Many consumers use prepaid debit cards to help them manage some of their expenses. It’s also possible to use these cards to give allowance to children in a way that helps them understand how to use plastic and send money to relatives living far away. Show
At some point, though, you need to reload your prepaid debit card. Using a bank transfer to add money can be one way to make it happen. Here’s what you need to know to transfer money from a bank account to a prepaid debit card. Get the Account and Routing Numbers for the Prepaid Debit CardEven though it’s a prepaid debit card, a financial institution issued it. So you’ll have to get the information associated with your prepaid debit card. Sometimes, the account number that identifies your debit card differs from the card number. You’ll also need the routing number of the cards issuing bank. To get this information, you have two options:
Once you have it, you’ll be able to set up direct deposit and accomplish other tasks besides adding money via bank transfer. Add the Prepaid Debit Card to Your Regular Bank AccountMany bank accounts allow you to connect outside accounts. Most likely, youll be able to set this up under a navigation item that allows you to transfer money. It’s fairly easy to transfer money between multiple accounts you have at one bank. However, you’ll have to look for an external account on your bank’s website if you want to transfer money outside the bank. The good news is that once you get an external account set up, it’s usually saved. So, each time you need to transfer money, you can just click on the prepaid debit card details and move forward without the need to re-enter the account information. Keep in mind that before you can move your money, your bank will probably send test deposits. These are usually deposits of less than a dollar, and many banks send two of them. This is to verify that the information you provided is correct. Before you can proceed, you will need to check your prepaid account to see that the deposits were made, and then enter them into your bank’s website in the required spot. It can take between three and five business days to set up a prepaid debit card as an external account with your bank, so make sure you allow for this. Transfer the MoneyAfter you have the prepaid debit card set up as an external account with your bank, you’re good to transfer the money. Just head over to the transfer page, select the account and get started. Depending on the bank, you might be able to set up a recurring transfer. This can make sense if you want to move money from your bank account to the prepaid debit card. This is especially useful when using a prepaid card for an allowance or sending a living stipend to a child attending college. Choose a regular day of the month or week to move the money and you don’t have to remember that it’s time to make the transfer. Understand, though, that many bank transfers take between three and five business days, so the money may not get there quickly. Plan ahead so you aren’t in a time-sensitive situation. You can send money faster by using a bank wire transfer, but this may cost you. Many banks charge $20 or more to complete wire transfers. Keep in mind that this method can take a few hours, and if you dont make the daily cut-off time, the wire transfer might not go through until the following day. Determine whether that fee is worth paying before you use a wire transfer. Netspend is a popular reloadable prepaid card for those wanting to manage their money. It offers a mobile app to track your finances. You can also deposit checks with the app. Resource: Check out our recommendations for some of the best prepaid debit cards. Alternatives to Transfer Funds to a Prepaid Debit CardThere are other ways to get money on your prepaid debit card beyond a bank transfer. With so many unique financial products and services, you can try different options to add money to your prepaid debit card without having to go through a traditional bank. Direct DepositOne way is to use direct deposit. You can set up direct deposit through your employer. You’ll need routing and account number information associated with your prepaid debit card, but once you have it set up, you can have a portion—or all—of your paycheck sent to your prepaid debit card. PayPalAnother way to add money to your prepaid debit card is through PayPal. PayPal now allows you to add a debit card to your account and transfer money to it. You just need the debit card number, expiration date, and security code. This allows PayPal to move money sitting in your account to your debit card. The transfer usually happens within 10 to 30 minutes. The fee is 1% with a cap of $10, so it’s cheaper than many wire transfers from traditional banks. P2P PaymentsYou can also connect your prepaid debit card to your person-to-person payment app. Venmo is a good example. Add your prepaid debit card information to the Venmo app so when people send you money, you can transfer it to your debit card. This happens quickly and comes with a flat fee of less than a dollar. Bottom LineIf you use a prepaid debit card as part of your financial management, you need to be able to transfer money to the debit card. When you know your options, it’s possible to reload your card using a bank transfer or one of several other options. Related: Why are Millennials Using Prepaid Credit Cards? Carefully research your options, their costs, and figure out what will be most beneficial to you in the long run. Can you transfer money from Visa card to bank account?It is possible to use a credit card to transfer money into a bank account by using a cash advance or balance transfer check, but we can't recommend it. Cash advances are risky because of the high interest rates and costly one-time fees. Balance transfers can lead to more debt if they're not handled correctly.
Can I transfer money from vanilla visa to bank account?All you need is your name, phone number, email address, and bank account. To send money from your Vanilla gift card to your bank account all you need to do is select “transfer funds” and initiate your transfer to the correct bank account.
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