Sending money from one card to another can be a challenge. It can be hard to find a way to send money from one card to another. You might not have the time to go to the bank or an ATM, and you might not want to pay high fees for a wire transfer. So, how to send money from one card to another easily?
You can create an account on any credible transfer provider, such as Wise and PayPal. Enter your card credentials as payment method. Enter the card details of the receiver and confirm the transaction. Funds will be transferred to the recipient’s card instantly.
In this blog, we’ll discuss various methods of transferring funds between cards and the pros and cons of money transfer via debit cards. So, let’s get started!
Top Money Transfer Providers with a Debit Card
Money transfer services are the cheapest way to send or receive money abroad. Moreover, you can also transfer funds with a debit card through money transfer providers. Depending on various factors, here are the top money transfer providers via debit card:
PayPal
PayPal is one of the most popular online payment systems, and for good reason. It is easy to install and use, and it offers a high degree of security. Perhaps most importantly, PayPal has built up a strong reputation for reliability and trustworthiness. This means that when you make a payment through PayPal, you can be confident that the transaction will go smoothly.
In addition, PayPal offers a number of convenient features, such as the ability to transfer money from a PayPal balance, bank account, or Amex Send account. This makes it an ideal choice for anyone who frequently sends or receives payments online.
However, PayPal does have some downsides. Perhaps the biggest downside is its high transaction fees. For small businesses or individuals who make a lot of online sales, these fees can add up quickly. Overall, PayPal is a convenient and safe way to process online payments, but it may not be the most cost-effective option.
WorldRemit
WorldRemit is a money transfer service that allows users to send money to recipients within minutes. The service offers quick deposit options worldwide, making it easy for users to send money to anyone in over 130 countries.
There are no hidden costs associated with using WorldRemit, making it a popular choice for those who need to send money quickly and easily. The flexibility to send money to multiple recipients makes WorldRemit a great choice for those who need to send money to family and friends around the world. Another advantage of WorldRemit is that it offers a variety of transfer options, so you can choose the option that best suits your needs.
However, one disadvantage of WorldRemit is that it limits transfers to $5,000 per transaction. This may be an issue for some users who need to send large amounts of money. Overall, WorldRemit is a convenient and affordable way to send money to friends and family abroad.
Cash App
Cash App is a popular money transfer app that offers more than just payment options. It is simple and fast, making it great for money requests for friends and family. It also offers a variety of features, such as instant deposits and the ability to send money to anyone in the United States.
With Cash App, you can send up to $250 and receive up to $1,000 instantly. You can also use Cash App to request money from friends and family. All you need is their phone number or email address. And if you’re ever in a bind, you can even use Cash App to get access to your money instantly.
One downside is that if you accidentally send a payment to the wrong person, there is no guarantee that you will be able to get your money back. This is because Cash App does not offer refunds for payments that are not received by the intended recipient.
Zelle
If you’re looking for a quick and easy way to send money, you may want to consider using Zelle. Zelle is a popular payment service that is supported by many banks. However, even if your bank doesn’t offer Zelle, you can still use the service.
One of the main advantages of Zelle is the speed with which funds can be transferred. In most cases, the money will arrive in minutes. Another advantage of Zelle is that it is a secure way to send money. Your money is federally insured against loss or theft. As a result, you can rest assured knowing that your money is safe when you use Zelle.
However, there are a few drawbacks to using the service. First, Zelle only works with domestic banks, so you can’t use it to send money to someone who banks internationally. Additionally, not all banks participate in the Zelle network, so you’ll need to check whether or not your bank is compatible with the service. Overall, Zelle is a great way to send money to friends and family members, as long as they bank with a participating bank.
Venmo
Venmo is a popular mobile app that helps friends and family splitting money. It’s a convenient way to pay people back, and it’s become increasingly popular in recent years. The app is free to download and use, and it connects to your bank account or debit card.
You can add people to your Venmo account by their phone number or email address, and you can also find people nearby who are using the app. Payments are instant, and there’s no need to add money to your Venmo account beforehand. You can also use Venmo to pay for goods and services at select businesses. The app is available for both iPhone and Android devices.
