How To Transfer Money From Debit Card To Bank Account Online (2024)

Gone are those days when Banks used to issue check booklets to their customers to enable them make payments on purchases in stores and also enable monetary transactions by writing the checks to a check bearer.

But in recent days, due to the advertisem*nt in technology, many banks have issued debit cards and credit cards to enable their customers withdraw money from their bank account at anytime and anywhere. Banks also provide mobile banking services, which enables their customers to transfer money through their debit card to the bank account.

Although digital technology has made money transfers easy, many people are still not aware on how they can use a debit card online.

How To Transfer Money From Debit Card To Bank Account Online

Transferring money from your debit card to your bank account online is a convenient and straightforward process that can be completed in a few simple steps. Here's a step-by-step guide on how to do it:

Step 1: Access Your Online Banking Platform

• Open a web browser and navigate to your bank's website.
• Enter your login credentials, including your username and password, to access your online banking account.

Step 2: Locate the Transfer Money Option

• Once logged in, look for the "Transfer Money" or "Funds Transfer" option from the main menu or dashboard of your online banking platform.

Step 3: Initiate the Debit Card to Bank Account Transfer

• Select the "Transfer from Debit Card to Bank Account" option.
• Choose the debit card you want to transfer funds from.

Step 4: Enter Transfer Details

• Specify the bank account you want to transfer the money to. You may need to enter the account number and routing number.
• Enter the amount of money you want to transfer from your debit card to your bank account.

Step 5: Review and Confirm the Transfer

• Review the transfer details carefully to ensure everything is correct.
• Click on the "Confirm" or "Transfer" button to initiate the transaction.
• Depending on your bank's security measures, you may be required to enter an additional code or verification step.

Step 6: Monitor the Transfer Completion

• The transfer typically takes 1-3 business days to complete. You can check your bank account balance to confirm the transfer has been processed successfully.

Additional Considerations:

1. Some banks may charge a fee for transferring money from your debit card to your bank account. Check your bank's fee schedule for details.
2. Ensure your debit card has sufficient funds to cover the transfer amount and any applicable fees.
3. If you encounter any issues during the transfer process, contact your bank's customer service for assistance.

Remember to use a secure internet connection when transferring money online to protect your personal and financial information.

Requirements Needed to Transfer Money from Debit card to Bank account online

To be able to transfer money from debit card to a bank account online, the following requirements are needed;

1. The mobile banking application of your bank.
2. An active and valid debit card with 16-digit card number, card expiration date and CVV number.
3. The bank details of the beneficiary include their name, bank and branch name, account name and IFSC code.
4. Registered mobile numbers of both you the sender and that of the beneficiary for OTP verification send SMS alerts on successful fund transfers.

Uses Of A Debit Card

Debit cards are a convenient and secure way to make payments. They can be used for a variety of transactions, including:

1. Purchasing goods and services in stores and online
2. Withdrawing cash from ATMs
3. Making bill payments
4. Sending money to others

Debit cards are linked to your checking account, so when you use a debit card, the money is immediately deducted from your account. This means that you cannot spend more money than you have in your account.

Debit cards are a great way to avoid carrying cash and to keep track of your spending. They are also a more secure way to pay for goods and services than using cash or a check.

Here are some of the benefits of using a debit card:

Convenience: Debit cards are accepted almost everywhere, so you can use them to make purchases almost anywhere you go.

Security: Debit cards are equipped with a PIN and other security features to protect your money from fraud.

Tracking your spending: Debit card transactions are automatically recorded in your checking account statement, so you can easily track your spending.

Avoiding overspending: You cannot spend more money than you have in your checking account, so you can avoid overspending with a debit card.

If you are considering getting a debit card, there are a few things to keep in mind:

• Choose a bank or credit union that you trust.
• Make sure you understand the fees associated with using a debit card.
• Report lost or stolen cards immediately.

With its many benefits, a debit card can be a valuable tool for managing your finances.

