How To Transfer Money From Debit Card To Bank Account Online [Complete Guide]
Gone are those days when Banks used to issue check booklets to their customers to enable them make payments on purchases in stores and also enable monetary transactions by writing the checks to a check bearer.
But in recent days, due to the advertisement in technology, many Banks issued debit cards to enable their customers withdraw money from their checking account at anytime and at any place. Banks also provide mobile banking services which enables their customers to transfer money through their debit card to the bank account.
Although digital technology has make money transfer easy, many people are still not aware on how they can use a debit card on a larger based online.
In this article, you will be guided on how you can transfer money from your debit card to a bank account online.
What Is A Debit Card and Types?
Before looking at how to transfer money from your debit card into your bank account, lets look at what a debit card is and some examples.
A debit card is a card which allows the holder to transfer money electronically from their checking account either through an ATM merchant or online to another bank account in order to make purchases without necessarily going to the bank. It can also be call a bank card, ATM cards or a check card.
Debit cards are fast and safer than carrying cash. They are more convenient and safer than checks.
Debit cards have a 16-deigit card number, expiring date and CVV number.
Some Examples of debit cards brand are;
- Maestro cards
- RuPay cards
This cards above are issued by mostly the U.S card issuers that enable cardholder to access deposits or other assets to pay for goods or services or withdraw cash.
How To Transfer Money From Debit Card To Bank Account Online
To transfer money from debit card to bank account online, you have to activate your mobile banking app to initiate the fund transfers.
Requirements Needed to Transfer Money from Debit card to Bank account online
To be able to transfer money from debit card to a bank account online, the following requirements are needed;
- The mobile banking application of your bank.
- An active and valid debit card with 16-digit card number, card expiring date and CVV number.
- The bank details of the beneficiary including their name, bank and branch name, account name and IFSC code.
- Registered mobile numbers of both you the sender and that of the beneficiary for OTP verifications SMS alerts on successful fund transfers.
Steps To Transfer Money from Debit Card To a Bank Account Online
To be able to transfer money from debit card to bank account, you will need to install and activate your mobile banking application of your bank or by visit the website of your bank/debit card issuer and conduct the cash transfer. See steps below to transfer money from debit card to bank account online;
Step 1: Access Your Online Banking Platform
- Open a web browser and navigate to your bank's website.
- Enter your login credentials, including your username and password, to access your online banking account.
Step 2: Locate the Transfer Money Option
- Once logged in, look for the "Transfer Money" or "Funds Transfer" option from the main menu or dashboard of your online banking platform.
Step 3: Initiate the Debit Card to Bank Account Transfer
- Select the "Transfer from Debit Card to Bank Account" option.
- Choose the debit card you want to transfer funds from.
Step 4: Enter Transfer Details
- Specify the bank account you want to transfer the money to. You may need to enter the account number and routing number.
- Enter the amount of money you want to transfer from your debit card to your bank account.
Step 5: Review and Confirm the Transfer
- Review the transfer details carefully to ensure everything is correct.
- Click on the "Confirm" or "Transfer" button to initiate the transaction.
- Depending on your bank's security measures, you may be required to enter an additional code or verification step.
Step 6: Monitor the Transfer Completion
- The transfer typically takes 1-3 business days to complete. You can check your bank account balance to confirm the transfer has been processed successfully.
- Some banks may charge a fee for transferring money from your debit card to your bank account. Check your bank's fee schedule for details.
- Ensure your debit card has sufficient funds to cover the transfer amount and any applicable fees.
- If you encounter any issues during the transfer process, contact your bank's customer service for assistance.
What are the Advantages of Using A Debit Cards For Money Transfers?
Online money transfer from debit card has several benefits to offer. Some of which include;
- Availability: You can transfer money at any time and place through your debit card.
- Convenience: It is easy to transfer money from debit card. All you need is to enter your card details and the authorized amount is transferred.
- Safe and Secure: Money transfer from a debit card is secure as the gateway will transfer money only to the designated account. this protect your sensitive information through modern data encryption techniques that are almost impossible to crack.