An issue with Venmo is its fees for instant cash-out transfers. When users transfer money to their bank account via Venmo, they are typically charged a small fee. However, if they choose to receive the money instantly, they are charged a much higher fee. This can be frustrating for users who need access to their money right away and don’t want to wait for the standard 1-3 day transfer period.
How to Transfer Money Using Debit Cards?
Money transfer via debit cards has become easier with various options because debit cards are associated with banks. Here are the most common ways to transfer money through your debit card:
Online
Online money transfer is the most favored method in this digital era. All you need to do is create an account on any credible money transfer provider, and with a few taps/clicks, your funds will be transferred from the comfort of your couch.
Here’s how to send money using debit cards online:
- Log in to any online money transfer provider.
- Go to the Funds Transfer section.
- Enter the amount you want to send.
- Select the payment method as a debit card.
- Enter your required debit card details.
- Click on Confirm Transaction option, and your entered funds will be transferred.
ATM
ATM is another best option for sending money to someone via card. ATMs are accessible in almost every area. You just need to insert your card, and with a few taps, your funds are instantly transferred, and you get the transaction transcript.
Here’s how to send money via ATM:
- Go to your nearest ATM.
- Insert your ATM card at the specified place.
- Choose your preferred language to initiate the process.
- Enter your ATM card PIN.
- From the given options, choose the Transfer the Funds option.
- Enter the required bank account details of the receiver.
- Click on Confirm Transaction option, and that’s it!
Bank
You can send money to someone’s bank or debit card via banks. You can transfer funds via bank by offline or online method. Here’s how to transfer funds from your debit card via bank:
- Visit your bank.
- Tell the bank representative you wish to transfer funds to someone else.
- They will provide you with a deposit form. Fill in all the required bank account details of the receiver on the deposit form.
- Pay the amount via debit card and submit it with a deposit form to the bank.
- They will transfer the funds without any interest fee and provide you with the transaction receipt.
Do you want to transfer funds via bank? Here is how to do it:
- Log into your online banking app..
- Go to the Funds Transfer section.
- Enter the amount you want to send.
- Select the payment method as a debit card.
- Enter your required debit card details.
- Click on Confirm Transaction option, and your entered funds will be transferred.
Retail Location
If you want to transfer funds between two debit cards, here’s how to do it via retail locations:
- Withdraw the cash (that you wish to transfer) from your debit card from any ATM.
- Go to the nearest retail location, such as a grocery store that provides card reloading services.
- Hand the cash and card to the store representative, who will add the balance to your card for a small fee.
How to Receive Money Using Debit Cards?
You can instantly receive funds in your bank account, which can be used via an associated debit card. You can also directly receive funds in your debit card by providing the following details to the sender:
- Your name as it appears on Debit Card
- Your Sort Code
- Your bank account number is associated with a debit card.
Mostly, you can receive money on your debit card instantly. However, sometimes delays may occur in the money transfer method due to the following factors:
- Location of receiver and sender
- The withdrawal method
- The money transfer provider sender chooses
Benefits & Drawbacks of Using Debit Cards for Money Transfers
Every card has its perks and downsides. While according to consumers, debit cards are much better than credit cards because debit cards have more features and fewer drawbacks. Below you can explore the pros and cons of debit cards, then decide on your favorite side of a debit card vs. a credit card.
Benefits
Here are some benefits of using debit cards for money transfers:
Faster Transactions
Debit cards provide faster and easier fund transfer ability. For instance, if the receiver needs you to transfer funds immediately due to some reason, you can instantly send him money online or by using the nearest ATM.
Convenience
Debit cards offer a great deal of convenience when it comes to money transfers. For one, they can be used anywhere credit cards are accepted, which means you can make payments or send money to anyone, anywhere in the world.
Additionally, most banks and financial institutions offer online banking services that allow customers to manage their accounts and conduct transactions using their debit cards. This makes it easy and convenient to transfer funds between your own accounts or to other people’s accounts without having to visit a bank branch or use a third-party service.
Security
Another big advantage of using debit cards for money transfers is security. When you use a debit card, the transaction is processed through your bank, which adds an extra layer of security.
Additionally, most debit cards come with built-in fraud protection features, such as PIN numbers and Verified by Visa/Mastercard security codes, that make it difficult for someone to steal your card information and use it to make unauthorized transactions.
