Transfer money from one debit card to another debit card is so easy and fast. It’s because a debit card is a substitute to your bank account number thus so easy to make various money transfers with it. Available money transfer options are two; you can either transfer directly or use online fund transfer services to make payments.
Are you looking for ways on how to transfer money from one debit card to another debit card? Worry not. On this page, we have described that in detail. We are also here to impart knowledge not only on how to transfer but also how to receive money through debit cards. You will also learn more about applications that aid your transfer process. Walk with us all through!
Transferring Money From One Debit Card To Another Debit Card
I assume you know what a debit card is. Although the process of transferring money from one debit card to another is easy, it is not direct. I mean, you have to first transfer these funds from your debit card to the recipient’s account number. The holders debit card with then deduct money from his account automatically to conduct any required transaction.
Though it’s referred to as a traditional way of sending money from one debit card to another, it’s also safe and reliable. Let’s put down a brief summary on what’s required of you to transfer money from one debit card to another;
- Visit your bank and inform them; the amount you need to send or deduct from your bank account, select the currency as you get to know more about incurred fees.
- Provide them your:
- Card digit number. This normally a 16 digit number printed in front of your card.
- Your cards date of expiry
- Your proof of identity.
- 3 security digits number printed behind your card.
- Provide them the details of the correspondents. That includes:
- His or her name appears on his card.
- Bank account number.
- His sort of code.
- Review the information that you have given and approve them to send.
Online Money Transfers From One Debit Card To Another Debit Card
While everything else has gone digital and online, debit to debit card money transfer is not left behind. It’s considered a simpler alternative to the time-consuming traditional transfer that needs you to psychically avail to your bank. It’s also cost-effective, faster, flexible, and convenient. The next question is; how do you send money from one debit card to another debit card online? This entirely depends on your bank and needs. Various banks have designed internet-based money transfer applications that require you to enroll in their online checking account for the transaction to take place. They also have web browsers that are not highly recommended since they are vulnerable to hackers and fraudsters.
There are other different online money transfer services meant to hasten your debit to the debit card money transfer process. Some of these providers are;
Best Money Transfer Service Provider For Debit Card To Debit Card Fund Transfer
Domestic Transfers In The USA
- Zelle : Zelle is one of the best domestic debits to debit money transfer channels in the US. It’s fast and delivers your money within seconds. It has also partnered with several banks or financial institutions thus accessible to millions of consumers. Their services are available in these banks to bank mobile services. You can also find it as an independent app.
- Google pay : It also allows instantly online money transfer from one debit to another with a daily maximum limit of 10000$ per transfer.
- Facebook messager : Mostly, this is known as a social media application meant to connect and make new friends all over the country. Moreover, the app allows you to send money to friends or family from their debit card to yours.
- Cash app : This is another amazing app that allows you to send money from one debit card to another debit card indirectly through the bank. It takes a count of days for this transfer to complete with no fees incurred.
- Venmo : Owned by PayPal, this is another amazing option to send money from your debit card to recipients’ debit card. However, their services are available for millennials and allow you to attach a message under every payment.
International Online Money Transfer
- Transferwise : This amazing online provider also offers the transfer of funds to more than 100 countries across the world. It allows debit to debit money transfer online either through mobile applications or websites. It also allows you to send up to 2000$ per day. Their transfer rate is cheaper compared to most banks with an option to cancel your transfer.
- WorldRemit : It’s also an amazing app that facilitates easy and convenient money transfer from one debit card to another. Similar to transfer wise, it also allows international money transfer at a lower transfer fee compared to banks. You can send up to 10000$ each day.
- Remitly : This is another great online money transfer with a debit to debit transfer services. Unlike worldRemit and transfer wise, this app specializes in small amounts. It allows the transfer of money through; “express” transfers that are faster but high in price and ‘economy” transfers that are cheaper but slower.
Pros & Cons of Debit Card to Debit Card Money Transfer
| Pros | Cons |
|---|---|
| It’s fast and convenient. Most domestic transfers are instant while it takes 24 hours to have the international transfer. | Debit money transfer has a daily limit that might be lower than the amount you need to send. |
| It’s cost-effective. The process is cheaper and affordable. In most cases, the process is completely free. | |
| It’s mostly used for emergency transfers as they are easy and fast. | |
| The process incurs no annual fees. |
FAQ – Frequently Asked Questions
How can I receive money using a debit card?
Debit card to debit card receiving of money is as easy as a debit to debit transfer. All that is required of you is; sending your name, account number, and sort code to the payee to make you the transfer. It will reflect in your account thus able to use your debit card to use the money.
How fast is it to transfer money through debit card?
Debit card money transfer is considered faster and more convenient. More often, the process completes within 24 hours. Sometimes, it delays depending on the following factors;
- Service provider : Debit money transfer speed depends entirely on the provider of your choice. Some are faster with high charges whereas others are cheaper and slow. If you prefer fast and instant transfer, you should compare different banks or online money transfers and choose the best.
- Location : Transfer speed also depends on the location of both the sender and the recipient. Transfer in first world countries like the USA or UK are always fast compared to third world countries.
Is it possible to send large amounts of money with a debit card?
Yes. It’s very possible to send huge amounts of money with a debit card. This is because money gets deducted directly from your bank account. However, this depends entirely on your bank as different banks have different spending limits per day. Some have a limit of up to 15000$ per day. You should check out your bank’s daily debit card limit from their website. Some banks also allow temporary limit extension under additional fees.
Can I transfer money without a debit card?
Yes. You can send money from your bank without a debit card. It just requires you to have funds in your account and recipients’ account number. However, the process is not as fast or cheaper compared to sending with debit cards.
How much is it to transfer money from one debit card to another?
This entirely depends on your bank and location of delivery. Sending money domestically is free in most financial institutions. However, it incurs some fees when sending money abroad. The cost also depends on the recipient’s country. Most charges are online transfer charges, taxes, and exchange rate margin.
Summary
Debit to debit money transfer is the ideal solution if you want to send money both domestically and internationally. Why? Unlike credit cards, you send or spend what is in your account with no overdrafts. The transfer incurs no annual charges thus cost-effective. Some debit cards also have a high transfer limit per day.
Through the debit card, you can also make online domestic or international money transfer at a cheaper price. The process is also easy as it takes less than a minute to install necessary apps and transfer your funds.
