Prepaid cards are becoming popular thanks to their ability to manage expenses. With these cards, providing employees salary becomes easy, gives allowance to children, and various payment processes become simpler. So, today, I will tell you how you can transfer money from bank account to prepaid card online instantly.
- How To Transfer Money From Bank Account To Prepaid Card Online Instantly
- How To Get Account and Routing Numbers Of Prepaid Debit Card
- How To Add Your Prepaid Bank Account
- About Prepaid Debit Cards
- Prepaid Debit Cards VS Regular Debit Cards
- How To Get A Prepaid Card
- Transfer Money From Prepaid Card To Bank Account
- Alternative Ways Of transferring fund to PrePaid Card
- How can I instantly transfer money from my bank?
- How do I transfer money from my checking account to a prepaid card?
- How can I transfer money online instantly?
How To Transfer Money From Bank Account To Prepaid Card Online Instantly
To transfer money from bank account to prepaid card online instantly, you need to set up the debit card as an external account with your bank, which you will know in a short while. After you set up, you are good to transfer money.
Head over to the transfer page, select the account you want to transfer money to and get started. Some banks let you set up a recurring transferring system. It’s a great option if you want to send money from your bank account to a prepaid debit card.
This is a good thing if you want to move money from your bank account to a prepaid debit card on a daily basis. For example, this will come in handy when you are using a prepaid card to send a living stipend to your child attending college. For that, you can choose any day or week to transfer money.
Usually, bank transfers take around three to five business days, so you will be disappointed if you expect to get money quickly. Planning ahead will save you from time-sensitive situations.
You can use a bank wire transfer for faster transfer, but it will cost you extra. Most of the banks charge $20 or even more for wire transactions.
How To Get Account and Routing Numbers Of Prepaid Debit Card
Despite the fact that they are prepaid debit cards, they are issued by financial institutions. As a result, you’ll need to obtain the details associated with your prepaid debit card.
The account number, which is necessary to identify your debit card, is different from your card number. You will also need to issue the bank’s routing number for adding your prepaid card.
You can get the information by yourself or contact customer care. Follow the process for that –
Firstly, if you can log into your prepaid debit card account online, search for the transfer money from card to card option. Most prepaid cards have an online platform to see your balance and manage other card aspects. On the transfer money tab, you will be able to find the account and routing numbers.
If you can’t find the numbers by yourself, you can call customer care for help. Ask them for the process of adding money to your prepaid debit card account from a bank. They will be able to tell you how to do that, along with all the details you will need in the process.
How To Add Your Prepaid Bank Account
Almost all the bank accounts let you link an outside account. You will likely find the option for connecting with an external account under the transfer money tab. But, you don’t’ find it anywhere, contact your bank’s representatives, they will tell you where to find it.
Most prepaid bank providers will ask for your routing number and account number when transferring. After you put in the number, they will automatically connect.
If you connect the account for one time, it will stay connected forever. So, after that, you won’t be required to follow the process every time. Just click on the prepaid debit card name and move forward with transferring money.
Before you move money, your bank will send test deposits to your account. Test deposits usually contain less than a dollar, and many banks send two times before completing the transaction. Thus, it verifies if there is any mistake with your information.
About Prepaid Debit Cards
Prepaid debit cards are close to gift cards, letting you spend the money already stored in your card account. After you’ve completed the balance, you can load it online or at an ATM. Banks issue these credit cards branded by major credit card companies such as Visa, MasterCard, Discover, and American Express.
Prepaid debit cards can be used for any transaction that would typically require the use of a credit card or regular debit card. Because the differences are so subtle, the recipient who accepts your money may not realize it’s a reloadable prepaid cards with no fees.
It’s also a good option for paying employees with payroll cards, which are prepaid debit cards. If the person does not have a bank account or requires a direct deposit, the card is useful. As is the case with you, several government benefits are available through prepaid debit cards.
Prepaid Debit Cards VS Regular Debit Cards
The amount of money you can spend with a standard debit card is determined by the balance in the checking account to which it is linked. A regular debit card requires a bank account, whereas a prepaid debit card does not.