Lower Fees
Another benefit of using debit cards for money transfers is that they typically have lower fees than other options, such as wire transfers or money orders. For example, many banks don’t charge any fees for domestic debit card transactions, and even if there is a fee, it’s usually much lower than what you’d pay for a wire transfer.
Additionally, some debit cards offer free or discounted international money transfers, making them a great option for sending money to friends or family members who live in another country.
Rewards
Many debit cards come with rewards programs that allow you to earn points, cash back, or other benefits for using your card. For example, some cards offer points that can be redeemed for travel, merchandise, or cash back, while others give you a percentage back on all of your purchases.
And if you have a credit card that also offers rewards, you may be able to earn even more points by using your debit card to make qualifying transactions. Check with your bank or financial institution to see what type of rewards program is offered with your debit card.
Flexibility
Debit cards also offer a great deal of flexibility when it comes to money transfers. For example, you can use your debit card to make one-time payments or recurring payments, such as utility bills or mortgage payments.
Additionally, you can set up account alerts that notify you when a certain amount of money has been spent or when your balance reaches a certain threshold. This allows you to keep track of your spending and ensure that you don’t overdraw your account.
Global Acceptance
Debit card fund transfers are accepted globally. However, money transfer providers are accepted in limited regions. With debit cards, you can send money to anyone worldwide without worrying about being restricted in that area.
Drawbacks
Here are some drawbacks of using debit cards for money transfers:
- Your spending or transfer limit depends on your bank account balance. So, you don’t have to worry about being out of budget while transferring money to your near and dear ones.
- Debit cards have low fraud liability. So, if you become a victim of debit card fraud, you will be responsible for all the damage done by debit card thieves.
- Debit cards don’t build your credit score. So, even if you buy luxurious products or cheap items, it will not affect or build your credit score.
- Debit cards have high international transfer fees than other alternatives. So, if you want to send money internationally, you should prefer other options to avoid high foreign transfer fees on debit cards.
Can You Send Money Instantly?
If you’re in a pinch and need to send money quickly, you might be wondering if you can use your debit card to do so. The good news is that you can! There are a few different ways to send money instantly with your debit card, and we’ll walk you through each one.
Money Transfer Service
One of the easiest ways to send money instantly with your debit card is through a service like Venmo or PayPal. Both of these platforms allow you to connect your debit card and then send money to other people almost instantaneously. The funds will usually show up in the recipient’s account within minutes, making this a great option if you need to get money to someone fast.
Peer-To-Peer Lending Service
Another option for sending money instantly with your debit card is through a peer-to-peer lending service like Prosper or Lending Club. With these platforms, you can borrow money from other people who are also looking to lend. The process is quick and easy, and you can usually get the funds you need within a few minutes.
Direct Bank Transfer
If you’re looking for a more traditional way to send money instantly with your debit card, you can always just do a direct transfer from your bank account to the recipient’s bank account. This will usually take a bit longer than using a service like Venmo or PayPal, but it’s still a fairly quick and easy process. Most banks will allow you to do this online or over the phone, and the funds will typically arrive within a few hours.
No matter how you choose to send money instantly with your debit card, there are a few things to keep in mind.
- First, make sure that the recipient has a valid bank account that they can use to receive the funds.
- Second, be aware that some services may charge fees for instant transfers, so be sure to check before you send anything.
- And finally, remember that not all debit cards are created equal – some may not work with certain services or may have limits on how much you can transfer.
So be sure to do your research before you try to send money instantly with your debit card!
Can You Send Large Amounts?
Yes, you can send large amounts. But most bank accounts or debit cards have a daily transfer limit which may restrict you from sending large amounts. However, you can increase your bank account’s transfer limit temporarily, but it will take lots of time and fees.
So, using third-party money transfer providers to send large amounts at low fees is better. Because bank transfer methods are much more complicated and costly for large amount transfers. However, it is not advised to send large amounts via transfer providers.
Regulators
Every country has some organizations responsible for monitoring different financial institutions working in their country. Here are some top financial regulators:
The Office of the Comptroller of the Currency (OCC)
The Office of the Comptroller of the Currency (OCC) is a federal agency that regulates national banks in the United States. The OCC is part of the U.S. Department of the Treasury, and its main job is to ensure that national banks operate in a safe and sound manner.
