A prepaid card is a payment tool that allows you to buy goods and services. It does not necessarily link to a bank or credit union account, but one can link if they wish. In most cases, issuers partner with banks. The banks or credit unions act as holding institutions for the funds, making them safe. Today I will discuss how to get cash from a prepaid visa debit card. Visa is a payment company that facilitates the operations of Visa-branded cards.
Prepaid cards allow you to get cash out of your account. They are not just for online usage. We shall check the ways you withdraw funds later on. And for your information, you can operate your account online. That means you have to download an app for the concerned app from the relevant site and register using your card. Some prepaid issuers like NetSpend allow you to open an account on their website.
One fascinating thing about payment cards is that they relieve you of the burden of carrying cash in your wallet. We all understand how dangerous it is to carry money in your pocket, purse, or briefcase. Thieves might get away with your hard-earned money. A payment card can accommodate thousands of dollars, and since you are the only one who knows the PIN, the funds are safe.
How to get a prepaid card?
You can get a prepaid card online or at a physical branch. For example, a prepaid card issuer like Walmart issues prepaid cards online and at branches. The first step to getting it is researching the available ones. You can ask your friends and relatives about the best ones if they have been using any.
You can also research online on the available ones. There are numerous prepaid card accounts that you can find online. Once you have got the right card, you can then apply.
The online application requires you to submit your personal information such as your name, phone number, email address, physical address, Zip code, and so on. The same applies when you apply at a branch.
After applying, the issuer processes and sends the card to your place for activation. You can as well activate it immediately at a branch when you apply and then add money to your card for use. One can transfer money from a debit card to a prepaid card online to recharge it or link it to a bank account and add money.
What things should you check when opening a prepaid card account?
Before getting any prepaid card account, there are various things that you should check. They include the following.
i) Security of your money
Money is precious, and you cannot risk it by getting an insecure card. You should get a card associated with a bank or credit union with insurance. If your card issuer collapses, your funds will remain safe.
You want to realize the value of money and thus, getting a reward card is the best to consider. Rewards include cashback, miles, and points when you use the card in specific stores such as groceries, filling stations, supermarkets, and so on.
iii) Transaction fees
Since you will use your card to carry out various transactions, it is better to check on various transaction fees such as foreign, withdrawal, reloading, etc. You may even part with fees when you transfer money from a prepaid card to a bank account. It is therefore wise to exploit all the costs.
It is good to get a card that is easy to customize. It allows you to print your favorite photo, art, or saying on it. If you get one with your photo makes it easy for a person who knows you to trace and hand you your card when lost.
How does a prepaid card work?
When you activate the card online or at a physical store, you begin using it, but you must first add money. After that, you can then begin using it for various transactions. As you spend, the balance in your card declines. When the money in your account is finished, you have to add more funds using the available means. You can only use what is in your account.
As I mentioned earlier, prepaid cards are independent in that they do not necessarily link to a bank. However, the issuers may collaborate with particular banks or credit unions to issue the cards. You can also link the prepaid card to your bank account to help fund your transactions. Some prepaid cards allow you to move money to a bank account just as one transfers money from a debit card to a bank account.
How do you use a prepaid card?
You might be wondering how to use a prepaid card. A prepaid card is easy to use when it comes to transactions. The following are ways you can use your card.
a) Buy goods and services
The primary use of prepaid cards is to buy goods and services. They allow one to buy goods and services online or at a physical store. When buying online, you present the card’s number, the expiry date, and the CVV. You can swipe to pay at physical stores or have the cashier get your details to deduct the money you have spent.
b) Send money
Prepaid cardholders can send money to one another online. In most cases, you require the account holder’s phone number or email address to transfer funds to. When you transfer money from one card to another, the funds arrive immediately.
c) Withdraw money
It allows you to get money out of your account and use it where you cannot pay with the card. It is also good to have cash in case of an emergency.
d) Receive payments
A prepaid card allows you to receive direct deposits from government agencies, employers, or any other relevant organs. You have to fill in a direct deposit form from the concerned agency to receive the funds. Direct deposits arrive two days earlier than the traditional banks, and thus you can start enjoying your money early in advance.
e) Save funds
There are prepaid card companies that allow you to save money. For example, Netspend allows you to keep some money aside to use on a future date. Therefore, you do not need a bank or credit union account to save your money.
How to get cash from a prepaid visa debit card
There are various ways to get cash from a prepaid visa debit card. We have direct and indirect ways that you can use in the process. For example, you can send money to someone’s account for them to give you cash when the funds reflect in their account.
You do it the same way you can send money online using a debit card, although, as I mentioned earlier, you may not need the routing and account number of the other prepaid card account. The most used ways to get cash out of your prepaid card account include the following.
1) Withdraw at an ATM
A prepaid card account allows you to withdraw money from your account at an ATM. Every issuer usually has free ATMs to access funds without transaction fees. However, out-of-network ATMs charge fees.
2) Withdraw at a bank account
We have prepaid accounts that allow you to withdraw money at a bank over the counter. With a Visa prepaid card, you may withdraw money over the counter at banks that accept Visa debit cards.
Does a prepaid card support ACH and wire transfers?
As I mentioned earlier, prepaid cards allow you to transfer money to banks and credit unions. When moving money to a bank account, you have to transfer money using the routing number and account number of the bank account.
A wire transfer can complete within 24 hours, while ACH can take several days to finish. That is because the funds pass through an Automated Clearing House before reaching the intended bank. Wire transfers allow one to send large amounts of money domestically or internationally.
Which are some of the prepaid cards that you can get today?
There are various prepaid cards that you can get today as we speak. They include the following.
- Bluebird by American Express
- Movo Virtual Prepaid Visa Card
- Fifth Third Access 360° Reloadable Prepaid Card
- Walmart MoneyCard
How do I recharge a prepaid card?
Any transaction that adds money to your account tops up your account. Therefore, you can add money to your account by topping up at reloading centers, receiving funds from others, and topping up from your bank account.
A prepaid card is a payment tool that allows you to buy goods and services online and at physical stores. Prepaid cards do not necessarily link to a bank account. However, you can add a bank account to your card account to help in funding your transactions.
You can withdraw money at an ATM point or a bank account. Again, you can add money to your account by using a bank account, receiving money from others, or at reloading centers.