When you want to transfer funds online, the best method depends on where and how you want to move it. Did you know that you can send money with a prepaid card using your account? Reloadable prepaid cards are an excellent alternative to banks. They often have an account and routing number, which makes it possible to deposit paychecks directly onto the card. The current prepaid cards come with more features and functions, beyond the perception of being a gift card with a one and discard use. These plastic cards are transforming into general purpose financial and inclusion tools.
Most reloadable prepaid debit cards gain the same ability. Apart from offering convenient payment methods and being travel companions, prepaid cardholders often use them for funds transfer. You can use nearly any prepaid card to transfer money from one same-platform account to another within the same program. For instance, sending funds from a Walmart MoneyCard account to another will move the money instantly. In another example, you can use NetSpend’s Flash Pay for cash transfer to and from any NetSpend family cards, including Control, Purpose, NetSpend, and AceElite.
Today’s prepaid cards have flexible functions in the financial market, especially in facilitating transactions. You can use P2P apps, including Venmo, Pop Money, and Cash App from Square to send money from your prepaid card to a bank account. These apps allow users to send funds to their friends’ bank accounts. Add your reloadable prepaid add to the linked accounts section in these applications. From there, any money you send to a friend’s or relative’s bank account will deduct from your prepaid card account balance. In this entry, we will discuss how customers can use a prepaid card account, also a prepaid debit card, to send money.
Best 7 Ways To Send Money With Prepaid Card From Your Account
Note that prepaid cards often carry the functions of a bank debit card, resulting in the name prepaid debit cards. For example, every transaction on the prepaid card reduces your account balance. But, unlike conventional debits, prepaid cards do not link to bank accounts. While you can use them for ATM cash withdrawals, it limits you to the amount available on the card. Nevertheless, the methods we’ll discuss are only compatible with general-purpose-reloadable cards. We are not writing about cards with a store credit or incentive cash for registering for a new service.
Different providers, each have a unique cash transfer process, including where you can send money with a prepaid card. You can send money with a prepaid card from your account in various ways, including;
1. Send Money with Prepaid Card from Your Account to Sub-account Cards
You can get multiple prepaid cards on the same account, which becomes the master account. This feature is especially vital for parents who want to give a reloadable prepaid card to their teens and kids. With a multi-account prepaid card, parents can transfer money to the child’s card.
For example, the FamZoo Prepaid Card enables parents to automate payments from their primary account to their teens’ cards. Note that the sub-accounts aren’t only for kids. You can send money with a prepaid card to any other preferred sub-account cardholder, including seniors or business employees.
2. Send Money With Prepaid Card to Other Prepaid Cards
Some prepaid cards allow users to transfer funds from their card accounts to non-network prepaid cards and accounts. The Mango Prepaid MasterCard gives its holders the option to sign up for a savings account. This account offers up to 6% APY with a maximum of six transfers out every month.
So, you can transfer cash from your Mango savings account to the Mango Prepaid MasterCard for free. After that, send money with a prepaid card from your account to a different account, without charges.
3. Send Money With Prepaid Card To Cash Apps That Accept Prepaid Cards
Some reloadable prepaid debit cards allow you to send money to P2P apps. The apps offer a way for consumers to make electronic payments to family and friends through a mobile application. You can consider this option when sending money to someone without a bank account.
P2P apps have an option where users can add a credit card, prepaid card, bank account, or debit card to the app. If you use the app to send money, it will charge your linked account, in this case, the money in your prepaid card account.
PayPal is an excellent example of P2Ps that accept prepaid cards. You can transfer cash from your PayPal account to a friend’s or relative’s PayPal account, using the balance in your PayPal, or a linked account as the source of payment. The connected account can be a prepaid debit card, a credit card, a bank account, or a regular debit card.
When using a linked prepaid card for the payment method, you transfer money from your card account to any recipient with an email address. This transfer often takes a few minutes and comes with charges. PayPal applies a 2.9% fee of the funds you are sending, including another $3 standard cost. While the company has a sending fee, it still offers one of the best ways to transfer money internationally.
If you are looking for an affordable way to send money with a prepaid card from your account, consider using the Venmo app. Currently, PayPal’s subsidiary, Venmo, is the only free P2P app that allows prepaid debit cards. You can add your prepaid debit card as one of the payment options in Venmo. The app will charge your prepaid card account when sending money to friends without extra fees.