What are the difference between Debit Card Vs Credit Card?

Debit cards and credit cards are both widely used methods of payment, but there are some key differences between the two.

Debit cards are linked to your checking account, so when you use a debit card, you are spending your own money. The funds are deducted from your checking account immediately, and you cannot spend more money than you have in your account. Debit cards do not accrue interest, and they are generally easier to get approved for than credit cards. However, debit cards may not offer as many rewards or benefits as credit cards.

Credit cards, on the other hand, are a form of revolving credit. This means that you borrow money from the card issuer and pay it back later, with interest. The amount of credit you are given is called your credit limit. You can use your credit card to make purchases up to your credit limit, and you will receive a monthly statement that shows your balance and the amount of interest you have accrued. You are responsible for paying off your balance in full by the due date to avoid late fees and interest charges.

The best type of card for you depends on your individual needs and circ*mstances. If you are looking for a convenient way to spend money and avoid debt, a debit card is a good option. However, if you want to build your credit history or take advantage of rewards programs, a credit card may be a better choice.

Advantages Of A Credit Card

Credit cards offer a variety of advantages, including:

Convenience: Credit cards are a convenient way to make purchases, both in stores and online. You can simply swipe your card or enter your card information to complete a transaction.

Purchase protection: Credit cards often offer purchase protection, which can help you if you are dissatisfied with a purchase or if the item is damaged or lost.

Rewards: Many credit cards offer rewards programs that can earn you cashback, travel points, or other benefits.

Building credit history: Using a credit card responsibly can help you build your credit history, which is important for qualifying for loans, credit cards, and other forms of credit.

Budgeting: Credit card statements can provide you with a detailed record of your spending, which can help you track your expenses and budget more effectively.

Here are some additional details about each of these advantages:

Convenience:

1. Credit cards are accepted at a wide range of merchants, both in stores and online.
2. You can use your credit card to make purchases without having to carry cash or write checks.
3. Credit cards can also be used to make recurring payments, such as utility bills and insurance premiums.

Purchase protection:

1. Credit card purchase protection can help you if you are dissatisfied with a purchase or if the item is damaged or lost.
2. The specific terms of purchase protection vary by credit card issuer, but it typically covers items that are damaged or lost within a certain time frame of purchase.
3. Purchase protection can also cover items that are stolen, but there may be certain requirements that you must meet to claim reimbursem*nt.

Rewards:

Many credit cards offer rewards programs that can earn you cashback, travel points, or other benefits.

The specific rewards offered by credit cards vary, but some of the most common rewards include:

• Cashback: Earn a percentage of your purchases back in cash.
• Travel points: Earn points that can be redeemed for travel expenses, such as flights, hotels, and rental cars.
• Merchandise: Earn points that can be redeemed for merchandise, such as gift cards, electronics, and appliances.

Building credit history:

1. Using a credit card responsibly can help you build your credit history.
2. Credit history is a record of your past credit behavior, and it is used by lenders to determine your creditworthiness.
3. By making payments on time and keeping your credit utilization low, you can demonstrate to lenders that you are a responsible borrower and increase your chances of qualifying for loans and credit cards with favorable terms.

Budgeting:

1. Credit card statements can provide you with a detailed record of your spending.
2. This information can be helpful for tracking your expenses and budgeting more effectively.
3. Many credit card issuers also offer online tools that can help you categorize your spending and set spending limits.

Overall, credit cards can offer a variety of advantages when used responsibly. However, it is important to be aware of the potential risks associated with credit cards, such as debt and interest charges.

By using credit cards wisely, you can take advantage of the benefits they offer without getting into financial trouble.

Conclusion

To be able to transfer money from a debit card to a bank account online, you will need to install and activate the mobile banking application of your bank or visit the website of your bank or debit card issuer and conduct the cash transfer.

Debit cards are advantageous because they allow instant money transfers from your checking account at any time and from any place.

Examples of debit cards are: Visa, MasterCard, and RuPay debit cards.