full-fledged digital bank.
First and foremost, Revolut is known for its great exchange rates. When you exchange currency with Revolut, you’ll always get the real, mid-market rate – no hidden fees or markups. This can save you a lot of money if you’re traveling abroad or making regular international payments.
Another big selling point of Revolut is its fee-free ATM withdrawals. This is a great perk if you’re traveling and need to access cash occasionally. Finally, Revolut offers a range of other features that make it a great choice for digital banking. These include things like budgeting tools, spending insights, cryptocurrency exchange, and even Travel Insurance.
However, it’s worth noting that there have been some customer service issues reported. Overall, Revolut is a good option if you’re looking for a multi-currency account with extra features.
How to Withdraw Cash from your Debit Card?
Are you new to debit cards and unsure how to withdraw cash from one? Here are the most convenient and safe methods to withdraw some money from your debit card:
Use an ATM
Here’s how to withdraw cash from a debit card via ATM:
- Visit your nearby ATM in the bank branch (remember to bring your debit card.)
- Insert your debit card in the card area of the ATM.
- You’ll be asked to provide your PIN code for the card. Enter the PIN code.
- Some options will display on the ATM screen. These include withdrawing cash, transferring money, depositing a check, or viewing your bank balance.
- Choose the “Withdraw cash option.”
- Enter the amount you want to withdraw and tap on the “Confirm” option. And you’ll have your entered amount in seconds.
From the Bank
Visit your bank and tell them you wish to withdraw cash. They will tell you about the possible ways you can withdraw cash. You can choose whichever option suits you best. Even if you have an online bank account, you can still go to the bank to withdraw cash in times of need.
Transfer Funds
While you can send and receive money to/from your friends and family with online banking, you can also send money to your account. It is possible to have a physical and online bank account.
You can transfer cash to your physical bank account and simply withdraw it whenever you need cash. All you require for this process is your routing and bank account number.
Get Cash Back while Shopping
Most debit card owners ignore the cashback screen each time they use the card for shopping. But online bank account owners take this opportunity to withdraw cash, as the process doesn’t cost any transaction fee.
But, there is a limit on how much cashback you can get while shopping. If you require a large amount of cash, you’ll have to redo the cashback process at least 5 times at that particular store.
Use Wire Transfers
The best and quickest way to receive cash anywhere is by wire transfer. Also, it is the safest method to receive money anywhere and anytime. Although some banks charge a transaction fee for wire transfers, it is still one of the best methods to withdraw cash.
Money Transfer by Debit Card
Are you unsure how to transfer money via a debit card? No worries, money transfer via debit card has become easy and convenient with online banking facilities. Here’s how to send money to a bank account or another country via debit card:
There are a few different ways that you can transfer money from your debit card to your bank account. The method that will work best for you will depend on a few factors, such as how much money you need to transfer and how quickly you need access to the funds.
One of the most popular methods for transferring money from a debit card to a bank account is through a service like PayPal or Venmo. These services allow you to link your debit card to their platform and then send money to your bank account using their app.
Another option for transferring money from your debit card to your bank account is by using a service like Square Cash or Google Wallet. These services also allow you to link your debit card and then send money to your bank account using their app.
If you need to transfer a large amount of money from your debit card to your bank account, you may want to consider using a wire transfer service. Wire transfer services typically have higher limits for transfers and can get the funds into your account more quickly than other methods.
Finally, if you have a checking account with a bank that offers debit card transfers, you may be able to simply use their online banking platform to initiate the transfer. This option is usually only available for smaller transfers, but it can be a convenient way to move money between accounts.
No matter which method you choose, transferring money from your debit card to your bank account is a relatively simple process. And, most importantly, it can give you quick access to the funds you need.
How to Send Money Abroad?
There are a few things to keep in mind when sending money abroad with a debit card. First, make sure that the recipient’s bank account can receive international transfers. Second, check with your bank to see if they charge any fees for international transfers. Finally, be aware of the exchange rate before you send the money so you know how much the recipient will actually receive.