While the friend gets an immediate notification of the payment, it will take between one and three business days for the funds to reflect their Venmo account. It means the recipient must be a Venmo account holder, which is free to set up.
4. Send Money With Prepaid Card to Debit Cards
Did you know that you can send money from a prepaid card to a standard debit card? Most of us already know that we can send money online with credit card. Moreover, an online transfer can be a simple way to transfer funds from a paid debit card to another debit card. For example, Visa Direct from Visa is a version of the prepaid card to debit card funds transfer. MasterCard’s domestic payment solution allows users to send funds between different cards. Also, you can use the system for non-card endpoints such as bank accounts and mobile wallets.
5. Send Money With Prepaid Card to Bank Account
You can transfer funds to or from a prepaid card to a regular bank. However, this procedure does not apply to gift cards. The standard reloadable prepaid card usually comes with a routing number and an account number for sending money. Note that the account number will be different from your card number. With both the routing and account numbers, you can move funds using the ACH system.
You will need a phone or laptop to send money with a prepaid card from your account to another bank account. The funds will be available to the recipient almost instantly, which they can spend using their bank-issued debit card. Mobile wallets have become a convenient cash transfer method for most consumers today. The apps enable users to quickly transfer funds to multiple endpoints, such as sending money to a bank account on the same day.
You will hardly find a wallet-to-bank feature missing on these mobile apps. Select your prepaid debit or credit card as the source of funds on your preferred digital wallet. In so doing, the prepaid card will add money to your wallet, which you can then transfer to a recipient’s bank account.
6. Send Money With Prepaid Card to Credit Cards
Funds transfers from a prepaid card to a regular credit card are nearly impossible to most consumers. But, you can transfer funds from some reloadable prepaid cards to a credit. For example, the American Express Serve version, which functions like a bank account, allows ACH transfers from the card account. In that case, you will need the card’s routing number and account number to transfer money to the credit card through ACH. The money can help to offset the debt in your credit card without affecting your bank balance.
7. Send Money Internationally From Prepaid Card
Moving funds abroad was a time-consuming exercise for consumers and businesses with cross-border transactions. Although the service for transferring money internationally between banks still exists, it is less popular because of the several fast and cost-effective methods available in the financial market.
Today, you can always use a prepaid debit card to transfer funds internationally via an international cash transmitter. For instance, you can load funds on your PayPal using a prepaid card and send it to a foreign PayPal account. The funds will reflect in the recipient’s PayPal account almost instantly, irrespective of their global location. Similarly, you can send money with a prepaid card from your account, internationally, using Venmo. Using this approach will save you from paying transfer charges.
Alternatively, you can use a universal transmitter such as Western Union to transfer cash to an international destination bank account. You will need to provide details of a sixteen-digit PIN imprinted on your prepaid debit card.
FAQ – Frequently Asked Questions
How to send money online using a debit card
You can transfer money online using a debit card and a digital wallet. Download the digital wallet of choice to your phone or laptop. After that, link your debit card as the source of funds for the money you want to send and hit the transfer button. The digital wallet will deduct funds from your debit card account and send them to the specified recipient.
How much money can you put on a prepaid visa card?
The maximum amount you can add on a prepaid visa card will vary from one card to another. While each issuer has different card balance limits, you can expect the caps to range from as low as $2,500 to as high as $20,000, for most prepaid visa cards.
How to transfer money from PayPal to a prepaid debit card
PayPal allows its users to transfer money from the account to a prepaid debit card. However, you must link the prepaid debit card to your PayPal account for this to work. You will need either the card or account number and the routing number to successfully, connect your card. PayPal will make a few small deposits to your card, which you must confirm as a final verification. After that, you can begin transferring cash from PayPal to your linked and verified prepaid debit card.
The Bottom Line
Most reloadable prepaid debit cards today gain different abilities. You can send money with a prepaid card from your card account to multiple endpoints. Domestic and international money transmitters like MoneyGram and Western Union accept prepaid card payments. Also, digital wallets, including PayPal, Ria, Transfer wise, and Zoom, among others, allows their users to add prepaid cards as a linked account option. In this way, consumers can use prepaid debit cards to send money to different platforms and destinations. However, you should watch out for transfer fees, which will vary depending on the transaction.