Mastercard is an American multinational financial services company headquartered in the Mastercard International Global Headquarters, 2000 Purchase Street, Hamlet of Purchase, New York. The company’s global Operations Headquarters is in O’Fallon, St. Charles County, Missouri. Again, the company’s principal activity is to process payments between merchants and buyers using “Mastercard” brand prepaid, debit, and credit cards to make purchases. We will learn how to transfer money from Mastercard to bank account shortly.
Mastercard has a long history whereby it has changed names over the years. It was initially called Interbank from 1966 to 1969. It later changed to Master Charge from 1969 to 1979 under the efforts of the alliance of several regional bank and card associations. That was in response to the BankAmericard from Bank of America, which later changed to Visa credit card issued by Visa Inc.
Usually, the financial company deals with payment cards, and numerous banks partner with the institution to issue cards to their account users. Its products are Credit cards and payment systems. The platform has three brands which include Cirrus, Maestro, and Mondex. And by the way, the platform operates worldwide except in India and Russia.
Transfer Money From Mastercard To Bank Account – The Procedure
If you are planning to transfer money from Mastercard to bank account and wondering how you will go about it, then you are in the right place. Since MasterCard is a credit card, we generally look at how you can transfer money from a credit card to a bank account.
Usually, credit cards do not have a direct option to move money to a bank account. However, there are various ways you can use to transfer finances to your bank account. They include the following:
i) Withdraw money at an ATM
The Mastercard credit card, like any other credit card, allows you to withdraw money from an ATM. The cards come with PINs so that you can easily withdraw money securely. Once you withdraw the funds, you can deposit them in your bank account.
The process can take a short time if the ATM is near your bank. When depositing the funds, you will need to fill in a deposit slip with your bank account details, then add it over to the bank teller to finalize the process. You should see your balance as soon as the depositing is complete.
ii) Get a credit card check
You can request a credit card check, usually called a convenience check, that allows you to deposit it in your bank account. The check works like any other check. Therefore, you need to take it to the bank, fill out a check deposit slip, and then hand it over to the cashier. Once the check processing is over, you will get the funds in your account.
iii) Withdraw over the counter
If your bank supports Mastercard, you can walk into your bank and head to the teller with your card. You then request them to withdraw money from your card and deposit it in your bank account. You must go with your identity document to prove that you are the owner. You can have your state ID, driver’s license, military ID, or passport.
iv) Make a payment with your credit card
Suppose you are a merchant with a merchant account accepting card payments. In that case, you can easily transfer money to your bank account. You can use the online payment whereby you have to move money from your card by entering the card number, the CVV, and the expiry date at the checkout point.
You can pretend to have bought something, but after all, you own the item, so you will not lose anything. Mastercard will then process the transaction and move the exact amount from your card to your bank account.
The same happens when you make payments at a physical point by tapping or swiping on the card reader. The money moves to the intended bank account.
Disadvantage Of Transfer Money From Mastercard To Bank Account
Since Mastercard is a credit card, the major disadvantage of transfer money from Mastercard to bank account is the high cash advance fee which ranges between 3% and 5%. Therefore, if you are moving, for example, $1000 from your card to your bank, you may find yourself paying between $30-$50, which is a lot of money.
You may be wondering what a cash advance is. Usually, credit cards are for making payments online or at physical stores. If you get money out of your card either at the ATM, over the counter, or via the convenience check, that is cash advance.
Time That It Takes To Move Money From Mastercard To Bank
The time taken to transfer money from Mastercard to bank account depends on the method used in the transfer. For example, suppose you withdraw and deposit at the counter. In that case, you may take a few minutes to complete the process than when you use a convenience check. Check processing may take a few days to complete.
Can Someone Else Transfer Money From Your Mastercard
People tend to think that only a PIN is necessary to get money from your card account. The truth is that there are details printed on your card that fraudsters can use to transfer money from your account. They include your card number, the CVV, and the expiry date. The details are necessary for online payments.
Now that you know what is necessary to move money from your account, then you can lose money if a thief uses your card for online payments. There are also physical places where you need to tap and pay. A fraudster can also use your card in such places. You should therefore keep your card details a secret. Also, you should never trust anyone with your card.
Mastercard is an American multinational financial company headquartered in the Mastercard International Global Headquarters, 2000 Purchase Street, Hamlet of Purchase, New York. The company specializes in payment cards as well as payment processing.
Various financial companies collaborate with the company to issue cards worldwide. The cards are secure, although you must be careful when using them to prevent losing money to fraudsters.