To send money abroad with a debit card, you will need to have the following information:
- The name of the recipient’s bank
- The recipient’s bank account number
- The routing number for the recipient’s bank (this is also called an ABA or SWIFT code)
- The amount of money you want to send
- The currency you want to send the money in
- Your debit card number and expiration date
- Your billing address
Once you have all of this information, you can begin the process of sending money abroad. First, you will need to log into your online banking account. From there, you will likely need to click on the “Transfer Money” tab or something similar. Once you are in the correct area, you will enter all of the necessary information about the recipient and the amount of money you want to send.
Most banks will require that you verify the transaction with a one-time password (OTP) that they will send to your phone or email. Once you have entered the OTP, the transaction will be processed and the money should arrive in the recipient’s account within a few days.
How To Receive Money in a Debit Card?
The debit card is an extension of your bank account. So, if you want to receive money on your debit card, you’ll be required to provide details such as your account number, sort code, and name, the same as it appears on the card.
The sender will only need to provide this information, and you’ll instantly get money on your debit card. You can use the transferred money as soon as it is cleared. Therefore, debit cards are the most convenient option to send or receive money anywhere.
Can You Send Money Instantly?
To send money instantaneously with a debit card, you’ll need to have the recipient’s debit card information. With PayPal, Venmo, and other similar services, you can link your debit card to your account and then make payments by entering the recipient’s email address or phone number. With peer-to-peer payment apps, you’ll need to enter the recipient’s debit card number.
Prepaid debit cards can be used to send money as well, and they’re a great option if you don’t have a bank account or if you want to avoid fees. You can load money onto a prepaid debit card and then use it to send payments to anyone with a debit card.
When you’re sending money instantly with a debit card, it’s important to make sure that you have the funds available in your account. Debit cards are linked to your bank account, so if you don’t have enough money in your account to cover the payment, it will be declined.
Can You Send a Large Amount of Money?
Yes, you can send a large amount of money with a debit card. However, there are some limits to how much you can send. For example, you may only be able to send up to $10,000 per transfer. To send more than that, you’ll need to use a different method such as a wire transfer.
You will need to find a bank or credit union that offers this service, and then you will need to provide them with your debit card information. The funds will then be transferred from your account to the recipient’s account within a few days.
There are a few things to keep in mind when sending large amounts of money with a debit card.
- First, you will likely be charged a fee for this service.
- Second, the funds may not be available immediately, so you should plan accordingly.
- Finally, you will want to make sure that the recipient’s account is able to accept the funds before you send them. Otherwise, they may not be able to receive the money.
Benefits & Drawbacks of Sending Money Using Debit Cards
Here are the benefits of sending money via debit card:
There are many benefits of sending money using debit cards. Some of these include no annual fees, wide acceptance as a payment method, the ability to send instant transfers, and no interest on transactions.
No Annual Fees
One of the biggest benefits of using debit cards is that there are usually no annual fees associated with them. This can save you a lot of money compared to other methods of transferring money, such as through a bank or wire transfer.
Widely Accepted Payment Method
Debit cards are also widely accepted as a payment method both in the United States and around the world. This means that you can use them to pay for goods and services wherever credit and debit cards are accepted.
Useful for Emergency Transfers
Another great benefit of using debit cards is that they allow you to send instant transfers. This can be very useful if you need to send money to someone in an emergency situation.
No Interest in Transactions
Finally, debit cards also offer the advantage of having no interest on transactions. This means that you will not have to pay any additional fees when you use your card to make a purchase or transfer funds.
Limited Fraud Protection
When you use a debit card to send money, you are essentially sharing your bank account information with the recipient. This can leave you susceptible to fraud if the recipient is not trustworthy. Most banks offer limited fraud protection for debit card transactions, so if someone does manage to commit fraud, you may be on the hook for the charges.
Inflexible Spending Limit
Another downside of using a debit card to send money is that it can be difficult to control your spending. Debit cards typically have inflexible spending limits, so if you need to send a large amount of money, you may need to find another method. Some banks charge fees for exceeding your spending limit, so you’ll need to be careful not to overspend.
