These days, there are several options to transfer money from one bank account to another. Money transfers may be started using your online banking account, or you can download UPI Money Transfer applications for quick transfers. What happens if all you have is a debit card and you wish to transfer money from debit card to bank account? The majority of individuals are unaware that money may be transferred from a debit card to a bank account. Although not very popular, this mode of money transfer has its uses.
This article can help you learn more about this money transfer method if you are seeking it. It is important to know how a debit card works before starting with this method.
What is a Debit Card?
Debit cards are issued by your bank account. When you make a purchase, it allows you to electronically transfer money from your account. Your debit card may be used for a variety of things, including foreign money transfers. Debit cards can be used for online money transfer services or for direct money transfers.
While using your debit card overseas might be practical in some circumstances, sending money to a debit card instantaneously may not always be the best choice. Transfer and conversion costs can be more expensive than they would be if you were using another payment option.
Debit cards are more beneficial than other cards. Your bank account is promptly debited when you use your debit card to make a purchase or finish a transaction. Transfers abroad are less expensive using a debit card than a credit card.
Method to Transfer Money From Debit Card To Bank Account
To transfer money from a debit card to a bank account you just need some things that are really important for this process.
- Permanent account number
- Card’s expiry date
- Security number
The bank account number and security code that goes with your bank account may occasionally be required as well they are often written on the front of the card. Your money transfer service provider could occasionally additionally request your IBAN and BIC (Bank Identifier Code).
Steps for Debit Card Transfer
Installing and turning on your bank’s mobile banking application is required if you want to transfer money to your bank account. Here’s a step-by-step guide.
- Open the website that issued your debit card or log in to your mobile banking app.
- Log in to the debit card account.
- On the website or mobile app, select the money transfer area.
- Add beneficiary information if you have not done it. The beneficiary account may be set up in around thirty minutes.
- Review the beneficiary’s information, then confirm the payment by securing the exchange with an OTP.
- At last, the beneficiary will receive a confirmation SMS.
Conclusion
This type of money transfer is always available. With a debit card, you may pay or receive money, and the money is taken right out of your bank account. While the majority of banks don’t impose any annual or service fees for debit cards, there might be a lot of expenses related to foreign transfers, such as internet fees and exchange rate margins.