The amount of money you have available on a regular debit card will also fluctuate from day to day as money enters and exits your checking account. On the other hand, your money is fixed to spend with a prepaid debit card, which decreases as you spend it and only increases if you reload it.
How To Get A Prepaid Card
A prepaid debit card can be purchased from a retailer, bank, credit card company, or other financial services provider. The funds are typically deposited into an account issued by a bank or credit union when you buy one. Prepaid debit cards are simple to obtain because many do not require a credit check. They will, however, not help you build credit.
Prepaid card companies typically provide several methods for loading funds onto a card. Some cards also allow you to link them to a checking account in order to make online transfers.
Transfer Money From Prepaid Card To Bank Account
Money cannot be directly transferred from your prepaid card to your bank account. But, with the help of PayPal, it is possible to transfer money to your bank account. Though PayPal will charge you a small fee for each transaction, it’s easy and straightforward, which you can do online.
Step 1: As we are using PayPal as a third-party agent, you need to have a PayPal account or open a new one. Opening a PayPal account is simple.
Go to PayPal’s website with the information which you will require when opening an account – Full name, Address, Phone number, Email, and a valid ID.
After you complete your application, PayPal will take only a few minutes to verify your information and activate your account.
Step 2: You will need to link your prepaid card account to your PayPal. You will require an active bank account, a debit card, or a credit card, where you will withdraw the money you receive from your prepaid card.
To link your bank account, here are the steps to follow:
- Log in to your PayPal account.
- Click the ‘Wallet’ option.
- Then, select ‘Link A Card’ or ‘Link A Bank’ based on the type of account you have.
- Lastly, provide all the necessary information and finish the verification process.
Linking your PayPal is also pretty much the same – you log into your PayPal account, tap on ‘Wallet’, choose ‘link a bank account’, and an application will show up. Input all the necessary information, including routing number and account number. Lastly, click on agree.
After you request a deposit, PayPal will review your account and allow you to transfer money from your prepaid card to your PayPal account.
Step 3: Lastly, transfer money from your prepaid card to your PayPal and Bank account, following the process:
- Log in to your PayPal account.
- Tap on the wallet icon.
- Then, select ‘Send Money’, following ‘Add Money Online.
- Select your linked prepaid debit card as the source of funds.
- Enter the amount of money you want to transfer and hit confirm.
The money should be transferred instantly. After the money is in your PayPal account, you can withdraw it, move it to your bank account, or do whatever you want.
Alternative Ways Of transferring fund to PrePaid Card
Without transferring funds to your prepaid card from a bank account, there are other places from where you can add money to your credit card.
I explained previously how you could transfer money to your PayPal account. Similarly, you can also add money from prepaid cards to PayPal.
Like before, for transferring, you will require to link two accounts. So, you will need a debit card number, expiration date, and security code.
The transfer would take around 10 to 30 minutes. And, you need to pay a 1% fee with a cap of 10%, cheaper than many wire transfers of traditional banks.
You can also link your prepaid debit card to your mobile payment app. Venmo is an excellent example. Add your prepaid debit card details to the Venmo app so that you can move funds to your debit card when people send you money. This is done quickly and for less than a dollar flat fee.
One way to load your prepaid card is direct deposit. Direct deposit can be set up through your employer. You’ll need the routing and account number information connected with your prepaid debit card; however, you can have a portion or all of your paycheck deposited into your prepaid debit card once you’ve set it up.
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How can I instantly transfer money from my bank?
One of the fastest ways to transfer money is Wire transfers. When you transfer money in this method, your money gets transferred within an hour, if not in minutes. But, the fees in this process are pretty high.
How do I transfer money from my checking account to a prepaid card?
The process of sending money from your checking account to a prepaid card is similar to the process you follow with a bank account. Actually, the process is simple if you are able to establish a link between two accounts.
How can I transfer money online instantly?
Electronic transfers are the quickest method of sending money. An electronic funds transfer occurs whenever money is transferred over an online network (EFT). These are most commonly transfers made through apps or websites, but they also include payments made with your debit card.