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Transfer Mone > Online Banking > Genuine Procedure To Make Online Money Transfer From Debit Card

Genuine Procedure To Make Online Money Transfer From Debit Card

October 10, 2022

A debit card is a payment tool that allows you to access money in your checking account. You usually get it when you open a checking account with your bank or credit union. Also, online money companies issue cards to help you spend money in your account. For example, Cash App issues one called Cash Card that you can use to access your account balance. You will soon learn how to carry out online money transfer from debit card.

You must understand that you can have a virtual or tangible debit card. When you get a virtual one, you usually get the numbers so you can use them for online purchases. These include your card number, the expiry dates, and the security code/CVV. For tangible ones, the plastic or tangible metallic card has the card number, the expiry dates, and the CVV printed on them.

Debit cards add convenience as far as money access in your account is concerned. That is because instead of walking to your bank to get cash, the card allows you to access your money at an ATM easily. By the way, ATMs operate day and night, making it easy for anyone to access their money. Also, debit cards allow you to access money from any bank or credit union over the counter.

Process To Get A Debit Card

You can get a debit card from a financial institution when you request. When opening a checking account, you can request one alongside your checking account. You must provide your physical address where the issuer will send you the card. For a virtual one, you do not need to provide any address to the issuer since it is for online use.

Once you receive your debit card, the next thing is to activate it to start using it for your transactions. Activating involves presenting the number, security code, and expiry dates to your issuer on their website. After verifying all the details, then your card becomes active. You can also activate it at a branch whereby the concerned official will enter the details on their systems to activate it.

Since your card has an expiry date, you should always get a new one when your current one expires. Requesting another card month before the current one expires is always advisable to allow processing. However, we have financial companies that issue instant debit cards. That means you can get a new one as soon as the current one expires.

Ways To Use A Debit Card

There are various ways you can use your debit card. They include the following:

i) Withdraw money at an ATM

A debit card allows you to withdraw finances from your account at an ATM. You only need to visit the place with your card at hand, then insert it into the machine and enter your PIN. When the menu displays on the screen, tap on the Withdraw Money menu, then enter the amount to withdraw and confirm. After the machine processes your request, you should get your cash below the screen.

ii) Buy goods and services. 

A debit card allows you to buy goods and services online using debit card or at a physical store. You must enter your card details on the checkout sheet when you purchase online to authorize the transaction. However, when buying at a physical store, you need to swipe or tap on the reader at the register to make your payment. After the transaction, your card service provider deducts the spend amount and transfers it to the seller’s account.

The good thing with using your debit card to buy goods is that you can get rewards such as cash backs, points, and miles from some merchants. That helps you to save a lot in the long run.

The Procedure To Make Online Money Transfer From Debit Card

If you are wondering how to transfer finances online using your debit card, you have come to the right place. There are various ways you can make your transfers. They include the following:

i) Buy goods and services online

One way to transfer money to someone else’s account is by buying goods and services online. That is possible if they have an online selling platform where you must enter your card details when checking out. As I mentioned, you need your card number, expiry date, and CVV to carry out the transfer. The online transactions are usually instant as funds can move out of your account immediately.

ii) Send money using online money transfer platforms

Online money transfer companies such as PayPal, Venmo, Cash App, Facebook Pay, and Apple Pay, among others, allow you to fund your transactions using a debit card. However, you must add the details to your card to use it. For PayPal, you can add a debit card in the following manner using your smartphone.

  • Tap on ‘Wallet’.
  • Tap ‘+’ from Banks and cards.
  • Hit on ‘Debit and credit cards’.
  • Connect it manually or link your PayPal account to your bank. 

To add your debit card manually, you only need to enter your debit or credit card details and tap Link Card Manually. When adding your money card to Venmo, you only need to follow a few steps, and you are good to go.

You should go to the “Me” section by tapping your profile picture or initials. After that, you should tap the Settings gear in the top right, then hit on the “Payment Methods” and select “Add bank or card.” After that, you can tap “Card” to add the details manually or use your phone’s camera.

When you add a debit card to an online money transfer platform, you automatically agree to use your card to fund transactions. When you have insufficient balance to perform a transaction, your mobile money app service provider uses your card to fund the transaction.

Final Verdict

A debit card links to the checking account of your bank or credit union. You can also obtain a debit card from your mobile money platform. You can use your card to withdraw money from an ATM point using your PIN. You can also utilize it to buy goods and services online. One can apply for a debit card when opening a checking account. When it expires, you should always request a new one.

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By Spencer Tierney
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Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.

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