A debit card is a payment card that allows you to access funds from your checking account or even your savings account in some cases. If you have several debit cards, it is crucial to know how to transfer money from one debit card to another so that you can move money from one account to another. Debit cards give you convenience when it comes to accessing your money from your bank account.
You might have heard of credit cards and wondering whether they are similar to debit cards. Credit cards are different from the debit cards in that they allow you to borrow money from your financial institution. Debit cards only allow users to spend the available balance, of which, once exhausted, you cannot make any transaction. However, there are exceptional cases whereby you may get a certain amount of overdraft from your financial institution.
Moreover, debit cards are almost similar to other types of cards called prepaid debit cards in that they also allow you to reload money in your account to use for various kinds of transactions. However, a prepaid card does not connect to any bank account. You only need to recharge the card with a certain amount of money. Once exhausted, the card is useless as you cannot buy anything using it.
How to transfer money from a debit card to another debit card online
You can transfer funds from one debit card to another. There are various ways on how you can move money from one debit card to another. Let us see how you can carry out the process.
i) Transfer of funds from one debit card to another debit card of the same financial institution.
When you want to transfer money from one card to another online from the same bank or credit union, you can do it online. Most debit card issuers allow you to manage your card online. You need to log into the card account where you wish to transfer money from, and then navigate to the “Transfer Money” option, then enter the card account number and the amount to transfer to and authorize as per the instructions.
The card account numbers are just the bank account numbers since the cards connect directly to the accounts. Transferring money from one debit card to another of the same bank may be instant or take a few minutes to complete.
Another option is to transfer money at an ATM. You can follow the steps below to move money from one debit card to another at an ATM point.
- Insert your debit card into the ATM
- Select the “Transfer Funds” option or any similar entry
- Choose the account to transfer money from
- Select the card account you want to move to
- Confirm the amount and other details and accept the transfer.
You may incur some fees to transfer money to the other card, and thus you need to put that into consideration.
ii) Transfer of funds from one debit card to another debit card of a different financial institution.
You can also transfer money from one debit card to another debit card of a different financial institution. The transfer is possible if you have an online account of your debit card from where you want to move money from. The first move is to log into your card account online.
Next, you navigate to the transfer of funds, whereby you will need the card account number, bank’s name, and the bank’s routing numbers. Transferring money across banks can take several days, which vary from one bank to the other.
Alternatively, one can withdraw money from an ATM using the card you want to move money from and then deposit it in the debit card account you want to transfer money to. It is one of the easiest ways of transferring money across banks since it involves a short process. Furthermore, the receiving cardholder does not have to wait for long.
How do I use a debit card?
There are various ways on how you can use a debit card. They include the following.
1) Buy goods and services
A debit card allows one to purchase goods and services at physical stores when you swipe. You can also pay online at websites such as Amazon, eBay, and Walmart. When paying online, you should only do so to a merchant that you trust since some may steal your information and go ahead to empty your debit card account.
2) Withdraw money at an ATM point
Debit cards allow you to withdraw money at ATM. You need to insert your card at machines that accept the card and then insert your PIN once prompted. Next, navigate to the withdraw option on the screen and then enter the money to withdraw and proceed.
3) Send money
You can send money to other debit cards of the same financial institution or different ones. The ability to transfer money from one card to the other allows you to recharge cards.
Can someone withdraw money from my debit card account using my account number?
No one can withdraw money from my card account using my account number only. However, someone can withdraw money with my account number and routing number. Are you wondering how? Someone can impersonate me and order a check from my bank using my account and routing numbers.
Once they receive the check, they can then use it to buy goods and services or cash out. It means that you should not share those details with any untrustworthy people.
Are debit cards safe to use?
As long as you take care of how you use a debit card, you should never worry about the safety of your money. Debit cards are safe to use since they require you to use your PIN when withdrawing at an ATM. Moreover, debit cards need you to use your signatures at some stores when purchasing goods and services.
Also, when accessing your card account online, all your data is encrypted so that no third party can intercept your communication with the servers. We all know that hackers are always ready to push information concerning bank accounts to steal money. You should also ensure that you use a secure internet connection to avoid hacking.
Additionally, debit card issuers have alert services whereby you can get notifications to your phone number or email address about any kind of transaction. If you get a message about a suspicious transaction, you can notify our card issuer about it so that they can lock the card to prevent more theft.
The secret to the safe use of debit cards is to keep your information a secret. Remember that your card number, the CVV, and the card’s expiry dates are enough to check out on a website.
How long does it take to move money from one debit card to the other?
If you send money from one debit card to another of the same bank, the transaction can complete within a few minutes to several hours. It is the same as when you send money with a checking account number instantly as funds reflect within a short time.
However, when transferring funds from one debit card to another debit card of a different bank, the funds can take up to 3-4 days to reflect in the debit card account. As I mentioned earlier, the time taken varies from one financial institution to the other.
What should I do if I lost my debit card?
If you lose your debit card, you should report it immediately to your card issuer. If someone collects it, they may use it to wipe your account clean. Your card number, your CVV, and your expiry date are instrumental when checking out online, and since they are printed on the card, someone can quickly get money out of your card account.
Reporting early enough helps you to enjoy the zero liability protection that most card issuers offer to cover you from any unauthorized transaction. However, the protection becomes null and void if you do not report on time, if your card issuer discovers that you shared your PIN with someone else or if you are trying to commit fraud by pretending to have lost your card.
Once reported, the card issuer blocks the card so that no one can use it. You can also log in online into your account and deactivate the card if your card issuer allows that.
Do I pay fees to use a debit card?
Every card issuer has its fee structure for its cards. Some of the common fees you can pay to use a debit card include;
- ATM withdrawal fees
- Monthly maintenance fees
- Overdraft fees
- Balance inquiry fees, and
- Statement fees
Note that each card issuer has its fee structure, and some fees may apply to a particular card issuer while others may not charge such fees on their cards.
Bottom line
Debit cards are payment cards that allow you to carry out various transactions such as ATM withdrawal, payment of goods and services online, and sending money. Debit cards connect to checking accounts, and every time you use the card for any transaction, your debit or credit card account balance changes simultaneously. Debit cards are safe to use only when you use them carefully. You can easily send money from one debit card to another online.
