Choosing where to put your money is as difficult as deciding how you are going to spend it. Nowadays, there are many options that you can consider and still enjoy more convenience. One alternative that has proved more effective than ever is, the prepaid card. If you have a prepaid card, you will enjoy more convenience as you go shopping for different goods and services or send money to someone.
You do not have to carry loads of cash with you around. As long as you load your money on the prepaid card, you will be good to go. Since these cards enable users to enjoy more security, convenience and versatility as far as shopping is concerned, this has made them a sensible go-to option for many users. You can readily use them in ATMs, restaurants, online shops, and even over the phone.
Since many people have appreciated the use of prepaid cards, one of the frequently asked questions is, whether you can send money with a prepaid card? Yes, you can.
Sending money with a prepaid card is as easy as sending money via phone. The card has made it extremely easy to send money either as a gift or payment whether it’s online or in-store. Different organizations also use prepaid cards to send paychecks and benefits to their employees. The government has also considered them severally to send money to coronavirus victims.
Among many benefits, the two mentioned above make prepaid cards very crucial as far as sending money is concerned. There are several places you can send money using your prepaid card. However, you should first check if the card allows you to transfer funds from your prepaid card to your bank account in the first place. Although you can transfer funds from your prepaid card to your bank in nearly all cases, it all depends on the type of prepaid card you have.
Types of Prepaid Cards
There are basically two types of prepaid cards. These include:
- Regular prepaid card : This refers to a card that can be used anywhere that the credit card or debit card are typically accepted. These include ATM shops, supermarkets, restaurants, and so on. This card can readily be used anywhere out there seamlessly
- Prepaid gift card : The prepaid card mentioned above usually allows you only to purchase products and services from participating merchants. Some of these merchants include the Home Depot among others.
If you want to get money off your regular prepaid card, you should consider using a remittance company such as MoneyGram. However, if you are going to send money using a prepaid gift card, you should consider selling it on a special website such as CardCash. Here are the steps that you should follow when you want to send money from your prepaid card to the bank.
See more : How to design your own prepaid debit card
Process To Send Money From Prepaid Card To Bank
1. Find out if your prepaid card can be used anywhere or it is limited to participating merchants
Before you start anything, as mentioned above, you should visit your prepaid card company and have a look at the card’s features. Here, you will be able to establish if it can be used anywhere out there. If the card can readily be used anywhere, you can proceed to the next step.
2. Visit your prepaid card website to determine if they offer send money to a bank account
You will note that some prepaid card companies will actually help you do transfers to your bank account through either their app or website. For more clarity, you can check the FAQ page of the card’s company. The good news is that your card company will state it clearly for you. If this information is absent on the FAQ page, you can consider checking the features and benefits page of your prepaid card.
You can carry on with the next step if the card company allows you to send money to your bank account. If this is not the case, you can consider using the MoneyGram method.
3. Log-in to your prepaid card account
If you already have an account, you can log in to your account. However, if you do not have an account, you can sign up for one. If you are registering a new account, you should use the details present on your prepaid card. Once you sign-up, you can then use these details to log in to your account.
4. Link your bank account to the prepaid card
You can link your bank account to the prepaid card by providing the routing number and your bank’s account number. It is important to note that the routing number is usually a 9 digit number. This number tells you where the account was opened. You can check this number at the bottom of your checkbook.
If you do not have this number, you can consider checking it with your bank’s website. Here, you will see the much-needed routing number.
5. Follow the instructions from the prepaid card company to perform money transfer
It is worth noting that every prepaid card provider will have a slightly different set of instructions when one wants to transfer money from the prepaid card. It is important that you follow these instructions to the letter for you to get the desired results.
If at any point you get confused when transferring money from the card to the bank account you can readily reach out to the customer service hotline of your card’s company. Here, you will have an opportunity to seek assistance to avoid making mistakes. If you follow all the set instructions, you will certainly transfer money from the card to the bank.
How long does it take to send money from prepaid card to my bank account?
This duration will depend on your bank. Sometimes, the transaction can be completed within a few hours on the same day. However, there are instances when it might take a few business days before you see money in your account.
This is usually the case as you have to create a new transfer to the account online. This can actually take up to 5 business days for it to be authenticated. After that, it might take you 2 days to receive the money in your account. If you choose to use MoneyGram method, you will get the money on the same day.
Which app can I use to send money with prepaid card?
One of the popular apps that you should use is Venmo. With Venmo app, you will be able to add your prepaid debit card as a linked account. After that, Venmo will charge your card once you pay your friend. The good news is that no fee will be added.
Does PayPal accept prepaid cards?
Yes. Anywhere PayPal is accepted, you can readily use the prepaid card the way you please. You just need to add a prepaid card to your wallet and then start using it immediately.
How much money can you put on a prepaid card?
You can put in as much money as you please. This amount is not affected by the daily cash load limit. In most cases, the cash load limits will range from $500 per day to $10000.
Your ability to transfer money from your prepaid card to your bank account will depend on the type of card that you have. The customer service section of your prepaid card or gift card provider will help you know whether you will be able to perform this transaction. If this does not work, you can consider using money transfer services or better still, mobile payment apps. Consider these ideas today, and you will send money from a prepaid card successfully.