Overdraft Fees
If you’re not careful, you could also end up with overdraft fees when using a debit card to send money. If the amount you’re trying to send is more than what you have in your account, the transaction may be declined or you may be charged an overdraft fee. Additionally, some banks charge a fee for each declined transaction, so it’s important to make sure you have enough money in your account before trying to send money.
Cannot Build Credit Score
Finally, another downside of using a debit card to send money is that it cannot help you build your credit score. Debit cards are not reported to the credit bureaus, so using one will not help you improve your credit. If you’re looking to build your credit score, you’ll need to use a credit card instead.
Overall, there are some drawbacks to using a debit card to send money. However, if you’re careful and aware of the potential risks, it can be a convenient way to send money. Just be sure to know the limits of your account and watch out for fees.
Local & International Fees/Charges
Some local and international debit cards may have different fees/charges. It is important to check with your card issuer to see what, if any, fees/charges may apply.
Here are some examples of common fees/charges:
- Foreign transaction fee: A foreign transaction fee is a charge assessed by your card issuer on transactions made in a currency other than Australian dollars. This fee is typically a percentage of the transaction amount and can vary depending on the card issuer.
- ATM withdrawal fee: An ATM withdrawal fee may be charged by your card issuer for each cash withdrawal made at an ATM overseas. This fee is typically a flat rate but can vary depending on the card issuer.
- Balance transfer fee: A balance transfer fee may be charged by your card issuer when you transfer a balance from one credit or debit card to another. This fee is typically a percentage of the transaction amount and can vary depending on the card issuer.
Before using your debit card overseas, it’s important to check with your card issuer to see what charges may apply. This will help you budget for your trip and avoid any unexpected charges.
FAQs
Can You Withdraw Cash Using Phone App?
Yes, you can withdraw cash from a cardless ATM by using your phone app. To do so, simply find a nearby ATM and follow the instructions on your screen. You may be asked to enter your PIN or provide other identification, but once you do so, you will be able to access your cash. Keep in mind that not all ATMs are cardless, so be sure to check before attempting to withdraw cash.
Can I Use My Debit Card Number Without the Card?
Some online stores allow you to use a debit card number to pay. However, you should always check with your bank to see if this is an option before attempting to do so. Additionally, keep in mind that using your debit card number without a physical card can be risky.
If you lose your debit card or it is stolen, someone could potentially use your card number to make unauthorized purchases. For this reason, it’s always best to keep your debit card in a safe place and only use it when necessary.
How Do Thieves Get Debit Card Numbers?
One way that thieves can get your debit card information is by skimming devices at ATMs. Skimmers are small devices that can be attached to ATMs or other machines that read cards. They collect the data from the magnetic stripe on your card and can be used to create a counterfeit card.
Another way that thieves may get your debit card information is through phishing scams. In a phishing scam, you may receive an email or text message that looks like it’s from your bank. The message may say there’s a problem with your account and ask you to click on a link to update your information. If you click on the link, you’ll be taken to a fake website where you’ll be asked to enter your debit card number, PIN, and other personal information. The thieves can then use this information to access your account.
Can I Get My Money Back if Someone Used My Debit Card?
While it’s not always possible to get your money back after someone has used your debit card without your permission, there are steps you can take to minimize your risk of becoming a victim of debit card fraud. For example, you can sign up for text or email alerts from your bank so that you’re immediately notified if there’s any suspicious activity on your account. You can also keep an eye on your account balance and transactions online or in your mobile app.
If you suspect that your debit card information has been compromised, you should also consider changing your PIN number and getting a new debit card. By taking these precautions, you can help protect yourself from future fraud.
Conclusion
Debit cards are the most convenient option for withdrawing cash and transferring money. If you want to transfer money abroad, you can choose any top international money transfer providers such as Wise, WordRemit, and many more.
Remember to check that your money transfer provider is legit or not and charges no hidden fees, so you don’t get scammed.