- Tracking: Debit card enables you to keep tracks of your expenditures daily. It also help keep you within your budget and and from spending all money in you bank account in order to avoid a charged due to overdraft from your bank account.
What Are The Uses of Debit Card?
Debit cards have become an essential part of our daily lives, providing a convenient and secure way to make payments. They offer a wide range of uses, from making purchases in stores and online to withdrawing cash from ATMs. Here are some of the primary uses of debit cards:
Making Purchases in Stores
Debit cards are widely accepted as a payment method at most retail stores, both physical and online. Simply swipe your card at the checkout counter and enter your PIN to complete the transaction. The funds are deducted directly from your linked checking account, providing a quick and hassle-free way to pay for your purchases.
Debit cards are also a popular payment option for online shopping. When you're making a purchase on an e-commerce website, you can choose to pay with your debit card. Enter your card information and PIN, and the funds will be transferred from your checking account to the merchant's account.
ATM Cash Withdrawals
Debit cards allow you to withdraw cash from ATMs, providing easy access to your money whenever you need it. Simply insert your card into the ATM, enter your PIN, and select the amount you want to withdraw. The funds are immediately deducted from your checking account, and you receive the cash in hand.
Many banks and service providers allow you to make bill payments using your debit card. You can set up online or automatic payments for your utilities, rent, insurance premiums, and other recurring expenses. This eliminates the need to write checks or make manual payments, saving you time and effort.
Additional Benefits of Debit Cards
In addition to their primary uses, debit cards offer several other benefits:
- Security: Debit cards are equipped with PIN protection and various fraud prevention measures to safeguard your money and personal information.
- Convenience: Debit cards are widely accepted and can be used for a variety of transactions, making them a versatile payment option.
- Recordkeeping: Debit card transactions are reflected in your checking account statements, providing a clear record of your spending.
- Financial Management: Debit cards can help you manage your finances by allowing you to track your spending and stay within your budget.
Some Examples Of Debit Cards
The following debit cards can be use to transfer money from debit card to bank account;
- Visa classic Debit card
- Gold card
- Platinum cards check cards
- Visa Buxx Cards
- Visa Payroll cards
- Visa Gift cards
- MasterCard Standard
Conclusion On How To Send Money From My Debit Card To Bank Account
To be able to transfer money from debit card to bank account online, you will need to install and activate the mobile banking application of your bank or by visit the website of your bank/ debit card issuer and conduct the cash transfer.
Debit cards are advantageous because they allow instant money transfer from your checking account at any time and at any place.
Examples of debit cards are: Visa, MasterCard and RuPay debit cards.
Frequently Asked Questions Under Money Transfer From Debit Card To Bank Account
Which is the Best Online Mobile app For debit card Money Transfer?
Most banks offer mobile banking applications to their customers. in the U.S, we have the following;
- Ally Mobile: Best digital banking app since 2020. it cover basic features like transferring money, paying bills and mobile check deposits, as well as investment options. 24/7 customer services and greater increase on checking accounts.
- Capital One Mobile
- Bank of America Mobile Banking
- Chase Mobile.
Can I Withdraw Money from my bank account At ATM with my Debit Card?
Yes, ATM machines accept debit cards such as: Visa cards, MasterCard and others, all you need is to enter your security information as the merchant requires.
Who Issues a Debit Card?
Debit credit cards are issued by banks to their customers to enable them make instant withdrawals from their checking account.
Note that the bank does not produce debit cards but work with the card manufactural to be able to provide this service to it customers. Debit cards can permit withdrawal at any branch bank the automated taller machine(ATM).
Some card manufacturers are; MasterCard, Discover, Visa and American Express.
Can I Shop and Pay Through my Debit Card?
Yes, In the developed world, people no long walk around with physical cash. You get to a shop, buy what you want and then insert your debit card in to a taller merchant. The merchant will asked for your card details and the amount will be withdrawn after authentication. That is if your debit card is linked to your bank account.