The OCC also has responsibility for supervising the federal branches and agencies of foreign banks operating in the United States. In addition, the OCC charters new national banks and trust companies, and examines and supervises all national banks and federal savings associations.
The Federal Reserve System
The Federal Reserve System, often simply referred to as “the Fed,” is the central banking system of the United States. It was created by Congress in 1913, in response to a series of bank failures following the Panic of 1907.
The Federal Reserve System is made up of three parts:
- The Board of Governors, which is the main governing body
- The Federal Reserve Banks, which are 12 regional banks that carry out the policies of the Federal Reserve.
- The Federal Open Market Committee, which sets monetary policy for the country
The FDIC
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the federal government that protects depositors in U.S. banks from losses in the event of a bank failure. The FDIC does this by insuring deposits up to a certain amount.
When a bank fails, the FDIC steps in to pay back depositors for their insured deposits. The FDIC also works to resolve the failed bank so that customers can continue to have access to their banking services. The FDIC is funded by premiums that banks pay for deposit insurance. The FDIC also has the authority to borrow money from the U.S. Treasury if necessary to cover its expenses.
International Transfer Fee/Charges
Debit cards have higher transfer fees than other transfer providers, but it still costs less than credit cards. The transfer fee may differ depending on your bank and card type. Typically, banks charge 1% to 3% of the transferred amount.
However, if you choose a money transfer provider to send money internationally via debit card, it will have a much lower international transfer fee than banks or other financial institutions. Before sending money internationally, remember to do your research on international transfer fees of various available options.
FAQs
How Can I Send Money to Someone Without a Bank Account?
If you want to send money to someone without a bank account, there are various alternatives, such as
- Western Union
- PayPal
- Money order
- Google Wallet
- Prepaid cards
How Do I Deposit Money into Someone Else’s Account?
There are a few different ways that you can deposit money into someone else’s account. You can do it in person, through the mail, or online.
- If you have the recipient’s bank account number and routing number, you can go to any branch of their bank and deposit cash or checks directly into their checking account. You’ll just need to fill out a deposit slip with the recipient’s information and hand it over to the teller.
- You can also mail in cash or checks to be deposited into someone else’s account. To do this, you’ll need to send the money to the recipient’s bank along with a deposit slip that includes the recipient’s account and routing number.
- If you have the recipient’s bank account number and routing number, you can also deposit money into their account online. To do this, log in to your online banking account and select the option to transfer money. Then, enter the recipient’s bank account information and the amount of money you want to deposit. The money will typically be available in the recipient’s account within one or two business days.
Which Bank is Best for Money Transfer?
There are a lot of different banks out there, and each one offers its own unique set of products and services. When it comes to money transfer, though, not all banks are created equal. Some offer better rates, while others provide more convenient transfer methods.
So, it really depends on your individual needs and preferences.
- If you’re looking for the bank that offers the most competitive rates, TransferWise is a good option. They offer low fees and use the real exchange rate, so you’ll always know how much money you’re actually sending.
- If you need to send money abroad on a regular basis, Citibank might be a better choice. They offer free international transfers for account holders, which can save you a lot of money in the long run.
How Do Hackers Steal Money Online?
Hackers commonly use phishing scams to steal money online. Phishing involves sending emails that appear to be from a legitimate source, but contains malicious links or attachments. When the recipient clicks on these links or opens the attachment, they may unknowingly download malware onto their computer, which can steal their personal information or login credentials.
Another common way is malware attack, in which the hacker will infect a computer with malicious software, which can track the victim’s online activity and steal their personal information. Hackers can also use malware to hijack a victim’s computer and use it to send spam emails or launch denial-of-service attacks against websites.
Conclusion
Sending via debit cards is much easier and faster with various fund transfer methods. You can either send via an online banking app, money transfer providers, or by visiting your nearby ATM. Provide your and receiver’s card details, pay the transfer fees, and your funds will be transferred instantly.
However, there are some downsides of money transfer via debit card as well, such as it comes with low fraud liability and high foreign transfer fees. Check the transfer fee before transferring funds to avoid wasting too much money.
