Gone and never to come are those days when people used to rely on liquid cash alone to make purchases out there. As we speak, one can now load his or her money in a card and use the chard to shop in any outlet that allows the use of these cards.
With plastic money, you can trust that you will enjoy a lot of convenience as you will not have to carry loads of cash whenever you are going to the market. In addition, these cards have made it easier for you to do shopping from the comfort of your home. Speaking of cards, you will note that there are two kinds of cards; one is a debit card or a credit card.
In this article we shall discuss about a debit card and more specifically, cash a prepaid visa debit card. Also, we shall shed more light on how you can get money from this card.
How Does a Prepaid Debit Card Work?
To start with, a prepaid debit card is an alternative banking product that allows you spend the money you have loaded on the card to do shopping among other activities. However, these cards normally work effectively in merchants that accept its payment network.
For instance, if the merchants allow you to use a Visa or MasterCard, you can trust that you will enjoy the luxury of using this card to make the purchases you please. Generally, like stated previously, it is safer and more convenient to use compared to cash. Sometimes, these cards are normally referred to as pay-as-you go cards, stored-value cards or better still, general-purpose reloadable prepaid cards.
It is important to note that you can buy this card from a retailer bank, Credit Card Company, bank or any other financial service provider. Once you purchase this card, your card funds are always part of the account that is held by the bank or credit union. Also, you will note that these cards are reloadable. Therefore you have the liberty to add money to the card anytime you please. This feature makes it look like a gift card.
Besides this, you should know that you can only spend as much as you have loaded onto the card. Any moment you make purchases, the amount of your purchase will be deducted from the balance. Therefore, the more the purchases you make, the more the deductions.
In fact, managing these cards can be likened to managing a checking or savings account. Here, you do not have to worry about monthly minimum payments, due dates, finance charges or even late payments. Literally, your spending limits will be equivalent to the amount of money your card holds. In addition, your credit score will not be hurt, since you are no borrowing any money. Technically, you are spending the money in your bank account.
How to Get Cash from a Prepaid Visa Debit Card?
There are various ways to get cash from your prepaid Visa debit card. Some of these ways includes:
1. Through the ATM
If you live near an ATM, you can readily get some cash using this card. This has actually made it easier for underage people to access funds without necessarily having to liaise with their parents. All that is needed for you to do is to maintain a proper balance in your bank account to which the debit card is attached and you will be good to go.
Once you visit the ATM, you should refresh it if at all it shows any other window, then insert the debit card into the machine. You will be asked to choose the language you are comfortable using before continuing to make other transactions.
Thereafter, you need to enter your 4-digit PIN. If you key-in the right PIN, you will be directed to other options where you can make the transactions you please. In this case, you need to withdraw, you should choose that option. After that, you will proceed to make the withdrawals and then have liquid cash with you. The good news is that this process takes a few minutes and you will be god to go.
2. Through Apps
Besides using the ATM, you can also get cash from your card using certain apps. You will note that specific banks normally allow certain apps to convert the card into cash. As long as you have this app on your phone, you can readily get the much0needed cash from your card.
All you need to do is to select the amount of money you need to withdraw in the app and then it will give you a list of nearby shops to purchase things. It is imperative to note that the list may vary from one region to another. Thereafter, you need to enter the shop by scanning the QR code of that shop. Better still, you can scan this code while making payments of your goods.
How Much Money Can You Put On a Prepaid Visa Debit Card?
For most people, the biggest headache comes with the limits on the balance they can convey. However, you will note that the daily load limit does not apply to other methods of adding money to the cash prepaid visa debit card, such as bank transfers, direct deposit or mobile check deposits.
Here, cash load limits normally range from $500 per day to $10000.
How Can You Transfer Money From A Prepaid Card To A Bank Account?
It is now possible to transfer money from your prepaid card to bank account online by either logging in to the prepaid card’s app or website.
However, if your prepaid card does not allow you to transfer to bank accounts, you can consider using third party services such as MoneyGram to make the transfer.
1. Using MoneyGram
To start with, you should visit the MoneyGram website and then click on the ‘Sign Up’ option so that you can create an account. Here, you will use your email address so as to create the account. Also, you might have to give your photo identity in order to verify that indeed, you are a legitimate person.
Once this is done, go to the ‘Send Money’ page and then fill out the payment information. On that page, you should enter the amount of money you want to send and then choose debit card. Thereafter, choose the ‘Account Deposit’ option or ‘Debit card deposit’ option if you do not see the former option. As you do this, you should ensure that you have the debit card linked to the bank account you are sending the money to.
Thereafter, click ‘next’ and then, you will be taken to another page where you will need to enter the receiver’s details. Some of the details that you need to enter here include:
- Your name.
- Your address.
- Account or debit card information.
Once this is done, click on the ‘Next’ option. Within no time, the transaction will be completed. However, this subject to factors like banking hours and the accessibility of the system.
As far as the service fee is concerned, you will pay this fee depending on the amount you want to send. For instance, amounts less than $200, MoneyGram will charge you a base fee of $1.99. However, amounts beyond $200 requires you to pay $1.99 +1% of the transferred amounts.
2. Using Apps
As we speak, you can now transfer money from your prepaid card to bank using apps. A good example of this app is the PaySend Global Transfer app. You need to download this app on your phone for you to use it. Better still, you can head to paysend.com and send the money.
The good news is that the singing up only takes a few minutes and you will be good to go. Once you sign in, you will see the ‘Send Money’ button in the app. Thereafter, select the country that your recipient resides and their details.
Finally, enter the details of your prepaid card and then review the details of the transfer. If you are satisfied, press ‘Send’. One advantage of using this app is that you can send money from your card to over 80 counties all over the world. Also, when transferring money to a bank account; you will not be charged any transfer fees. Within a few minutes after clicking ‘Send’, money should be in your recipient’s bank account.
Frequently Asked Questions (FAQ)
A: Yes. You can now go ahead and get cash from your prepaid debit card at an ATM. All you need to do is to insert your card and then withdraw cash. However, as you use the ATM, you should bear in mind that you will be charged some transaction fee. This fee normally depends on how the card issuer has structured the card.
A: To start with, you will note that most prepaid debit card normally allow you to make over-the-counter cash withdrawals at the bank. Also, you can make withdrawals at the ATM. When it comes to the limits, the daily ATM withdrawal limits ranges from $300 to $2500.
A: Yes. You can now transfer money from your prepaid card to your bank account. This can happen online where you need to log in to your prepaid card’s app or site. If your prepaid card does not allow you to make these transfers, you can use third party services such as MoneyGram to make these transfers.
A: Yes. You can readily use your card on any ATM that has a Visa or PLUS logo. In fact, ATMs that are part of the Visa or PLUS network now allow you to make withdrawals with this card.
A: Yes. Since these cards are an alternative banking product, you can trust that you will be spending the money that you have loaded onto the card. With these cards, you will not carry loads of cash whenever you want to go shopping. As a result, they are deemed to be a safe and more convenient than using cash.
The convenience of having a cash prepaid visa debit card is unmatched. From enabling you make large purchases without having to carry loads of cash to shopping online, there are many advantages of possessing this card.
As long as your shopping outlet of choice accepts these cards, you will be good to go. Besides loading cash to your card, you can now get cash from your card as well. Consider the above-mentioned ideas and you will not regret it. This card is truly incredible.